Payments

Elliott Investment Management is holding discussions with PayPal Holdings over an agreement that would see the activist investor have a hand in determining the future direction of the company, according to people familiar with the matter. 

In global news this week, the U.K.'s major banks put pressure on global tech firms, Bank of Ireland improves paid paternity leave, Virgin Money debuts a buy now/pay later card, and more.

American Banker interviewed the Consumer Financial Protection Bureau chief about his views on Big Tech, the qualified mortgage rule, real-time payments apps and more.

In a wide-ranging interview with American Banker, Consumer Financial Protection Bureau Director Rohit Chopra talked about litigating against large firms, fighting overdraft fees and reining in Big Tech.

The card brand has not seen "any evidence" of consumers reducing spending major categories or markets, the card network's chairman and chief executive said.

Pagaya, which drew attention for wild swings in its stock price last week, says uncertainty is part of what makes its product compelling.

A July 8 outage affected emergency services, financial payment systems, government offices and businesses — some of which were forced to do cash-only sales. 

Buy now/pay later lenders, digital payment providers and companies building "super apps" have suffered hits to their stock prices and valuations during the market slump, causing some to conduct layoffs. But most are pushing ahead with new products and services.

Personal spending on travel and entertainment has bounced back to pre-pandemic levels and corporate travel is slowly recovering. Younger consumers are also providing a boost.

The financial technology startup Zepz has named Bill.com Chief Operating Officer Mark Lenhard as its next chief executive, people familiar with the matter said.