ChargeAfter raises $44M as competition grows

The New York-based company is stockpiling dollars as new and old payments players arrive in the buy now-pay later arena. Consumers are predicted to increase their BNPL spending, but the service also faces regulatory scrutiny.

By Tatiana Walk-Morris • March 22, 2022

Payments industry makes a tempting target for hackers

The industry might not be experiencing a major uptick in cyberattacks as a result of Russia's war on Ukraine, but that doesn't mean it shouldn't be on high alert, cybersecurity professionals say.

By Jonathan Berr , Caitlin Mullen , Lynne Marek • March 18, 2022

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Dominant card networks, legacy payments processors and young fintechs are all jockeying to keep up with industry innovations and increased competition.

By Payments Dive staff

Merchants lose North Dakota debit fee case

Merchant trade groups that sued the Federal Reserve Board in federal court last year over what they alleged was the central bank's failure to keep debit card fees in check had their case dismissed this week. They said they'll appeal the ruling.

By Lynne Marek • March 18, 2022

Wealthy BNPL consumers give Affirm a boost

A new survey from one equity analyst suggests installment financing from the buy now-pay later company Affirm has appeal for rich and poor alike. "The demand for our service is going up because consumers are trying to ration their money,” Affirm CEO Max Levchin told CNBC.

By Jonathan Berr • March 16, 2022

CFPB's Chopra blasts potential card hikes

In a rare TV appearance, the director of the Consumer Financial Protection Bureau said that the payments industry isn't competitive enough and that fee hikes by the big card companies would add "insult to injury" at a time of inflation. He noted new fintech tools could ultimately be a benefit if they add competition.

By Jonathan Berr • March 14, 2022

Russia pivots to UnionPay for payments alternative

With Russia shut out of U.S. and EU payment infrastructures, the country is pivoting to alternatives such as China's UnionPay card system and other channels that may take its trade and commerce through China.

By Jonathan Berr • March 11, 2022

Biden's digital asset order may prompt legislation

Comprehensive cryptocurrency legislation may follow the executive order released this week, which called for a multi-agency response to exploring and regulating digital assets. 

By Caitlin Mullen • March 11, 2022

New BNPL study raises concern about 'debt spiral'

Some consumers are charging buy now-pay later installment payments to their credit cards, and that should serve as a "warning flag" to regulators, said three economists who authored the research paper.

By Jonathan Berr • March 10, 2022

White House lays out digital asset priorities

The White House said Pres. Biden will deliver an executive order today explaining how the U.S. government will approach digital assets, laying out priorities for protecting U.S. consumers and businesses; ensuring a stable global financial system; and promoting American leadership in the use of the emerging technology. 

By Lynne Marek • March 9, 2022

Visa races to rescue employees from Ukraine

When Visa CEO Al Kelly got a message at church that Ukrainian President Volodymyr Zelenskyy was trying to reach him, "that was the initial sign to me about the pressure we would feel," he said. Aside from implementing sanctions, the card giant has been in a race to move employees out of Ukraine.

By Lynne Marek • March 9, 2022

BNPL popularity shows no signs of slowing, FIS report says

The Jacksonville, Florida-based payments company expects buy now-pay later to be the fastest-growing e-commerce payment method through 2025 in the U.S. and Canada.

By Jonathan Berr • March 4, 2022

Card company CFOs grapple with 'fluid' sanctions environment

“Our first and most important priority remains the people we have in the region," said Sachin Mehra, CFO at Mastercard. 

By Maura Webber Sadovi , Jonathan Berr , Caitlin Mullen • March 4, 2022

Visa reportedly plans to cut some credit card fees

The U.S. card giant plans to cut the credit card fees it charges smaller merchants, according to a report Thursday. The company didn't respond to requests for comment on previously planned April increases that could affect other merchants.

By Lynne Marek • March 4, 2022

EU to restrict 7 Russian banks from Swift

The sanctions reportedly won't include Sberbank, which said Wednesday it would pull out of the European market. The Single Resolution Board is liquidating the lender's Austria-based unit while units in other European countries have been sold.

By Dan Ennis • March 2, 2022

Visa follows Mastercard in disclosing potential impact from Russia-Ukraine conflict

Visa disclosed Wednesday that Russia and Ukraine made up 5% of its 2021 revenue. Mastercard earlier in the week called Russia and Ukraine "important contributors" to its business and said sanctions triggered by Russia's invasion of Ukraine could impact 6% of its revenue.

By Lynne Marek • March 2, 2022

Affirm, Klarna meet CFPB deadline, others mum

There’s plenty at stake in the Consumer Financial Protection Bureau proceedings. The buy now-pay later companies were asked for voluminous amounts of data that could lead to additional scrutiny in the future.

By Jonathan Berr • March 1, 2022

Visa, Mastercard block Russian banks from network

The card giants said they've disconnected Russian banks from their international payment networks to comply with the slew of sanctions being imposed on Russia after its invasion of Ukraine.

By Jonathan Berr • March 1, 2022

FTC report shows consumer fraud losses jumped last year

Consumers lost a whopping $5.9 billion to fraud in 2021, with bank payments and cryptocurrency transactions generating the highest losses, the government report said.

By Caitlin Mullen • March 1, 2022

G-7 nations impose limited Swift sanctions

Japan on Sunday joined a coalition of six nations and the European Union in imposing Swift money transfer system sanctions on a limited number of Russian banks.    

By Jonathan Berr , Dan Ennis • Updated Feb. 27, 2022

Payment companies mainly skirt Russia-Ukraine impact

Payments industry executives likely aren't worrying too much about Russia's invasion of Ukraine, based on the amount of revenue coming from the region, at least not yet.

By Jonathan Berr • Feb. 25, 2022

FlexWage wins favorable California ruling

The on-demand pay company secured a statement from a California regulatory agency that said it doesn't need to hold two state licenses that are required for some companies providing financial services in the state.

By Lynne Marek • Feb. 24, 2022

Washington policymakers spout off on CBDC

With rising individual and institutional interest in digital assets, policymakers in Washington are cranking up their public discussion of the possibility of a digital dollar. Federal Reserve Gov. Lael Brainard weighed in last week and the Congressional Research Service did earlier this month.

By Lynne Marek • Feb. 22, 2022

CFPB's deadline looms for BNPL players

Allen Denson, a partner with Washington, D.C. law firm Stroock & Stroock & Lavan, thinks "we will see investigations opened up as a result of the information collection, and possibly enforcement actions."

By Jonathan Berr • Feb. 17, 2022

Rep. Gottheimer unveils stablecoin legislation

As the debate over stablecoins heats up, the New Jersey Democrat Tuesday released a "discussion draft" of his stablecoin bill, along with statements of support from crypto-related trade groups.

By Jonathan Berr • Updated Feb. 16, 2022

SIM swap schemes threaten mobile payments

The FBI says SIM card swap fraud, where cybercrooks snatch sensitive data from mobile phones, is on the rise. The Federal Communications Commission is trying to do something about it, but it's not an easy crime to stop.

By Mercedes Cardona • Feb. 15, 2022