Retail: Page 3

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    BNPL giant Affirm counts on debit card for growth

    The San Francisco-based company said the product is being “rolled out to tens of thousands of consumers" through a beta program.

    By May 17, 2022
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    Justin Sullivan via Getty Images

    Three US cash trends persist, Fed report says

    The COVID-19 pandemic led U.S. consumers to change up their payment habits, but three long-term cash trends have mainly persisted, according to a Federal Reserve Bank report issued this month.

    By May 16, 2022
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    Payment fintechs persist despite economic upheaval

    Payment fintechs are being tested by macro-economic headwinds, from inflation to supply constraints, but many see this as an opportunity to prove they can grow despite the obstacles.

    By Payments Dive staff
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    Retrieved from Flickr/frankieleon.

    Fed delivers mixed credit card data

    While first-quarter consumer credit card debt rose relative to the same period last year, it dropped compared to the fourth quarter. Meanwhile, consumers' outlook on the availability of credit deteriorated.

    By May 12, 2022
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    PeopleImages via Getty Images

    VizyPay carves out a niche catering to rural America

    Austin Mac Nab, the CEO and cofounder of Waukee, Iowa-based payments processing firm VizyPay, said the company aims to disrupt the payments landscape by catering to small town businesses.

    By May 11, 2022
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    Courtesy of Mashgin

    Self-checkout tech maker Mashgin raises $62.5M

    The technology company, which currently partners with convenience stores, cafeterias, hospitals and sports arenas, said it will use the investment to build out its team, quicken expansion and scale globally.

    By Catherine Douglas Moran , Sam Silverstein • May 10, 2022
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    Permission granted by Square

    EMVCo invites input on new contactless standard

    The firm controlled by the card companies has drafted a new contactless technology standard and it's seeking public comment on the specifications. Their plan is to implement a change by yearend.

    By May 10, 2022
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    Justin Sullivan via Getty Images

    Cannabis payments companies focus on compliance, creativity

    In the cannabis business, federal illegality has kept many banks and payments companies on the sidelines. That's opened the door for young companies that are using the ACH network to facilitate cannabis payments in states where it’s been legalized.

    By May 6, 2022
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    Teresa Kroeger via Getty Images

    Block 'just getting started' with Afterpay

    San Francisco-based Block is focused on expanding buy now-pay later provider Afterpay’s customer base and managing its loss rate, Block executives said during Thursday’s first-quarter earnings call.

    By May 6, 2022
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    Courtesy of DoorDash

    DoorDash extends gas card rewards program

    The program, which provides drivers 10% cash back on gas purchases on a prepaid Visa card, will now run through August.

    By Alicia Kelso • May 5, 2022
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    Win McNamee via Getty Images

    Durbin proposes card fee reforms, not legislation

    Sen. Dick Durbin pushed for a handful of reforms of credit card fee practices at Wednesday's Senate Judiciary Committee hearing on "excessive swipe fees," but didn't offer plans for new legislation. He also questioned Visa and Mastercard representatives about recent fee increases and took testimony from consumer advocates who slammed the hikes.

    By May 5, 2022
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    Khaosai Wongnatthakan via Getty Images

    Fiserv, Affirm partner on BNPL

    Brookfield, Wisconsin-based Fiserv is adding a new buy now-pay later player to its roster. The company said Wednesday that San Francisco-based Affirm will be the first BNPL option integrated into its Carat service, which is directed at larger enterprises.

    By May 5, 2022
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    "Kohl's" by Mike Mozart is licensed under CC BY 2.0

    Kohl's boosts reward benefits for card members

    The Menomonee Falls, Wisconsin-based retail chain tested the program in eight markets over the past year and found an increase in Kohl's Card acquisitions and overall sales. 

    By Kaarin Vembar • May 2, 2022
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    Anna Moneymaker via Getty Images

    Card companies called on congressional carpet

    Visa and Mastercard will be in the hot seat next week at a hearing of the Senate Judiciary Committee led by their long-time nemesis, Sen. Dick Durbin. A notice for the hearing teases that the discussion will zero in on "excessive swipe fees" and a lack of competition in the industry.

    By April 29, 2022
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    Permission granted by Discover

    For Discover, inflation brings sales growth, salary pressure

    Riverwoods, Illinois-based Discover Financial Services on Thursday reported first-quarter card sales volume was 23% higher than the same period last year, but CFO John Greene said "it’s hard to envision year-over-year sales growth to continue in the upper 20s."

    By April 29, 2022
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    Courtesy of PayPal

    PayPal cuts back growth plans, again

    The digital payments pioneer reduced its revenue growth targets for the second time this year when it reported first-quarter earnings Wednesday. CEO Dan Schulman took responsibility for not delivering, blaming macroeconomic factors affecting the company. 

    By April 28, 2022
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    Ilya S. Savenok / Stringer via Getty Images

    Clover revenue growth boosts Fiserv earnings

    During a Wednesday presentation on first quarter earnings, Brookfield, Wisconsin-based payments company Fiserv said global revenue for its Clover operating system for small and medium-sized businesses grew 39%.

    By April 28, 2022
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    oatawa via Getty Images

    Checkout startup Bolt sued by fashion brand group

    Checkout startup Bolt Financial is being sued by Authentic Brands Group, which owns the rights to a pack of brands from Forever 21 to Nautica to Spyder. ABG alleges Bolt's software services led to technology failures and lost sales, but Bolt denies the claims.

    By April 27, 2022
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    Roy Rochlin via Getty Images

    Visa earnings rise on cross-border revival despite Russia impact

    Extraordinary international events have both buffeted and benefited the card giant's business this year. Visa said a recovery of travel and cross-border transactions boosted its earnings through March, despite a negative impact from shutting down operations in Russia after that country invaded Ukraine.

    By April 27, 2022
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    clikced it myself - Vaidik Trivedi

    CFPB aims to level playing field between banks, fintech

    Banks have long complained that fintechs are able to offer many of the same financial services without abiding by the same laws. In an effort to level the playing field, the Consumer Financial Protection Bureau said Monday it would invoke a largely unused legal provision. 

    By April 25, 2022
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    Brandon Bell via Getty Images

    Travel lifts Amex results in 1Q

    American Express results benefited from a return of travel during the first quarter and future bookings are up relative to 2019, the company said. Analysts expect increased travel to be a boon for the other card companies too when they report earnings later this week.

    By April 25, 2022
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    Drew Angerer via Getty Images

    PayPal CEO's compensation surges

    The pay package for Dan Schulman jumped last year to $32 million even as the digital payment company delivered disappointing results for the fourth quarter and cut its revenue growth outlook for this year. 

    By April 22, 2022
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    Courtesy of Amazon

    Palm pay hits more Whole Foods stores

    The grocery chain added Amazon One technology, which lets users pay with their palm prints, to a newly opened store in Austin, Texas, this week and plans to bring it to six other area locations in the coming weeks.

    By Catherine Douglas Moran • April 21, 2022
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    David McNew via Getty Images

    Bank of America cards go green

    The bank said all of its plastic credit and debit cards will be made from at least 80% recycled material starting next year. The move is expected to reduce its use of non-recycled plastics by some 235 tons.

    By Robin Bradley • April 21, 2022
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    valentinrussanov via Getty Images

    Mastercard picks new startup program members

    The initiative aims to support fintech startups during and after their time with Mastercard by introducing the small business owners to other entrepreneurs and potential partners in the payments realm.

    By Tatiana Walk-Morris • April 21, 2022
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    AndreyPopov via Getty Images

    Retail has a checkout problem...and speed alone won't solve it

    The speed of one-click checkout isn't the answer to every cart abandonment problem, says one payments tech executive. There are other factors for retailers to consider when determining whether the checkout experience is convenient for the customer.

    By Yvan Boisjoli • April 19, 2022