Payments

U.S. consumers remain healthy despite several factors that weigh on their spending, said CEO Michael Miebach.

The Reserve Bank of India on Wednesday ordered Paytm Payments Bank, a unit of One 97 Communications, to stop its popular mobile wallet business along with other activities, citing persistent non-compliance and supervisory concerns.

Visa will be the payment partner for the 2026 World Cup and other events, companies in Canada are teaming up to promote open banking for credit unions, and more.

PayPal, which employed around 29,900 workers at the end of 2022, announced a similar round of cuts last January.

The institution is investing more in analytics as it faces pressure from rival banks and fintechs using automation to attract cost-conscious treasurers.

Google Pay's collaboration with the country's digital transaction network is the latest example of Indian tech informing strategy elsewhere in the world, including the U.S.

Fiserv's Money Network will officially start managing the state's prepaid debit card program for distributing unemployment and disability benefits to 850,000 beneficiaries. BofA had been trying to exit its contract for several years due to financial risks.

The card network said that recent weeks' cold snap in key cities had a chilling effect on U.S. spending, and reaffirmed its sunny outlook for the year.

Steve Squeri said flatness in the segment is an industry-wide trend, and the company is dedicated to the segment.

Economic headwinds causing charge-offs and rising delinquencies — along with potential credit card late-fee restrictions — darken the company's 2024 forecast.