Stripe to buy stablecoin company Bridge for reported $1.1 billion

The CEO's for Stripe and Bridge confirmed the news on the social media platform X on Monday, but offered few details on the deal.

By Patrick Cooley • Oct. 21, 2024

Discover discloses SEC accounting criticism

The federal agency disagrees with the way the card network is allocating card misclassification charges, Discover said in its third-quarter earnings report.

By Patrick Cooley • Oct. 17, 2024

Payments players tap M&A to build tech stacks

The Fed’s recent interest rate cut could spur even more deal-making in the remaining months of the year and into 2025. Mastercard, Global Payments and Payoneer are among the companies that have bought businesses this year.

By Shefali Kapadia • Oct. 16, 2024

More authentication leads to fewer approvals

Research from payments software firm Stripe shows credit and debit card transactions using an advanced security tool are less likely to be approved.

By Patrick Cooley • Oct. 15, 2024

Treasury official calls for new regulatory framework

The department’s undersecretary for domestic finance, Nellie Liang, suggested state oversight of money transmitters was outdated in an era of electronic payments.

By Lynne Marek • Oct. 11, 2024

New York Governor signs gun code law

Gov. Kathy Hochul signed a new law Wednesday requiring merchants to use a gun code, saying it could help prevent mass shootings.

By Patrick Cooley • Oct. 10, 2024

MoneyGram attack exposed sensitive customer data

The attack led to a days-long outage in September. The money transfer firm hasn’t described the nature of the incident or said how many people have been impacted.

By Matt Kapko • Oct. 9, 2024

Visa expected to temper competitive moves after DOJ action

The card network may bend to emboldened fintech rivals and more assertive merchants following the Justice Department’s antitrust lawsuit.

By Lynne Marek • Oct. 3, 2024

P2P payments tools lack transparency, consumer group says

Zelle, the popular peer-to-peer payment service, and rivals should be more upfront with consumers about the ability to ask for money back, Consumer Reports says.

By Patrick Cooley • Oct. 2, 2024

Visa boosts litigation funding ahead of US antitrust fight

The company added $1.5 billion to a litigation escrow account as it battles a Justice Department lawsuit and ongoing legal case with merchants.

By Justin Bachman • Oct. 1, 2024

Trump interest rate cap draws criticism

Fewer people would be approved for credit cards, and credit card issuers would offer fewer perks, opponents of the longshot proposal say.

By Patrick Cooley • Sept. 30, 2024

Fiserv, Wells Fargo to end joint venture

The venture between the payments processor and the bank will expire in April, prompting a cash payment from one to the other.

By Patrick Cooley • Sept. 27, 2024

Visa to buy cybersecurity firm Featurespace

The cybersecurity acquisition is the latest move in a race by card networks to meet their clients’ needs in keeping up with fraud threats.

By Lynne Marek • Sept. 26, 2024

Moneygram faces backlog after outage

The international wire transfer company has restarted some services after a cyberattack, but is battling to fulfill transactions after taking its systems offline for much of the week.

By Lynne Marek • Sept. 26, 2024

DOJ suit accuses Visa of illegal debit payment monopoly

The company threatens merchants with high fees, and "makes its potential rivals business partners to thwart competition in debit card processing," the DOJ says.

By Justin Bachman • Sept. 24, 2024

Visa faces possible DOJ lawsuit, news reports say

The card network may soon be sued by the Department of Justice over its debit card practices, according to multiple news reports citing anonymous sources.

By Lynne Marek • Sept. 24, 2024

Fed payments proposal pits big banks against small rivals

The Federal Reserve’s proposal to extend the operating hours of two interbank payments systems has been welcomed by large banks, but panned by many small financial institutions.

By Lynne Marek • Sept. 18, 2024

CFPB sues credit card company over excessive fees

The agency says Horizon Card Services violated the Truth in Lending Act by charging fees as high as 60% of a customer’s credit limit, and all but refusing to cancel their cards.

By Patrick Cooley • Sept. 16, 2024

Mastercard acquires cybersecurity firm for $2.65B

The acquisition is the latest in a series of cybersecurity firm purchases by the card network over the years.

By Lynne Marek • Sept. 12, 2024

Amex taps troves of customer data

American Express eschews preset spending limits and instead relies on credit scores and spending history to manage risk, a company executive explained at a conference last week.

By Patrick Cooley • Sept. 10, 2024

Discover’s top lawyer leaves for Ally

Hope Mehlman is expected to take her new Ally role on Dec. 2, even as Discover faces high legal hurdles in completing an acquisition of its business by Capital One.

By Patrick Cooley • Sept. 9, 2024

The fintech CEO who is becoming a frequent flier with SpaceX

On Jared Isaacman’s second trip to space, the billionaire plans to become the first private spacewalker. Shift4 investors will need to follow space news to learn about it.

By Justin Bachman • Sept. 9, 2024

Ex-Discover exec alleges age, gender bias in lawsuit

Diane Offereins is suing the card network over roughly $7 million in clawed-back equity, claiming she was a “convenient scapegoat” for Discover’s card misclassification issue.

By Caitlin Mullen • Sept. 5, 2024

Grabango CEO pushes for more partnerships

The Berkleley, California-based company is looking to expand by building ties with established retailers, CEO Will Glaser said. 

By Patrick Cooley • Sept. 5, 2024

Viral JPMorgan Chase glitch is ‘fraud, plain and simple,’ bank says

Some customers deposited bad checks and immediately withdrew funds before the checks bounced in a glitch that went viral on TikTok. Now, some users have holds on their accounts.

By Gabrielle Saulsbery • Sept. 4, 2024