Payments

Elon Musk's vision of an everything app that includes banking capabilities may not be what Americans are looking for, said Max Levchin, who co-founded PayPal with the world's richest man.

In her day-to-day job directing activities at the card network's Start Path accelerator, Sabrina Tharani helps nurture companies that are developing new payments products and services.

The bank hasn't explained why person-to-person payments, bill processing and account-transfer services went down for parts of two days this week. But observers suspect glitches in its legacy systems could occur at other financial institutions and increasingly affect real-time payment networks.

Despite a sharp drop in spending and rising delinquencies during the second quarter, the issuer's stock rose on news of lower debt, rising deposits and a new private-label partnership with Dell Technologies.

Mastercard has told payment processors and banks to stop allowing marijuana transactions on debit cards, in a blow to the struggling cannabis industry and a boon to transparency in the banking system.

Michael Miebach, the card network's chief executive, discussed his plan for competing against the Federal Reserve's new real-time settlement system.

Elon Musk's original X.com was an internet bank that became part of PayPal. Musk wants to bring X back to its banking roots, but the market may have moved on.

Travelers in China can now add Visa and Mastercard to WeChat Pay and Alipay, providing a boost for the country's tourism industry as it tries to recover from the pandemic. Additionally, British regulators may delay plans to tighten the rules for by now/pay later lenders, partly based on concerns that some of the largest lenders may depart the market.

A rising payments star — and photographer — is helping the card network reach content creators and new entrepreneurs.

Elon Musk's grand vision is to turn Twitter into a one-stop shop for financial services. It's hardly the first time a tech giant has sought to muscle in on Jamie Dimon's turf.