Technology

PayPal, Intuit QuickBooks Capital and Square Capital have been named direct lenders in the Paycheck Protection Program, and more await the go-ahead. They could be crucial to reaching the smallest firms trying to survive the economic toll of the coronavirus pandemic.

There is no doubt that many restaurants and merchants are struggling right now. But it makes no sense to hurt consumers and financial institutions by expanding failed policies like the Durbin Amendment, argues Jeff Tassey, chairman of the board for the Electronic Payments Coalition.

A combination of digital and cloud capabilities, data gathering and regulatory experience should give smaller banks an edge over nonbanks.

PINs and passwords are increasingly viewed as insufficient to tackle this new standard, says Fingerprints' Jonas Andersson.

The $2 trillion coronavirus rescue package and other government moves are designed to provide a lifeline for small businesses, but they also create complications as businesses must quickly accumulate payment records and other information to apply for the loans.

Customers in the challenger bank's pilot program drew down an average of $200 each in advance of the government's $1,200 payments.

Commonwealth of Australia (CBA) reports digital wallet users spent a AUS$1 billion (about $630 million) in March 2020, a high for the bank that's part of an acceleration to digital wallets and contactless cards during the coronavirus crisis.

WEX has retooled its corporate payments solution team, hiring former Mastercard exec Mark Aquilina as senior vice president of product and strategy of a new unit.

The mainstream adoption of Bitcoin is getting a boost from credit card giant Visa Inc., which joined startup Fold to offer a card that earns rewards denominated in the cryptocurrency instead of airline miles or cash.

The implementation of a digital dollar solution would quite likely precipitate future developments in the digital identity space, given the synergy of a dual-architecture solution, says Diginex's Mark Blick.