Payments

Dee Hock, who recently passed away, was CEO of the card brand from 1970 to 1984. He championed a mix of competition and collaboration among financial institutions to foster innovation, an idea that is still used in technology development.

Data as of Mar. 31, 2022. Dollars in thousands.

The Maryland bank has lost 13% of its credit card customer base in the past year amid a flurry of marketing activity by newer players. But it is refusing to panic.

As competition tightens in the buy now/pay later arena, fintechs including Klarna, Afterpay and Zilch are upgrading perks to keep consumers from straying to their rivals.

Visa and Mastercard credit card-issuing banks with more than $100 billion in assets would be required to give merchants a lower-cost choice for processing each transaction under a new bill proposed to spur competition.

A potential Senate bill could pressure interchange fees, while the broader economy faces a downturn. Mastercard CEO Michael Miebach contends the firm is prepared for both.

American Banker's second annual Most Influential Women in Payments, Next recognizes women under 40 who have demonstrated a strong talent for leadership and an expertise in their respective fields.

Longtime credit card interchange critic Sen. Dick Durbin reportedly plans to introduce a bill this week challenging the control Visa and Mastercard have over credit card swipe fees by expanding competition among merchant card-processing networks.

Elliott Investment Management is holding discussions with PayPal Holdings over an agreement that would see the activist investor have a hand in determining the future direction of the company, according to people familiar with the matter. 

In global news this week, the U.K.'s major banks put pressure on global tech firms, Bank of Ireland improves paid paternity leave, Virgin Money debuts a buy now/pay later card, and more.

American Banker interviewed the Consumer Financial Protection Bureau chief about his views on Big Tech, the qualified mortgage rule, real-time payments apps and more.

In a wide-ranging interview with American Banker, Consumer Financial Protection Bureau Director Rohit Chopra talked about litigating against large firms, fighting overdraft fees and reining in Big Tech.

The card brand has not seen "any evidence" of consumers reducing spending major categories or markets, the card network's chairman and chief executive said.

Pagaya, which drew attention for wild swings in its stock price last week, says uncertainty is part of what makes its product compelling.

A July 8 outage affected emergency services, financial payment systems, government offices and businesses — some of which were forced to do cash-only sales. 

Buy now/pay later lenders, digital payment providers and companies building "super apps" have suffered hits to their stock prices and valuations during the market slump, causing some to conduct layoffs. But most are pushing ahead with new products and services.

Personal spending on travel and entertainment has bounced back to pre-pandemic levels and corporate travel is slowly recovering. Younger consumers are also providing a boost.

The financial technology startup Zepz has named Bill.com Chief Operating Officer Mark Lenhard as its next chief executive, people familiar with the matter said.

Affinity Credit Union in Iowa is taking the tech giant to court over the levies issuers pay to have their cards work in its mobile wallet.

While skeptics still outnumber true believers, recent speeches and reports from policymakers show a greater willingness to entertain the idea of a central bank digital currency.