Payments

After being hard-hit financially by the pandemic and the surging inflation that followed, the generation entering adulthood is meshing their love of late-‘90s nostalgia — think cargo pants, bucket hats and disposable cameras — with a dose of old-fashioned frugality.

In global news this week, the EU wants to update open-banking rules, India plans a crackdown on domestic banks' outsourcing, LianLian in China launches a cross-border wallet for U.S. merchants, and more.

The U.K.'s Payment Systems Regulator is reviewing the card brands' fees, and promises to support competition for the U.S.-based companies.

Inflation isn't only driving up travel costs — a key category for credit card spending — it's making shoppers more selective about how they earn and redeem loyalty points for products hit hardest by price increases.

Contactless payments went mainstream during the pandemic, but now some merchants are giving incentives for cash payments at the point of sale to offset higher fees owed to card networks due to inflation.

Pushes for transparency on charitable donations and ghost guns, among others, were voted down.

The midsize companies that the Kansas City, Missouri, bank caters to may not be salivating to settle transactions in real time, so UMB says it's being cautious about when and how it implements new technology.

In global news this week, Walmart and Payoneer team up for U.K. e-commerce, metaverse banking advances in Italy, Stripe expands its global bank transfer footprint, and more.

Bank of America is rolling out a host of travel sweeteners to ultra-high-net-worth customers. It’s partnered with the luxury-travel firm Indagare to offer the experiences to members with more than $10 million in their accounts.

Inter is listing on Nasdaq and plans to offer banking and payment products tailored for immigrants in the States.