Payments

New research from the Consumer Financial Protection Bureau indicates consumers relying on BNPL loans are much more likely to use payday and pawn loans, revolve credit card balances and overdraw their bank accounts.

The banks that own Zelle face long odds in displacing Apple Pay and Google Pay, but the effort could help build the infrastructure for a new account-to-account payment system, some experts say.

In the starkest warning yet by a U.S. bank catering to the sector, Silvergate said it needs more time to assess the extent of damage to its finances stemming from last year's crypto rout — including whether it can remain viable.

Citizens Financial Group, which has offered point-of-sale financing for iPhones sold through Apple since 2015, is finding that as objects such as refrigerators become more complex and internet-connected, they are also more frequently replaced — creating new categories for installment lending.

Credit card issuers say they need more time to respond to the substantial data request made by the Consumer Financial Protection Bureau in its proposal to slash late fees.

With Dan Schulman leaving, a replacement would have to take on Apple, Google, and a host of fintechs.

This week's global news roundup include Canada's crackdown on crypto operators, Westpac's cloud project and more. 

The London fintech now allows users to send funds across borders to new payees without sharing sensitive bank account details.

As firms like Klarna and Sezzle attempt to reach profitability, fintechs that offer point-of-sale financing brace for consolidation, regulation and other drastic changes to their market.

The boom in digital commerce led to a boom in hiring, and many payment companies have started cutting back. This is creating an experienced pool of talent for employers that have room to grow.

Bank of England Deputy Governor Jon Cunliffe said a new digital version of the pound could help protect consumers in the event of a failure in the banking system, adding to arguments in favor of a project make a form of cash usable online.

The online lending marketplace is teaming up with Upgrade on a card that operates like a fixed-rate loan, in a move to turn around multiple quarters of disappointing financial results.

The U.S. Securities and Exchange Commission is not the right regulator for stablecoins, according to Jeremy Allaire, the chief executive and founder of Circle, which issues the second-largest stablecoin, USD Coin,

A top Bank of England official has doubled down on claims that new technologies such as digital currencies could present lucrative new opportunities for businesses.

The fintech added support for Android handsets, giving the company more juice for its brick-and-mortar ambitions and making it more competitive with the many companies trying to transform the point of sale.

TD Bank gets approval to buy a U.S. brokerage, Western Union adds installment payments, and American Express is awarding $1 million in grants to restaurant operators. These stories and more in banking news this week.

The card network is offering incentives to help cash-strapped small businesses eke out savings they can't get on their personal cards.

Goldman Sachs said that investigations and inquiries into its credit-card business has expanded beyond the Consumer Financial Protection Bureau to include other government agencies.

A pair of payments startups are getting strong traction with products that can be used to counter a recent slump in charitable giving.

Goldman Sachs is offering its richest clients access to a fundraising round for Stripe, the payments giant that's trying to raise billions in part to cover a looming tax bill.