Payments

As Visa and Mastercard weigh raising rates and retail heavyweights like Amazon push back, the fintech sees an opening for a lower-cost payments alternative that banks and credit unions can offer merchants.

More financial companies across the Continent are joining a cross-border payment system designed to fight the rising threat from Visa and Mastercard.

The company, which will keep the Square brand for its card readers, also supports music, cash transfers, Bitcoin trading and other financial services.

The video-sharing site has rolled out a new feature that allows viewers to tip creators, adding to Stripe's network of clients in the crowdsourced entertainment industry.

Policymakers contend the fast-growing crypto sector poses many risks for consumers, but disagreements within the blockchain industry and Congress are expected to prevent the establishment of clear rules anytime soon.

The former PayPal president was hired to bring an entrepreneurial spirit to the social network, and he helmed major projects such as the Diem stablecoin. His exit raises questions about the direction of the businesses he oversaw.

Marcus, who joined Facebook in 2014 from PayPal, ran the Messenger service for years before moving over to form the company’s blockchain division in 2018.

Startups in the U.S. and Canada are emphasizing features such as virtual issuance and receipt capture in creating expense cards for business owners.

The portfolio, which Bank of America has handled since 2015, has roughly $100 million in balances.

The tech entrepreneur has been increasingly focused on Bitcoin, a key growth area for the payments company he co-founded.

Symphony Technology Group is in talks to acquire parts of Fidelity National Information Services' capital markets business in a deal that could be valued at about $2 billion, according to people familiar with the matter.

The fintech is working with Discover, Ally and Alliance Data to offer a wider range of products on top of interest-free installment loans.

The additions follow the launch of Pay Now and the Klarna Card in the U.K., Italy and other parts of Europe.

The e-commerce giant has threatened to ban Visa cards in the U.K., and its partnerships with the likes of Affirm and Venmo give it alternative ways to accept payments — and the means to make good on that ultimatum.

The Cleveland company has bought out XUP after taking an equity stake in it early this year, saying its technology showed promise in simplifying enrollment of small and middle-market companies in multiple commercial payments services.

American Express said it discontinued a service known as Premium Wire and terminated some employees after workers inappropriately positioned the product to customers. 

The online retailer’s plan to block certain credit card payments in Britain is seen as an opening move in likely negotiations with Mastercard and Visa ahead of the card networks' planned fee hikes in 2022.

Americans are looking for immediate ways to offset rising costs, rather than saving points for future travel. Cash rewards, which were already growing in popularity, are now even more coveted.