Payments

The debut of new mobile wallets ahead of the Winter Olympics in Beijing is an impetus for the Federal Reserve to bring its own central bank digital currency project up to speed.

Two co-founders of the company are expected to give depositions this month in a suit brought by an entrepreneur who says one of them stole her idea of providing credit to immigrants and turned it into a multimillion-dollar venture. Petal denies the allegations.

The credit bureaus plan to add repayment data for installment loans, a move that can inform credit decisions and help answer regulators' questions about how such borrowing affects consumers' financial health.

The U.S.-based networks are offering credit cards and other products through financial technology companies that otherwise could allow consumers in the region to bypass bank-issued cards.

The inquiry looks into the tech company's requirement that developers use its in-app payment system, which has also faced scrutiny in the U.S. and elsewhere.

Several providers are building technology to try to prevent malware attacks when retailers accept contactless payments directly through their smartphones.

During the pandemic, consumers have become more willing to do their food shopping remotely. Companies like LG and Blue Apron are building on that interest through the addition of networked technology, mobile apps or card rewards.

Alliance Data Systems, which saw key clients like Pier 1 Imports shuttered during the pandemic, has diversified into buy now/pay later loans and other credit products it offers to consumers directly and through merchants.

As the adoption of real-time payments grows, companies like Mastercard, ACI Worldwide and The Clearing House are bringing together data from banks, credit unions and merchants to catch scammers.

Card networks are poised to connect to nonfungible tokens, issuers are revamping rewards, and regulators are taking greater interest in installment loans. These developments and more bear watching in the year ahead.