Fintech

The trend toward cashless is inevitable, and could be accelerated by current events. But a gradual transition is key to avoid alienating those people who depend on cash as their primary payment method.

With coronavirus driving more merchants to promote electronic payments over cash — and contactless payments over cards — many are still asking their customers to share a potentially virus-laden pen to sign a receipt or screen at the point of sale.

The newly minted Transact Bank will provide payment processing and card issuing services to a wide range of clients.

New features and improvements often take a back seat to security, says Entersekt's Claudius van der Meulen.

The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.

The company once again lowered its outlook for quarterly revenue growth, saying the coronavirus pandemic has led to a sharp decline in cardholders’ overseas spending.

The regulator formally announced the 60-day delay on Monday after tweeting about it over the weekend.

In our first episode of PayDirt: A PaymentsSource Podcast, we talk with Melissa Smith, the CEO of WEX, and her colleague Jay Dearborn about the biggest changes in store for transit, health and corporate payments.

What banks need to know about the coronavirus stimulus package; tech vendor Finastra hit with ransomware attack; bank CIOs confront challenge of so many employees working at home; and more from this week's most-read stories.

In contrast, grocery stores and pharmacies saw a jump in spending during the coronavrius outbreak, according to credit union member data examined by the CUSO.