Payments

The proliferation of mobile banking and online payment services like PayPal is one of several reasons more consumers have joined the financial mainstream, according to the FDIC's latest report on Americans' access to banking services.

The Dutch payment company is offering merchant loans, a product that's become a staple of firms like Block and PayPal that have been luring entrepreneurs away from traditional financial institutions.

Citi unit backs fintech rewards, Mastercard's multinational score and more in banking news this week.

Cashier-free checkout firms such as Nayax and Pye, which just inked a distribution deal with JPMorgan Chase, see opportunities for their technology to help retailers respond to economic and hiring trends.

As with other card companies, the impact of higher prices and a potential recession is not yet showing up in performance, though it is pushing product diversification to reduce reliance on transaction volume — a strategy that helped during the early days of COVID.

JPMorgan Chase is building out teams that handle card transactions and other payments for businesses by recruiting staff across key Asian markets amid the boom in digital commerce.

Sen. Warren on Wednesday sent a letter to Consumer Financial Protection Bureau Director Rohit Chopra, calling for expanded regulations after she collected private data on rising fraud rates on Zelle from some of the country's largest banks.

In global news this week, India fines Google over its payment policy; U.K. regulators crack down on "greenwashing," and JCB tests a digital currency.

"Right now, we are seeing nothing but stability," Visa CEO Al Kelly said. But the card network is hedging its bets against a broad downturn by diversifying its opportunities and accelerating new use cases and markets for direct debit payments.

Visa and its rivals have seen spending increases cool with inflation soaring to once-in-a-generation levels.