John Adams

Buy now/pay later lenders, digital payment providers and companies building "super apps" have suffered hits to their stock prices and valuations during the market slump, causing some to conduct layoffs. But most are pushing ahead with new products and services.

The recent drop in stock prices and valuations is prompting fintechs to focus more on their core competencies. This doesn't mean an end to innovation, but companies will be more selective about how they allocate resources.

A partnership with the business payment technology firm Melio supports card payments even when one party is stuck in the world of paper checks and cash.

By accumulating a network of specialized fintechs, the card brand can connect those vendors to banks and merchants that want to build new payment services.

Public transit is recovering slowly from the pandemic, but ridership could increase if cities cater to a strong demand for contactless ticketing and digitized fare discounts, according to Visa.

The mobile-focused challenger bank is adding payments hardware, expanding its services for consumers and businesses.

By acquiring the Latvian data-sharing specialist, the London-based payment company hopes to beat fintech rivals in the race to power account-to-account transactions.

Fears of a recession abound, but payment and other financial technology companies that can address pressing business challenges will draw funding, according to venture capital investors.

Meta's Facebook has discontinued a digital wallet that was originally meant to help people use the Diem stablecoin. But its Meta Pay platform is more conventional — and thus more likely to succeed where Novi failed.

Meta's wallet, which was designed to support the Diem cryptocurrency, will close in September. It's the latest setback for Meta's goal to build a broader payments system.