Payments

The Consumer Financial Protection Bureau said it expects credit card companies to increase fees — often around $30 — charged when customer miss a payment. The higher prices are allowed under rules that authorize inflation adjustments.

Firms such as Mesh Payments and TripActions are anticipating that the trend for flexible and remote work will make it harder to distinguish personal and business purchases on the road.

PayPal is making it possible to "Venmo" an income tax payment, while GoDaddy is taking aim at simplifying sales tax calculations for its merchant clients.

Wells Fargo will start letting customers earn points and miles on their rent payments as the banking giant deepens its push into credit cards. 

A bet on gambling payments, a step for open banking and more in banking news this week.

ChargeAfter doesn't offer installment loans. Instead, it's tapping into the BNPL craze by bringing together the banks and merchants that are active in the market.

The digital payment company, which recently got back into digital assets after a multiyear hiatus, has launched a suite of merchant services and industry partnerships to support payments and risk management.

An appeals court is expected to rule by summer whether, as PayPal argues, digital wallets are excluded from the Consumer Financial Protection Bureau's fee disclosure rule for prepaid cards. If the CFPB loses, its ability to mandate disclosures on a range of financial products could be in jeopardy.

In global news this week, Apple may bring its card to the U.K. but faces backlash in the Netherlands; Japan's JCB is launching a travel card in India; banks drop from the European Payments Initiative; and more.

The change in branding reflects a shift in priorities for the retail credit card issuer, which saw several clients face bankruptcy during the pandemic.

Though it's one of the largest U.S. credit unions at $15 billion of assets, the organization still works with a number of fintechs to live up to its name.

Several central banks and the Bank for International Settlements have developed prototypes for a common digital currencies platform that has the potential to make cross-border payments more efficient.

Russian banks are reportedly courting the Chinese payment network to overcome the loss of Visa and Mastercard. The strategy would test China's willingness to provoke a response from the international community.

Ramp, a startup that offers corporate cards and other finance tools to businesses, raised $750 million in a funding round that valued the fintech at $8.1 billion.

The children's research hospital is tapping into the fast-growing market for digital currency donations and NFT sales to appeal to millennials, who are more likely to have crypto investments.

As Mastercard Installments nears launch, the card network is lining up tech partners to connect issuers to its buy now/pay later ecosystem.

PayPal does its part in Ukraine, recognition for U.S. Bank and more in banking news this week.

The California bank will let customers of a neobank called BayaniPay Wallet use its branches.

Nearly a quarter of respondents in a recent Credit Karma survey said that their total debt increased after using “buy now, pay later” services, which allow users to pay off purchases in installments over a few weeks.

The credit card company said it will open a new office in the city and hire hundreds of product managers and engineers.