Fintech

The outbreak has completely upended whatever expectations the industry had heading into 2020. Here's key areas that have been shaped by the pandemic, some potentially forever.

Whether they take the form of a mobile wallet or a touch-free credit card, contactless payments are poised to take off as consumers — wary of using terminals and ATMs or handing cards back and forth — change their habits.

The number of credit unions serving as minority depository institutions continues to decline, but those CUs often focus on rural and under-served communities, a priority for NCUA Chairman Rodney Hood.

Orka Technology Group has launched a new earned wage access tool called Orka Pay for hourly workers to gain access to their wages between pay periods.

Mastercard has agreed to acquire Finicity for a reported price of $825 million, a move the card brand says will strengthen its open banking platform and expand financial services through more real-time access to data.

The spending and account management capabilities of corporate prepaid cards have been given new purpose in a pandemic-struck world dependent on government and charity aid.

With Americans traveling less due to the pandemic, the card, issued by Synchrony, is tailoring rewards to everyday purchases, such as groceries. It also has a contactless feature that could appeal to shoppers fearful of touching terminals.

Consumer spending has improved as state lockdown orders are lifted but many continue to hold off on taking trips and entertainment activities.

⁠John Corbett says building scale, lowering costs and strengthening technology offerings have become more critical for banks to stay competitive.

American Express has named Glenda McNeal, honored by PaymentsSource last year as one of the Most Influential Women in Payments, to its executive committee, marking the first time a Black woman has held that role.