The Latest
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Industry balks at FDX standard-setting monopoly
Regulators and industry participants worry that FDX will have an unfair monopoly and will advantage its own members if no other organization applies.
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Payments trade groups caution World Bank on digital infrastructure
U.S. payments associations urged the World Bank this week to consider interoperability and private sector involvement in its development of a digital public infrastructure.
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Goldman, Apple to pay CFPB $89.8M over Apple Card issues
The bank and tech firms failed to address disputed transactions in their joint Apple Card program, and misled cardholders about interest-bearing products, the bureau alleged.
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Trade groups challenge CFPB’s open banking rule on Day 1
Liability over data security emerges as a top concern as the Bank Policy Institute and a Kentucky trade group and bank sue the bureau, arguing that is has overreached its authority.
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Pipe pursues international expansion
The digital cash advance provider to small businesses deepened its ties to the British firm GoCardless this week as part of its quest to expand outside the U.S. market.
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California to begin oversight of EWA
The state instituted regulations Tuesday that will require earned wage access providers to register and be regulated as of next February.
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CFPB issues final rule on open banking
In a change from last year’s proposal, payment apps are included under the rule. Financial institutions with less than $850 million in assets are exempt.
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Stripe to buy stablecoin company Bridge for reported $1.1 billion
The CEOs for Stripe and Bridge confirmed the news on the social media platform X on Monday, but offered few details on the deal.
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Oracle debuts healthcare payments service
The new system enables patients to pay their medical bills via cards or digital payments, and helps medical facilities track revenue.
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Fiserv may grab competitive edge with new bank charter
The payments processor can undercut rivals on price because it won’t be paying bank fees, say industry consultants.
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Amex Q3 restaurant spending growth edges down
The card issuer has recently focused on courting cardholders hungry for restaurant services, but last week reported spending growth in that category had waned.
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Courtesy of Apple
Apple, Klarna collaborate on BNPL
The tech giant has linked with the Swedish buy now, pay later provider to offer Apple Pay customers in the U.S. and U.K. another payment option.
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PayPal drops fundraiser tool on app
The payments pioneer is discontinuing a program through which app users could post fundraising drives, often for personal needs. Other options for donating will remain.
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Employees who lean on EWA face increased fees
Many employees who use earned wage access services are high-frequency customers who end up with higher overdraft costs, said a Center for Responsible Lending report.
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Walmart pitches Fiserv’s Clover to business clients
The retailer is offering the mega-processor’s Clover equipment and account services to its business clients at a discount through next January.
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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.
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FTC unveils final ‘click-to-cancel’ rule for consumers
The agency rule targeting recurring payments comes amid a broader effort by the Biden administration to reduce consumer “junk” fees.
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Courtesy of Mastercard
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.
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Courtesy of Megan Cheung
Visa taps AI analytics partner to add merchant services
The card network giant has signed a new multi-year agreement with the marketing research firm Analytic Partners to deliver advertising insights to merchant clients.
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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.
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Payments investments rise worldwide
Although venture capital investment in young payments firms grew globally during the third quarter, compared with the same period last year, that wasn’t the case for U.S. firms.
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Barclays replaces Goldman Sachs as GM card issuer
The London-based consumer bank will issue two GM credit cards in the U.S., beginning next summer.
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Worldpay taps Aeropay for gaming payments assist
The two payments companies have teamed up to provide account-to-account payments for gaming merchants and their customers.
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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.
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Courtesy of Grabanco
Automated-checkout company Grabango shuts down
The tech company was unable to secure the funding needed to continue operating, a spokesperson said.
