Payments

Paywallet CEO DK Sharma has raised about $14 million for a system that facilitates loans of up to $10,000, with installments coming out of borrowers' pay. It's meant to be an alternative to payday lenders.

Klarna Bank is adding the option for customers to pay immediately at checkout in nine new markets while expanding its rewards program, as it targets becoming a one-stop lender for consumers.

Investors are souring on BNPL companies despite strong consumer demand, as the business model for short-term installment loans faces fee pressure, heightened competition from banks and the specter of a regulatory crackdown.

Some investors worry the rebound in consumer lending will inevitably lead to more defaults. Here’s why bank executives disagree.

The private-equity firm Madison Dearborn Partners, which agreed to pay $1.8 billion to acquire the money transmitter, is the latest in a long line of potential buyers.

Amazon has agreed to accept Visa cards across its global network, settling a feud that threatened to damage the financial giant’s business and disrupt e-commerce payments.

Apple's planned update for accepting contactless payments on its handsets is as disruptive as it is inevitable. Companies like Ingenico, which makes point-of-sale hardware, have strategies in place to build on the tech giant's platform without sidelining their own devices.

Jennifer Barker, who will join Bank of New York Mellon in May, is expected to maintain the custody bank’s focus on its digital transformation.

Teaming with the fintech Buy It Mobility Networks, Discover Financial Services plans to enable Automated Clearing House payments within merchant apps.

Coinbase Global Inc., the biggest U.S. cryptocurrency exchange, is wading into the international money-transfer business, seeking to tap into a huge market dominated by firms like Western Union Co.

The money transmitter's $1.8 billion acquisition by Madison Dearborn Partners removes the need to appease investors on a quarterly basis, freeing up the company to invest in a long-term transformation of its technology.

As more consumers shop and bank online, Texas Capital and its rivals are competing for market share with concepts such as an American Airlines savings account that offers miles instead of interest and one that pays a 0.70% annual percentage yield, beating the national average of 0.06%.

Mastercard said it will hire more than 500 young professionals this year as it expands its data and services unit, an effort that will include launching consulting practices focused on cryptocurrencies and open banking.

MoneyGram International, one of the largest money-transfer services in the U.S., agreed to be acquired by the private equity firm Madison Dearborn Partners for about $1 billion in cash.

After the Financial Conduct Authority told Klarna, Openpay, Clearpay and Laybuy to make their contract terms clearer, three of the companies refunded late-fee charges to consumers.

Bank of America has led a $20 million funding round into U.K. startup Banked, a tie-up that will give customers of e-commerce companies in the U.K. the option to make card-free purchases.

Mobile payments got an early start in parts of Africa more than a decade ago, but the continent's overall banking infrastructure lags far behind, creating a void for companies like AZA and WorldRemit to fill.

Affirm shares tumbled after the buy now/pay later firm whipsawed investors with an errant, early release of partial financial results and then forecast quarterly revenue that missed analyst estimates.

In many cases, it's as difficult to move money as it is to move products around the globe. Firms like Rapyd and BNY Mellon are trying to ease concerns that businesses have about automating payments, with a goal of reducing friction in an increasingly complex global economy.

Taavet Hinrikus turned his startup into the one of the world’s biggest digital-payment firms, giving returns of about 35,000% to early investors including Peter Thiel’s Valar Ventures.