Payments

Mastercard said it will hire more than 500 young professionals this year as it expands its data and services unit, an effort that will include launching consulting practices focused on cryptocurrencies and open banking.

MoneyGram International, one of the largest money-transfer services in the U.S., agreed to be acquired by the private equity firm Madison Dearborn Partners for about $1 billion in cash.

After the Financial Conduct Authority told Klarna, Openpay, Clearpay and Laybuy to make their contract terms clearer, three of the companies refunded late-fee charges to consumers.

Bank of America has led a $20 million funding round into U.K. startup Banked, a tie-up that will give customers of e-commerce companies in the U.K. the option to make card-free purchases.

Mobile payments got an early start in parts of Africa more than a decade ago, but the continent's overall banking infrastructure lags far behind, creating a void for companies like AZA and WorldRemit to fill.

Affirm shares tumbled after the buy now/pay later firm whipsawed investors with an errant, early release of partial financial results and then forecast quarterly revenue that missed analyst estimates.

In many cases, it's as difficult to move money as it is to move products around the globe. Firms like Rapyd and BNY Mellon are trying to ease concerns that businesses have about automating payments, with a goal of reducing friction in an increasingly complex global economy.

Taavet Hinrikus turned his startup into the one of the world’s biggest digital-payment firms, giving returns of about 35,000% to early investors including Peter Thiel’s Valar Ventures.

Unlike decentralized cryptocurrencies like Bitcoin and Ether, central bank digital currencies are government-backed digital versions of the local currency.

The digital payment company's stellar pandemic-era account growth has lost its momentum, and the 4.5 million fake users it identified were only part of the problem.