Special Program Root Tag

Some bankers, economists, policy experts and even Mark Cuban say that creative uses of overdraft programs could be lifelines for consumers and businesses whose finances have been upended by the coronavirus crisis.

While the entire economy will slow due to stay-in-place orders and temporary economic shutdowns, payments fintech is expected to fare much better than other investment sectors due to these trends.

Use of banks' mobile apps and websites has risen about a third since the coronavirus crisis began, according to J.D. Power.

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Once it starts reopening offices around the world, it "will continue to prioritize the safety of our employees, customers and communities," Citigroup President Jane Fraser said.

The lender behind the credit cards for Gap, J.C. Penney and other retailers took a large provision for loan losses and abandoned full-year earnings guidance as the nationwide shutdowns tied to the coronavirus pandemic have led to a sharp decline in spending on its cards.

Square Capital and other online lenders joined the Paycheck Protection Program just before it ran out of money. Now they’re ready and waiting for Congress to reload funds that could be better aimed at the smallest companies.

The best solutions consider both the user and the device, says says Fingerprints' Jonas Andersson.

As the market deals with the short-term challenge of getting stimulus payments into the hands of citizens, the country has a unique opportunity to put the unbanked and underbanked on a long-term path to electronic payment methods, Jim Johnson of FIS says.

As the market deals with the short-term challenge of getting trillions of dollars of relief and stimulus payments into the hands of citizens in the coming weeks and months, we as a country have a unique opportunity to put our unbanked and underbanked citizens on a long-term path to electronic payment methods, says FIS' Jim Johnson.

As phishing and other attacks mount, a personal ID number can act as a second authentication factor, says LogRhythm Labs' James Carder.

While the primary focus for most credit card providers in March was on emphasizing fee forgiveness and payment deferral support, moving forward issuers need to focus on a mix of strategies to retain their cardholders' share of spend, says The Futurist Group's Demitry Estrin.

As Amazon and e-commerce companies in parallel broadened their adoption rates, they further trained consumers to expect a frictionless and speedy checkout process, says Grubbrr's Bhavin Asher.

The SBA’s Paycheck Protection Program is nearly depleted, but there are ways small banks and fintechs, with help from Congress, can remedy the situation.

The benefits of virtual payment cards go beyond replacing physical cards and eliminating social contacts. Payment vendors that manage these virtual cards can also create branded cards and portals for companies, says Berkeley Payments' Jonathan Hamburg.

A trade group says suspending so-called beneficial owner rules would help financial institutions make more small-business loans through the Paycheck Protection Program.

With the increase in online activity because of COVID-19, tracking down and investigating red flags might be more difficult given the volume of transactions on existing accounts, unless strict authentication measures are applied, says Giact's David Barnhardt.

As coronavirus puts parameters on how we interact with each other, instant issuance is more important than ever, says Matica's Paul Schwerdtfeger.

Suneera Madhani, CEO of the digital acquirer Fattmerchant, tells PaymentsSource how the coronavirus pandemic has affected how her employees go to market with new payments technology — and how making the shift to digital helps both the acquirer and its clients.

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.