Payments

After lying low for a couple of years, wealthy consumers are poised to unleash nearly a quarter-trillion dollars in a card-spending binge that only a COVID-19 resurgence could derail, according to Visa's chief economist, Wayne Best.

People shouldn’t completely shun the crypto world after the recent collapse of a popular stablecoin, an official at the International Monetary Fund said Monday. 

The Swedish buy now/pay later company Klarna Bank saw its borrowing costs rise to their highest level on record as rising rates hit the company’s debt and equity valuation. 

For women, the path to leadership isn't always the same one that men take. Talus Pay CEO Kim Fitzsimmons says her career moved fastest whenever she refused to stay in her lane.

The retail chain is uniquely positioned to tie its growing slate of financial products to its customers' shopping needs, both in stores and digitally, said Julia Unger, Walmart's vice president of financial services, at American Banker's Payments Forum.

Strong spending trends, combined with a reduction in card repayment rates, contributed to 17% loan growth last month. The data suggests that rising fears of a recession aren’t yet changing consumers’ behavior.

A more active Consumer Financial Protection Bureau, competition from Big Tech and sanctions on Russia are combining to make compliance a much larger concern than in the past, according to legal experts who spoke at American Banker's Payments Forum.

In international news this week, BNP Paribas extends a credit line with green incentives to Ant Group; four NatWest bank units were penalized for overcharges on interchange fees; Experian agreed to buy a stake in a Brazilian fintech; and more.

Segpay's employees returned to their Florida desks nearly two years ago. Oregon-based Umpqua Bank has permanently adopted a hybrid approach. Both strategies are succeeding, executives at the companies say.

Mastercard has begun to trial a biometric payment system for brick-and-mortar stores, using facial recognition rather than contactless cards, smartphones or memorable PINs.