Small businesses adjust to inflation, supply chain disruptions: survey

A new survey from American Express and its Kabbage unit found nearly two-thirds of small businesses will keep their inflation-adjusted pricing for the next six months.

By Tatiana Walk-Morris • March 31, 2022

Visa urges cautious approach to BNPL regulations

"The CFPB should tailor its approaches to preserve consumers’ and merchants' ability to access a wide variety of installment options and maintain competition among BNPL solutions," Visa said in commenting to the Consumer Financial Protection Bureau.

By Jonathan Berr • March 30, 2022

Explore the Trendline➔

Top 5 stories from Payments Dive

The digital evolution of payments is roiling the industry, forcing companies to rethink pricing schemes and revamp corporate strategies. Embedded payments, earned wage access, real-time systems and other innovations will transform the business.

By Payments Dive staff

Credit card late fees likely to keep climbing, CFPB says

Total credit card late fee volume is rising again after a dip during the pandemic, and current inflation levels mean the largest issuers are likely to keep increasing fees, the Consumer Financial Protection Bureau said.

By Caitlin Mullen • March 29, 2022

Congress mulls a different digital dollar

While talk of a digital dollar has mainly focused on creation of a central bank digital currency through the Federal Reserve, a group of House Democrats on Monday proposed legislation that pivots in a different direction, creating an electronic dollar through a new program administered by the Treasury Department.

By Lynne Marek • March 29, 2022

BNPL critics urge CFPB to protect consumers from payment app

Proponents and opponents of buy now-pay later services are weighing in on how the new installment financing should be regulated after the Consumer Financial Protection Bureau asked for input. The federal agency is absorbing the views as it conducts an inquiry into the industry's business practices.

By Jonathan Berr • March 28, 2022

Advocacy group points to BNPL 'warning signs'

As scrutiny of buy now-pay later comes to a head, a survey from advocacy organization Financial Health Network revealed financially vulnerable households are almost four times more likely to use BNPL to make purchases than those that are financially healthy.

By Caitlin Mullen • March 25, 2022

Shift4's Finaro purchase entangled with Russian oligarch

With its acquisition of financial services firm Finaro, Allentown, Pennsylvania-based payments company Shift4 awaits not only European regulatory approval but also a license from the U.S. Office of Foreign Assets Control due to a Russian oligarch’s minority stake in Finaro.

By Caitlin Mullen • March 25, 2022

Ohio's credit unions swing at BNPL

Buy now-pay later comments are due to the Consumer Financial Protection Bureau this week. And battle lines are being drawn over how to regulate a burgeoning industry.

By Jonathan Berr • March 24, 2022

Fed's Powell lists 4 qualifications for a US CBDC

A digital dollar must ensure user privacy, be "identity verifiable," be "intermediated" and be widely accepted as a means of payment, the central bank chief said Wednesday during a panel discussion hosted by the Bank for International Settlements.

By Dan Ennis • March 24, 2022

Affirm CFO leans in for CFPB inquiry

A top executive at Affirm, the biggest independent U.S. buy now-pay later company, says he understands the way in which the Consumer Financial Protection Bureau is trying to get a handle on the new industry.

By Jonathan Berr • March 23, 2022

Retail, financial trade groups beg for coins

A U.S. coin shortage subsided for a bit early last year, but the problem is back. That led a group of trade organizations to complain to the Treasury Department this week, and to ask for help in making consumers aware of the coin crisis.

By Lynne Marek • March 22, 2022

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

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