Payments

An outage with the issuer's bill payment site unleashed a torrent of complaints on social media and to the Consumer Financial Protection Bureau — even after the company said it had resolved the issue.

Legal marijuana dispensaries typically can't accept regular payment cards. But after the pandemic drove broader adoption of online and in-app payments, consumers may finally be more willing to stop using cash when buying weed.

Early Warning Services brought back its Authentify moniker for a new digital ID service. It's not being marketed as a way to stop P2P fraud, but it should appeal to banks wanting to improve security for online transactions.

The very upstarts that gave the prepaid card issuer a run for its money in recent years are seeing their valuations fall and their belts tighten. At the same time, Green Dot CEO Dan Henry expects that it can help consumers manage their cash flow amid economic stress.

The Credit Card Competition Act of 2022 could threaten revenue credit unions need to manage card payments and provide security, according to trade groups.

In global news this week, regulators in EU worry about staffing, American Express expands B2B cross-border payments, ATMs in New Zealand get an upgrade, and more.

The payment company's strategy includes cost cutting, new products such as a Venmo account for teens, and welcoming input from Elliott Management, an activist investor that took a $2 billion stake in the firm.

The payments company has agreed to acquire EVO Payments for $4 billion and sell off the consumer-focused portions of its Netspend unit as part of an industrywide emphasis on automated business-to-business payments.

The payment processor is an early user of Apple's smartphone payments capability, which provides a DIY option for retail workers, but doesn't necessarily cover all merchants in all use cases.

Visa said it believes it’s an “improper defendant” in the case.