Payments

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.