Cards

Mos, a student financial-aid startup backed by investors including Sequoia Capital and the rap star Jay-Z, is venturing into banking.

The central bank wants financial institutions to enable additional routing options for online purchases, a change industry advocates say would strain the resources of smaller card issuers.

The Federal Reserve's decision to reexamine the Durbin amendment's Regulation II raises a host of concerns for banks and credit unions over the processing of purchases made online.

Stored-value cards are growing in popularity with underbanked gig workers who need an easier way to get paid as well as with younger consumers in Canada who have traditional bank accounts but prefer the cards for e-commerce transactions.

The agency is investigating whether the swipe fees paid to the banks that issue PayPal’s debit cards are consistent with Federal Reserve guidelines, PayPal said in a quarterly regulatory filing.

CEO Stephen Squeri told analysts a fresh crop of rivals, possibly including Wells Fargo, will be quick to fill the void created by Citi's departure from the high-end market.

The card brand's spots will focus less on credit cards and more on real-time payroll, cryptocurrency and mobile commerce.

The Minneapolis company benefited as business for airlines and hotels picked up sooner than expected. The rebound helped fee income in the bank’s payments business approach prepandemic levels.

Changing the retailer's prepaid card into a demand deposit account gives customers access to more digital banking tools.

A growing number of companies like Klarna, Sezzle and Circle let consumers split large purchases into smaller transactions paid over time. But they say they need to offer more than one product to set themselves apart and build customer loyalty.