What’s ahead for payments in 2024

The industry faces more upheaval this year as legacy companies and upstart fintechs jockey for the upper hand, and regulators monitor the competition closely. 

By Lynne Marek • Jan. 31, 2024

PayPal to cut 9% of workforce to bolster efficiency

The digital payments company plans to cut about 2,500 jobs, according to multiple news reports, shrinking the company as it seeks to jump-start profitable growth.

By Lynne Marek • Jan. 30, 2024

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Payments players eye digital B2B opportunity

Companies offering digital payments services envision billions of dollars in U.S. business payments flow ripe for transitioning to the electronic realm.

By Payments Dive staff

Payments regulation and legislation abound in 2024

Payments players can expect this year to be heavy with regulatory and legislative moves, both at the federal and state levels.

By Lynne Marek • Jan. 30, 2024

FTC, FloatMe reach $3M settlement

The cash advance provider “lured consumers in with false promises of free money advances,” and then made it difficult for them to cancel, FTC Director Samuel Levine said in a press release.

By James Pothen • Jan. 29, 2024

Visa debit payments growth slows

The card network reported a slowdown in U.S. payments growth in recent months, attributing the drag partly to new competition in online debit transactions.

By Lynne Marek • Jan. 29, 2024

Mastercard, TCH to enhance RTP network

The extended partnership between the two companies “focuses on co-development of new real-time payments capabilities,” a spokesperson for The Clearing House said. 

By Tatiana Walk-Morris • Jan. 29, 2024

Customer demand ebbs for Amex

Cardholders’ spending on airline tickets in particular decelerated during the fourth quarter, American Express CFO Christophe Le Caillec said Friday.

By Caitlin Mullen • Jan. 26, 2024

CFPB eyes NSF fee ban for transactions declined in real time

It’s an uncommon penalty, but the federal agency asserts that as technology advances, financial institutions may be able to block more transactions at the time of a swipe, tap or click.

By Gabrielle Saulsbery • Jan. 26, 2024

Manhattan DA seeks tighter payment app security

“No longer is the smartphone itself the most lucrative target for scammers and robbers – it’s the financial apps contained within,” District Attorney Alvin Bragg Jr. said.

By James Pothen • Jan. 25, 2024

Maryland EWA legislation draws protest

A Maryland bill calling for some earned wage access providers to be registered and licensed has triggered opposition from fintech advocates.

By Lynne Marek • Jan. 25, 2024

Rivals may chase Fiserv special bank charter lead

If the payments giant receives a special Georgia charter and gains access to the card networks, it could open the floodgates for other merchant acquirers, attorneys said.

By Caitlin Mullen • Jan. 25, 2024

PayPal floats service enhancements

PayPal this year plans to roll out the “biggest changes in a decade” to its pioneering payments tool in a bid to better serve merchants and customers.

By Lynne Marek • Jan. 25, 2024

Brex cuts workforce by 20% in profitability push

“Looking inward, I realized we grew our org too quickly,” founder and co-CEO Pedro Franceschi said in a message to employees. 

By James Pothen • Jan. 24, 2024

Credit card delinquencies rise, especially for low-income earners

Credit cards balances, auto loans and high rents are straining low-income consumers’ limited budgets, the New York Fed details in a new report. 

By Tatiana Walk-Morris • Jan. 24, 2024

Klarna adds subscription plan

With an IPO on the horizon, the BNPL firm is offering customers a subscription service for $7.99 per month.

By Caitlin Mullen • Jan. 24, 2024

Synchrony to buy Ally’s POS lending unit

“This wasn’t a scaled business for Ally, but on our side, this is absolutely a scaled business,” Synchrony CEO Brian Doubles said Tuesday. “This is exactly the type of acquisition that we look for.”

By Rajashree Chakravarty • Jan. 23, 2024

Payments startups face pivotal year

Many venture-dependent startups that put off fundraising will be forced to do so this year or find an exit plan.

By Caitlin Mullen • Jan. 23, 2024

Jack Henry vaults COO to CEO seat

Greg Adelson, the company’s current president and chief operating officer, will take the reins from outgoing CEO David Foss in July.

By James Pothen • Jan. 23, 2024

Fed extends comment period on debit card fee proposal

The Federal Reserve extended the time period during which it will accept public comments on its proposal to reduce the cap on debit card fees.

By Lynne Marek • Jan. 23, 2024

Congressional card bill won’t yield benefit

If it were to pass, the Credit Card Competition Act proposal would result in additional costs without any gains, argues one payments industry consultant.

By Ken Musante • Jan. 22, 2024

DailyPay lands more financial support

The earned wage access company said it raised $75 million in new equity funding and $100 million in debt financing.

By Lynne Marek • Jan. 22, 2024

Law firms jockey for payments action

A proliferation of payments and fintech players has sparked a contest for talent among law firms seeking to meet clients’ needs.

By Lynne Marek • Jan. 22, 2024

Credit card surcharge bills lurk in state legislatures

The state legislation relating to credit card surcharges is poised to keep percolating in a pack of states this year, following new laws in some last year.

By Lynne Marek • Jan. 19, 2024

FedNow draws some banks, as others lag

The Federal Reserve is building up bank participation in FedNow, but some big financial institutions remain on the sidelines.

By Lynne Marek • Jan. 18, 2024

Discover lands servicer for student loan portfolio

Student loan servicer Nelnet will handle servicing of Discover’s portfolio while the card issuer markets it for sale, said CFO John Greene.

By Caitlin Mullen • Jan. 18, 2024