Payments

Economic woes have driven more consumers to disavow legitimate card purchases via "friendly" fraud, but new card-network guidelines could help merchants fight back — and leave more issuers on the hook.

As companies downsize and restructure, American Banker is tracking these decisions to help our readers understand how their industries are adapting.

Citing challenging economic conditions, PayPal on Tuesday said it's cutting 7% of its global workforce with reductions in upcoming weeks.

The international messaging system is participating in projects that test or develop central bank digital currencies, with a goal of making them interoperable.

The company's first-ever acquisition, of Power Finance, will allow it to fuel a banking-as-a-service model for credit cards and other financial products under the direction of its new CEO, Simon Khalaf.

Stripe, one of the world's most valuable startups, has hired JPMorgan Chase and Goldman Sachs Group as it explores options for raising liquidity.

The U.S. payment companies say their tie-in to the Chinese digital wallet is a doorway to one of the biggest e-commerce audiences on the planet.

CEO Steve Squeri says many of these companies still employ more people than before the pandemic.

While not committing to any specific strategy, the card network may find opportunity in the merger and acquisition market, CEO Al Kelly said.