Payments

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.