Payments

The country has long expressed displeasure with cryptocurrencies because of their ties to fraud and money laundering, and the excessive energy usage needed to produce them.

Longtime bank executive Uma Wilson will head the cross-disciplinary team.

The company's new app bundles banking services such as payments, buy now/pay later and direct deposit. But the company plans to add features that could include stock trading, a popular offering from tech startups.

Bilt Rewards, which offers a loyalty program and credit card that converts rent into reward points, raised $60 million from investors including Mastercard and Wells Fargo, giving the startup a $350 million valuation.

Merchants and banks have taken predictably opposing positions on a Federal Reserve proposal to increase competition among networks that route online debit transactions. But amid the hundreds of comments, it's those from supposedly neutral parties — the Department of Justice and the Federal Trade Commission — that stand out.

More than a third of installment borrowers are delinquent, according to new research. Fintechs and the banks that are following them into the market are willing to tolerate the credit risk — for now — because of BNPL’s rapid growth and the fee income from merchants.

Executives at JPMorgan Chase, Capital One and U.S. Bancorp all spoke this week about plans to take on upstarts that offer interest-free financing on consumer purchases. The increased competition figures to result in tighter margins across the category.

The consumer app, which was originally distinct from the company's merchant network, can now be used to pay via a QR code.

The wireless network will send digital request-for-payment messages, which can be paid immediately over The Clearing House's network from a Citigroup account.

Capital One Financial will test a new buy now/pay later service as consumers flock to the options that let them split up a purchase and pay it off over time.

Toast Inc., which helps restaurants handle payments, is seeking as much as $717 million in a U.S. initial public offering. 

Stripe, the digital payments company last valued at nearly $100 billion, is in early discussions with investment bankers about going public as early as next year, according to people with knowledge of the matter.

The myWalgreens app functions as a hub for the retailer's growing range of financial products. It's designed to encourage consumers to use their Walgreens card accounts for deposits and payments.

Apple was ordered by a court to allow developers to steer consumers to outside payment methods for mobile apps, in a ruling that is a severe blow to the iPhone maker.

The revenue that banks earn from these loyalty programs provides a substantial offset to potentially shrinking interchange fees.

JPMorgan Chase is acquiring the Infatuation, a restaurant-guide company that owns Zagat, as the bank seeks to expand its consumer offerings to credit card users and other customers.

Merchants will be able to offer the interest-free installment product starting in October. One of Synchrony’s retail partners, Amazon, announced a buy now/pay later partnership with Affirm last month.

Businesses requiring customers to show proof of vaccination could streamline verification by incorporating inoculation records into wallet apps that patrons already have on their phones.

Meta Financial Group’s next CEO, Brett Pharr, is expected to keep the company's prepaid and digital banking strategy on track.

The bank is taking a majority stake in a VW unit that enables drivers to use their dashboards to pay for such services as gas or parking. It's a recognition of the innovation taking place in the automotive sector.