Payments

Swift adds a top exec from Mastercard, Visa expands mobile pay in Oman, Turkey tests a CBDC; and other global financial services news.

The payments firm plans to combine technology from these deals to appeal to the merchants that will need more flexibility and options to fight a potential recession.

The bank-owned payments network The Clearing House said David Watson, Swift's chief product officer, would succeed Jim Aramanta, who is retiring.

Bank robberies are becoming a thing of the past in cashless Denmark as the Nordic country recorded its first year of zero holdups in 2022.

Addressing concerns ranging from financial inclusion to the impact of China's digital yuan, central banks are running tests to determine how central bank digital currency transactions will work both domestically and internationally.

The industry is taking lessons from instant point-of-sale lenders to help homeowners embarking on major projects.

The fintech is working with third-party marketplaces and similar partners to deliver its newest services, rather than try and sell directly to end users.

A new law in New York nearly doubles the required shelf life of gift cards to nine years, as more states move to wipe out expiration dates contributing to $21 billion in unused U.S. gift card balances.

In global news this week, Payments Canada asks to expand its membership, JCB extends acquiring and processing into Thailand, Brazil adopts a new bitcoin law, and more.

The pandemic-era's surge of short-term, interest-free online loans from buy now/pay later fintechs ignited wide-ranging competition from newcomers and legacy providers alike.