Payments

On Sep. 30, 2021. Dollars in thousands.

The new product will help Barclays' U.S. bank reach customers who may not want — or qualify for — its cobranded cards. It's part of a strategy to reach more consumers after card balances declined last year.

The credit card issuer fielded questions about its fees two days after the Consumer Financial Protection Bureau announced a wide-ranging review of consumer charges. Executives said they would not take a big revenue hit even in the face of new limits.

Few banks have adopted an instant invoicing technology called Request for Pay, but more may get on board to help their customers avoid overdraft charges.

The card network hopes its enabling of digital payments could balance the scrutiny it faces over interchange rates in countries such as the U.S. and U.K.

The recent increase in online payments, whether through shopping or government disbursements, has created more openings for fraud. Companies and government agencies in Europe are trying to combat the problem by developing digital ID systems.

The Massachusetts bank is purchasing a fellow Bay State institution's pot banking operation and says one of its first steps will be encouraging dispensaries to accept credit and debit cards.

Michael Miebach told analysts that the card network expects earnings growth despite the economic impacts of the omicron variant and shipping delays. Mastercard does not have as contentious a relationship with the e-commerce giant as Visa does, he said.

The move could impact payments providers that rely on Apple’s iPhones to facilitate sales, such as Block’s Square, which dominates the market.

The Spanish bank introduced the installment product in Germany nine months ago, and is planning to bring it to 18 European markets this year.