Payments

Second-amendment supporters fear that the change could lead to a national gun registry, but Visa said the code doesn't track individual firearm purchases.

PayPal Holdings said Chief Financial Officer Blake Jorgensen is taking a leave of absence to address a treatable medical condition.

Despite the market fluctuations, digital assets such as stablecoins are gaining ground as a point of sale option — but there's still a lot of work to be done before the average consumer is using crypto for everyday transactions.

Credit union members are twice as likely to own cryptocurrencies as nonmembers, and 25% of credit unions plan to launch crypto services, studies show. Here's a look at why that is, and the opportunities this trend presents.

The use cases for non-fungible tokens for consumer loyalty, gaming and other business purposes are expanding, while banks and payment companies step up their NFT experiments.

The Consumer Financial Protection Bureau will bring BNPL fintechs under its supervision following a monthslong inquiry into consumer credit risk and data exploitation. "It's critical that this category does not hide in the shadows," says CFPB Director Rohit Chopra.

SWIFT, the messaging system used by financial institutions globally to convey instructions on tens of millions of transactions each day, is testing out blockchain.

In global news this week, Western Union buys a digital wallet maker in Brazil, DBS in Singapore embarks on a green metaverse project, the U.K.'s Wise launches a digital cross-border payments service, and more.

The U.K. fintech has added support for online and in-person transactions, potentially fueling its international growth even though it reportedly faces scrutiny over its accounting practices.

The coffee giant, a pioneer in mobile payments, will let customers earn or buy non-fungible tokens through its mobile app as part of an overhaul of its rewards program.

The German vendor, which competes with firms like Block and PayPal, plans to reward shoppers who use its wallet app with SumUp merchants.

Renovite Technologies supports reconciliation and security, and is part of a series of moves the bank is making to counter the fintech incursion into payments.

VTB, one of the largest state-run financial institutions in Russia, is allowing transfers in yuan without using the SWIFT messaging system. However, building scale without access to Western markets will be a challenge.

The International Standards Organization's approval of a new merchant category code for gun and ammunition sales paves the way for credit card networks to begin flagging suspicious weapons sales to law enforcement agencies.

The average rate on variable-rate cards rose above 18% this week, the highest level since 1996, according to data from Bankrate.com. The industry has been enjoying large profits, which has caught the attention of the Consumer Financial Protection Bureau.

The new card is meant to make the advance-payroll offering a more appealing way to fight rising expenses.

Revolut Ltd. is launching a one-click payment feature in a bid to rival PayPal Inc. and other tech giants at online checkouts.

The total value of transactions flowing through Early Warning Service's peer-to-peer payments service rose nearly 30% during the second quarter, as more consumers used Zelle to pay recurring expenses.

The card network's test enables consumers to round up transactions to the nearest $1, $5 or $10 for donations to the organization of their choice.

In global news this week, Russia unveils its alternative to SWIFT, Revolut faces pressure in the U.K., Hong Kong reaches out for fintech talent, and more.