Payments

The card network has found common ground with retailers, revising its policies to help them better combat a type of fraud where consumers attempt to dispute legitimate purchases.

After being hard-hit financially by the pandemic and the surging inflation that followed, the generation entering adulthood is meshing their love of late-‘90s nostalgia — think cargo pants, bucket hats and disposable cameras — with a dose of old-fashioned frugality.

In global news this week, the EU wants to update open-banking rules, India plans a crackdown on domestic banks' outsourcing, LianLian in China launches a cross-border wallet for U.S. merchants, and more.

The U.K.'s Payment Systems Regulator is reviewing the card brands' fees, and promises to support competition for the U.S.-based companies.

Inflation isn't only driving up travel costs — a key category for credit card spending — it's making shoppers more selective about how they earn and redeem loyalty points for products hit hardest by price increases.

Wells Fargo has historically underperformed its competitors in the credit card business. The Autograph card, which offers triple points for travel, dining and gas, is part of CEO Charlie Scharf’s effort to compete more effectively.

Contactless payments went mainstream during the pandemic, but now some merchants are giving incentives for cash payments at the point of sale to offset higher fees owed to card networks due to inflation.

Pushes for transparency on charitable donations and ghost guns, among others, were voted down.

The midsize companies that the Kansas City, Missouri, bank caters to may not be salivating to settle transactions in real time, so UMB says it's being cautious about when and how it implements new technology.

In global news this week, Walmart and Payoneer team up for U.K. e-commerce, metaverse banking advances in Italy, Stripe expands its global bank transfer footprint, and more.

The Consumer Financial Protection Bureau issued a proposal that could ultimately lead to tougher limits on what banks and other issuers charge cardholders for late payments.

Bank of America is rolling out a host of travel sweeteners to ultra-high-net-worth customers. It’s partnered with the luxury-travel firm Indagare to offer the experiences to members with more than $10 million in their accounts.

Inter is listing on Nasdaq and plans to offer banking and payment products tailored for immigrants in the States.

Companies like Euronet are focused on the international use cases for real-time payments that often get overlooked by domestic transaction rails.

The U.K.’s Payment Systems Regulator will focus a pair of market reviews on the rising card fees charged by Visa and Mastercard. 

The rising use of peer-to-peer transfers continues to attract scammers due to the transactions' speed and finality. If the banking industry can't solve the problem, regulators or judges are likely to step in.

The Federal Reserve Bank of Kansas City's Esther George is refusing to provide the Republican senator answers about certain internal deliberations at the regional Fed bank over the revocation of the master account granted to Reserve Trust. The fight could set up a bigger showdown over how the central bank grants such accounts.

Mastercard can add new customers after the Reserve Bank of India removed restrictions on the firm, effective immediately, citing compliance with data-storage rules.

It took less than a day for Citigroup’s now-infamous payment error to Revlon lenders to come up in the cosmetics giant’s bankruptcy.

The Korean technology firm was one of the few success stories from the early days of mobile payments. But times change, and consumers are demanding more than just the ability to transact.