Payments

The Reserve Bank of India on Wednesday ordered Paytm Payments Bank, a unit of One 97 Communications, to stop its popular mobile wallet business along with other activities, citing persistent non-compliance and supervisory concerns.

Visa will be the payment partner for the 2026 World Cup and other events, companies in Canada are teaming up to promote open banking for credit unions, and more.

PayPal, which employed around 29,900 workers at the end of 2022, announced a similar round of cuts last January.

The institution is investing more in analytics as it faces pressure from rival banks and fintechs using automation to attract cost-conscious treasurers.

Banks need to reckon with the explosive rise of legal online wagering and the addicts left in its wake.

Google Pay's collaboration with the country's digital transaction network is the latest example of Indian tech informing strategy elsewhere in the world, including the U.S.

The stable outlook is an indication that — at least for some lenders — the much-feared cycle of cardholders defaulting on their obligations in the wake of the COVID-19 pandemic may not turn out to be so bad.

Fiserv's Money Network will officially start managing the state's prepaid debit card program for distributing unemployment and disability benefits to 850,000 beneficiaries. BofA had been trying to exit its contract for several years due to financial risks.

The card network said that recent weeks' cold snap in key cities had a chilling effect on U.S. spending, and reaffirmed its sunny outlook for the year.

Steve Squeri said flatness in the segment is an industry-wide trend, and the company is dedicated to the segment.

Economic headwinds causing charge-offs and rising delinquencies — along with potential credit card late-fee restrictions — darken the company's 2024 forecast.

As new CEO Alex Chriss streamlines the payment company's strategy, 2024's first major product rollout stresses data-driven, personalized connections between merchants and consumers.

Barclays has redesigned the Cambridge Eagle Lab to focus on companies that develop sustainable and other environmentally focused technology, Vodafone expanded its partnership with global fintech MoneyHub to offer its financial wellness app, and more in this week's global news roundup.

In a bid to help phase out passwords, Mastercard is launching an authentication service that enables consumers to confirm their identities with fingerprint and facial recognition technology when signing in to accounts.

The credit card issuer said it's "cautiously optimistic" about its borrowers' financial health, with charge-offs expected to rise not much further than pre-pandemic levels. The upbeat outlook contrasts with a key competitor's guidance of significantly higher losses.

The digital financial services firm announced layoffs Tuesday, with the goal of keeping the company steady until conditions improve for its business users.

Fintechs' venture capital funding began to evaporate last year, while payments startups fared somewhat better by emphasizing quicker pathways to profits. It's a trend experts say is likely to persist this year as investors remain more cautious about costly or long-term plays.

Longtime executive Raymond Joabar discusses how the card network mixes direct outreach and fintech partnerships to build a global network covering the U.K., the Caribbean and other regions.

The technology company will allow outside processors, but plans to charge a commission. Epic Games vows to challenge the move in court.

Companies like NCR Voyix, Salesforce and Sainsbury's are keen to deploy technology that used to be science fiction — such as scanning a shopper's eyes to access their accounts, or using AI to streamline checkout.