Payments

Issuers that offer cash rewards can benefit from consumer anxiety over rising prices for gas and groceries, but have to find ways to make sure their own costs don't rise in tandem.

The boss of the U.K. digital bank Monzo Bank said he’s targeting growth rather than immediate profit during a turbulent time for the fintech industry, after nearly doubling annual revenue while widening losses.

Consumers are feeling less confident about their economic prospects, and investors worry their loan repayments will slow. Those fears have led to large drops in stock prices for consumer finance companies, particularly for those who lend to borrowers with lower credit scores.

In global news this week, buy now/pay later companies Zip and Sezzle call off their merger, BBVA sets a higher target for women in management, ABN Amro debuts a digital wallet for gig workers, and more.

The mobile-focused challenger bank is adding payments hardware, expanding its services for consumers and businesses.

By acquiring the Latvian data-sharing specialist, the London-based payment company hopes to beat fintech rivals in the race to power account-to-account transactions.

Some banks in Europe, Latin America and Asia are issuing contactless cards that use fingerprints instead of PINs to authenticate users, but observers think the technology's U.S. prospects are limited.

Klarna Bank, which advertises itself as a way to spread the cost of the latest brands and smartphones, is shelling out loans for milk and gas with cash-strapped customers looking for ways to cover basic necessities.

Fears of a recession abound, but payment and other financial technology companies that can address pressing business challenges will draw funding, according to venture capital investors.

Rogers Communications is experiencing a widespread network failure in its wireless and internet services, causing payment systems and automated teller machines at banks to go down.