Merchant

A fintech that has grabbed a sizable chunk of the Australian digital payments market has made some quick merchant scores for its American launch.

The CFPB ordered Security Group Inc. to pay $5 million for making illegal threats, including that consumers could go to jail.

The simplified pricing of fintechs like Square and Stripe has finally caught up with banks' more complex fees, prompting Wells Fargo to restructure its billing for small businesses. Other banks will also face consequences—particularly community banks that depend on local merchants.

Brick-and-mortar stores are rapidly adding self-checkout options usually linked to proprietary mobile apps, giving merchants more control over how payment options are presented.

PCI compliance can take time and is expensive, but it's a vital part of security and there are ways to mitigate the resource challenges, according to Justin Shipe, vice president of information security for CardConnect.

MyBucks plans to give away entry-level smartphones, loaded with the company's financial technology, to encourage mobile payments, mobile banking and broader access to digital services in Africa, where financial innovation often moves quickly.

A bill moving through the California Legislature seeks to tame the largely unregulated world of online small-business lending. If passed, it would be the first of its kind nationally, but so far it has failed to satisfy either the industry or its critics.

HSBC worked with Maritz marketing to tap AI to predict which categories of rewards—travel, merchandise, gift cards or dining—consumers were most likely to use, factoring in their seasonal tendencies and past behavior.

The mobile app's popularity was joined at the hip with Starbucks gift cards and loyalty points, a formula that has traditionally been known to work well at other retailers through plastic cards.

The changes are designed to remove the complex set of fees that could vary from one mercant to another.