Cards

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.

Bank of America was ordered by a judge to change its practices after thousands of unemployed California customers receiving public benefits complained that when their prepaid debit cards were hacked, the bank made matters worse by treating them like criminals.

Republic Bank in Louisville is the first community bank to launch Mastercard's True Name service, which allows customers to display their chosen name on debit cards.

Banks may need to be more selective about how they issue plastic, so that cards remain available to those customers who need them most.

Integrated payments provider Financial Software and Systems is targeting the expected increase in international travelers as the pandemic eases by enabling issuers to provide branded programs on FSS' prepaid multi-currency card.

John Adams, Executive Editor at PaymentsSource, talks to Debbie Gamble, chief officer of Innovation Labs and New Ventures at Interac, about Canada's growing digital needs.

Fake fundraising or phony customer service tricks people into handing over money or account details, Yinglian Xie of Datavisor writes.

U.K. and EU regulations enable cards that provide digital-first features for funds kept in a different bank's account.

A Federal Reserve proposal that would require banks to give merchants more choices in routing certain debit transactions could be a prelude to a more consequential change: a lower cap on interchange fees for banks with more than $10 billion of assets.

Despite strong payment volume and revenue, Affirm's earnings suffered due to stock compensation and an adjustment on its purchase of PayBright in January.

The central bank wants to adopt new rules to state clearly that merchants must have a choice of debit networks for card-not-present transactions.

Western Union, the world’s largest money-transfer provider, will soon test banking products for its customers.

The "as a service" model cuts costs and streamlines deployment of new card programs and technology, says Zeta's Bhavin Turakhia.

Widespread card acceptance was key to keeping small businesses afloat during the pandemic and will be crucial to helping consumers and businesses get the economy booming again, says the National Taxpayers Union's Thomas Aiello.

Shopkeepers and other establishments say banks' costs have fallen substantially in recent years but interchange prices have held steady since the Federal Reserve capped them in 2010.