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Apple Pay will be switched on in Australia on Thursday, but only American Express card holders will be able to use it.
Total U.S. household debt levels increased in the first quarter as already stressed credit card borrowers faced rising challenges, a report from the Federal Reserve Bank of New York said on Tuesday.
US credit-card delinquency rates were the highest on record in the fourth quarter, according to a Federal Reserve Bank of Philadelphia report.
Klarna Bank AB is turning over a smaller share of UK customers to debt collectors as the threat of late fees the company introduced last year prompts more of them to keep up with their bills.
Visa Inc. and Mastercard Inc. agreed to cap credit-card swipe fees — a deal that US merchants say will save them at least $30 billion over five years — in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
Capital One has made a $35 billion bid to acquire Discover Financial Services, in a move that radically reshapes the payment card industry.
From fuel and groceries to hotels and airline tickets, consumers are putting more purchases on credit cards—and taking longer to pay them off.
Elon Musk's social media platform X, formerly known as Twitter, announced it will launch peer-to-peer payments this year.
The Consumer Financial Protection Bureau's planned new open banking rules do not go far enough to protect consumer data, say two industry groups.
Apple has offered to let rivals access its tap-and-go mobile payments systems used for mobile wallets, three people familiar with the matter said, a move that could settle EU antitrust charges and stave off a possible hefty fine.
Coinbase Global Inc. is rolling out spot crypto trading on its international exchange as part of a global expansion, saying some users are wary of US venues due to the country’s uncertain regulatory backdrop.
Goldman Sachs Group Inc., which has been trying to jettison its struggling credit card business, now has a potential way out of its partnership with Apple Inc.
All 12 of the pending spot Bitcoin ETF filings will enter a “window” for possible approval within the next eight days, say Bloomberg ETF analysts James Seyffart and Eric Balchunas.
Elon Musk wants X to manage users' "entire financial life" so that they "won't need a bank account" by the end of next year.
The move would reduce the fees that banks receive when consumers shop with debit cards.
Global consumer finance provider Splitit Payments (ASX: SPT) has confirmed it will delist from the Australian Stock Exchange and re-establish itself as a new entity in the Cayman Islands.
As the only two real-time payments rails in the U.S., the rivalry between RTP and FedNow could get intense, but maybe not.
Apple's relationship with Goldman Sachs led to the creation of the wildly successful Apple Card, but post-launch friction and a change in priorities has crashed the relationship into the rocks.
Apple Card credit-card holders can open an account with a 4.15% annual percentage yield.
NBFIs have emerged as key players in the financial sector, and global financial stability could hinge on their resilience as policy is tightened to tackle high inflation
Apple on Tuesday introduced Apple Pay Later, which will allow users to split their purchases into four payments spread over six weeks.
800 Citi staff will join NAB's workforce when the deal closes in March next year. Find out more.
Circle has filed with the Securities and Exchange Commission to become a US Federally-chartered national commercial bank.
Canada's Scotiabank is converting credit card repayments into buy now, pay later plans, with the option to pay off debt in three, six or 12-month fixed instalment payments.
NEW YORK (Reuters) -Global payments giant JPMorgan Chase & Co has launched a real-time payments option that it hopes will increase its edge in the financial industry's battle to handle more of the surging volumes of global digital payments. The new product, called request for pay, lets corporate clients send payment requests to the bank's roughly 57 million retail clients who use its app or website, cutting the cost and time it takes for those companies to get paid, said Cyrus Bhathawalla, the bank's global head of real-time payments. The digital payments product is one of a handful JPMorgan has in the works, as the largest U.S. bank invests heavily in the sector which has grown sharply as more commerce occurs online, a trend further boosted during the coronavirus lockdowns.
FalconX, a one-stop-shop for institutional cryptocurrency market participants, has closed a $210 million Series C financing round, valuing the company at $3.75 billion.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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Today's news of 2023 GDP at 3.1% has a strong component of consumer spending embedded to fuel further conversation around the sate of the economy in 2024, gyrating between soft landing to growth! While 2023 numbers had most economists reflecting back on how different 2024 turned out from their prediction models - the Fed policy at least for now seems to be effective with a waning inflation rate.
Consumer card spending in 2023 rose by ~$525B with a 'B' to $2.25T since 2019 for top 4 banks with JPM, and BofA raking high single digits and WF spending was up 15%.
There are underlying concerns in these numbers:
- 30+ days delinquency numbers have risen consistently over past 8 quarters to the highest levels now
- Card loan balances have exceeded the 2019 level by ~$525B
- BNPL will have some contribution to the overall spending volume on cards
- Consumer deposits have fallen across all 4 banks
From a consumer dynamic perspective there has been heavy spending during holidays, disposable income has reduced even though wages have risen, student loans pause in payments has now been lifted, insurance for homes & cars have risen, and even though inflation is slowing - the consumers will not end-up having the same prices that existed 3 years ago requiring them to budget differently to the new reality.
On the plus side the banks so far have not provisioned for higher than usual delinquencies, wages improved, employment levels are good, consumer confidence is higher, and GPD continues to show expansion during a election year.