Payments

Former Mastercard chief executive Ajay Banga is a surprise pick to be the next president of the World Bankm as Washington pushes the lender to expand its financial firepower and confront global issues such as climate change and public health.

The terminal maker's collaboration with Splitit, Klarna and biometrics firm Fujitsu Frontech are an attempt to go beyond the limitations of traditional payments hardware.

Digital asset startup MoonPay has appointed former Coinbase executive Asiff Hirji as its new president and chief operating officer. Hirji aims to continue the company's push into the nonfungible token market.

CBDC tests in Japan, real-time payments in Singapore and India, and more. Here's what's happening around the world.

Government-operated payment systems aren't necessary and reduce choice, competition, innovation and value for consumers, businesses and banks.

TD Bank estimates it hands out 20 million pens every year. Huntington is getting close to offering its 80 millionth pen. It's a way to get a bank's brand to travel with customers across the globe, but is it worth it?

A new credit union service organization uses Prizeout's technology to incentivize members to buy gift cards from local stores.

If the industry's largest players reported more payment information to the credit bureaus, many consumers would qualify for better offers from competitors, the Consumer Financial Protection Bureau said. It's the latest example of the bureau's increased scrutiny of credit card companies.

To speed up customers' access to new and replacement cards, the Virginia-based bank created a process to provide a digital card number via the web or its mobile app.

Federal Home Loan Bank of Chicago has a new CFO, while Visa's CFO plans for retirement. These stories and more in banking news this week.

The Clearing House has operated its RTP network for about six years, and the FedNow rail is expected to launch later this year. Here's a look at the nuts and bolts of instant money movement, and how the two systems are different.

About 3% of borrowers in their 20s and 30s became seriously delinquent on their credit card payments last quarter, significantly faster than older consumers. The picture was similar in auto lending, according to research by the Federal Reserve Bank of New York.

The prepaid card issuer is working with the electronic billing company Paymentus to appeal to consumers who want to make digital payments without opening a mainstream bank account.

Early Warning Services said it made significant traction in signing up smaller participants in 2022, as 70% of the 500 financial institutions that went live on Zelle's peer-to-peer network last year have less than $1 billion of assets.

A community bank in Missouri plans to offer fractional stock rewards later this year, while a small bank in Utah is winding down a similar program.

United Arab Emirates plans to launch a central bank digital currency this year; Adyen adds travel payment cards; and more.

Travel disruptions make it crucial for hospitality providers to handle bookings, cancellations and postponements — and the underlying payments and refunds — with ease. Software vendors are tailoring their products to address the needs of this and other niches.

With Apple pushing into the lending business with a buy now/pay later service, the company is laying out rules for how it will approve transactions. One key factor: whether you've been a good customer in the past.

The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. The company had previously partnered on its credit cards with Barclays.

Providers such as Klarna, Clearpay and PayPal will be required to give consumers key information about their loans and issue credit that is affordable, while users will have the right to take complaints to the Financial Ombudsman Service.