Payments

The renewal of the e-commerce giant's cobranded card cements an alliance between two giants of their industries — just as both companies are pushing ahead with products such as buy now/pay later loans that put pressure on traditional credit cards.

The Consumer Financial Protection Bureau heard from proponents and critics of buy now/pay later lending amid its probe of five of the most prominent companies in the space.

Apple is developing its own payment processing technology and infrastructure for future financial products, part of an ambitious effort that would reduce its reliance on outside partners over time, according to people with knowledge of the matter.

In global news this week, Apple blocks Russia's Mir network; N26 gets hit with anti-money-laundering penalties in Italy; Santander brings new B2B payments tech to Brazil; and more.

These tech titans still depend on banks to back their payment cards and loans. But their vast audiences mean any financial product they offer is a competitive threat.

The company had accepted a $60 million naming rights deal from Meta Platforms — the social media giant's new brand.

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.