Payments

Citing challenging economic conditions, PayPal on Tuesday said it's cutting 7% of its global workforce with reductions in upcoming weeks.

The international messaging system is participating in projects that test or develop central bank digital currencies, with a goal of making them interoperable.

The company's first-ever acquisition, of Power Finance, will allow it to fuel a banking-as-a-service model for credit cards and other financial products under the direction of its new CEO, Simon Khalaf.

Stripe, one of the world's most valuable startups, has hired JPMorgan Chase and Goldman Sachs Group as it explores options for raising liquidity.

The U.S. payment companies say their tie-in to the Chinese digital wallet is a doorway to one of the biggest e-commerce audiences on the planet.

CEO Steve Squeri says many of these companies still employ more people than before the pandemic.

While not committing to any specific strategy, the card network may find opportunity in the merger and acquisition market, CEO Al Kelly said.

The company formerly known as Alliance Data Systems produced strong fourth-quarter sales, but was unable to report a profit due to factors such larger loan-loss reserves for its acquisition of the American Automobile Association's credit card portfolio.

The card network sees digital payment opportunities and upside from China's reopening, but inflation and the slower pace of travel spending could slow growth.

This week's global financial news roundup includes CBDC details from Europe, a new stablecoin in Australia and more.

Firms like Oracle and Billtrust are betting companies with smaller, more remote teams will adopt digital transaction systems to ease the burden of paying their vendors.

The Canadian fintech is collaborating with PayPal to power the firm's technology that merchants can place anywhere — from blogs to product packaging — to enable purchases.

The company told many customers they were "pre-approved" for credit card products they did not actually qualify to get. Proceeds from the fine will compensate those consumers, the Federal Trade Commission says.

Early Warning Services, owner of the Zelle peer-to-peer payment app, has tapped former Mastercard executive James Anderson as managing director of the online digital wallet the bank-owned consortium is developing.

Most U.S. consumers have used a peer-to-peer payments app like Zelle, Cash App, Venmo or Apple Cash, while 12% of frequent users admit they sent funds to the wrong party and 9% said they've been victimized by a scam, according to a Consumer Reports study of top P2P apps.

Not every shopper wants to charge the same card every time — but many do. Retailers like Adorama and Nordstrom, and payment companies like PayPal, are digging into their data to determine when an invisible payment is the best option for a customer, and when it's a pain point.

Early Warning Services plans to create a retail payment option for its peer-to-peer system. Experts say it's a long shot, but it could displace Apple, PayPal and others if successful.

Credit cards with rewards are rewarding only for those who know how to profit from the system, according to a paper released by the Federal Reserve.

The more that stores reinvent the physical point of sale — or remove it entirely — the more they gather insights that go beyond just the payment. This can be extremely valuable to retailers that know how to use this new information, particularly for targeted marketing.