Payments

MVB Bank more than tripled its deposits in five years by providing accounts to sports betting sites, as well as technology companies that cater to other industries.

The increase was driven by small businesses including property managers, contractors and beauty salons.

Recognizing that many of the region's consumers are choosing startups, companies like Citigroup, JPMorgan Chase, Goldman Sachs, Santander and Scotiabank are taking stakes in nascent payment providers.

The upgrades merchants made to accept chip cards and mobile wallets have made it easier to add new services via software updates. NCR and other point-of-sale vendors are using these systems to support digital currencies without requiring new hardware.

Working with Bumped, TAB Bank is offering customers “cash back” as fractional shares of popular retailers.

U.S. lenders issued more credit cards than ever last year, with a growing share of them going to consumers with lower credit scores.

The "super app," which incorporates shopping, savings and other offerings, was well received by PayPal's users, but inflation and supply chain issues are likely to weigh on spending through the first half of this year, CEO Dan Schulman said.

Meta's departure from the crypto market removes a sizable potential competitor at the same time that nonbank issuers are bracing for tougher regulatory scrutiny.

The new product will help Barclays' U.S. bank reach customers who may not want — or qualify for — its cobranded cards. It's part of a strategy to reach more consumers after card balances declined last year.

Few banks have adopted an instant invoicing technology called Request for Pay, but more may get on board to help their customers avoid overdraft charges.