Payments

The controversial cryptocurrency project that Mark Zuckerberg once defended in front of Congress is unraveling after regulatory pressure.

The new service was designed to lower costs for community banks while adding security features and providing customers with access to Venmo and other peer-to-peer payment systems.

American Express predicts travel will account for just 20% of its spending for the foreseeable future, compared with 30% before the pandemic, as younger consumers spend more on merchandise.

The announcement marks JPMorgan’s first deal in 2022, on the heels of its most prolific year for buying and taking stakes in smaller firms since at least the financial crisis.

Switching from a horizontal layout — a relic of embossed account numbers — is an attempt by issuers like HSBC, Starling Bank and Bank of America to address accessibility challenges faced by customers with dementia, visual impairments and other conditions.

A new service speeds payments by using artificial intelligence to predict which buyers are most likely to pay.

Though the retailer's threat to drop Visa in the U.K. appears to have subsided, companies like Clik2pay, Affirm and Curve have seized on an opportunity to advance account-to-account transactions, buy now/pay later and cryptocurrency.

The issuer says it can offer installment loans without jeopardizing the kind of growth in credit card volume that it reported for the fourth quarter.

Google has hired former PayPal executive Arnold Goldberg to run its payments division and set a new course for the business after it scrapped a push into banking.

Valuations for payment technology companies skyrocketed over the past year, pushed by a wave of public listings and record venture capital investments. Some potential acquirers are waiting for prices to cool.