Payments

The shift to faster payments–plus frustration over network interchange costs–is increasing merchants' use of services that pull money directly from consumers' bank accounts.

The product, which is both popular and controversial in consumer financial services, is attracting interest from merchants that don't want to pay high interest for a traditional loan.

Corporations are leaning harder on virtual cards as post-pandemic business travel ramps up amid hybrid work arrangements, according to a new Mastercard survey. Visa separately has extended its collaboration with virtual-card technology provider Conferma Pay.

Fraudsters are using sophisticated skimming devices to steal more card data — and they aren't afraid to encroach on bank property to do so, according to new data from Fair Isaac Corp.

As part of its resurrection plan, the terminal maker will pursue financial inclusion and growth markets for ATMs as it prepares for its relisting on the New York Stock Exchange.

In global news this week, Microsoft is working with the London Stock Exchange Group on artificial intelligence, Apple's mobile wallet debuts in Vietnam and more.

Bank of New York Mellon, U.S. Bank and others are looking at how the Federal Reserve's instant settlement network could safely speed up routing, payroll and billing.

The Alabama bank is rolling out an online platform for corporate clients to manage billing-related communications with their own customers.

U.S. consumers set a new record during the second quarter, as card debt reached $1.03 trillion. Bankers say a healthy job market has allowed consumers to keep making their monthly payments, but they're also on guard about the impact of the upcoming resumption of federal student loan payments.

Despite faster payments' momentum, fragmented systems and cash's resilience continue to hobble cross-border peer-to-peer remittance speed, says MoneyGram CEO Alex Holmes.

The payment company's sizable audience and existing technology differentiate it in a market that is otherwise dominated by startups.

Deployments picked up speed during the pandemic, and have continued into this year as commuter networks try to win back riders.

India's Unified Payments Interface has been an extraordinary success. The Fed should take careful note of how the system came to dominate the Indian economy.

Stax Payments appointed British financial executive Paulette Rowe as its new chief executive officer, making her one of the few Black women to lead a finance company.

The fintech is expanding a service that calculates sales taxes worldwide as more small businesses go international to seek new customers.

British banking app Revolut Ltd. will stop offering crypto trading services to US-based customers from September, citing market uncertainty and changes to the local regulatory landscape.

Coinbase Global, the largest U.S. cryptocurrency exchange, said its second-quarter loss narrowed and revenue exceeded estimates.

The payment company's CEO views Afterpay, a buy now/pay later lender it bought two years ago, as a way to drive usage of Cash App and broaden consumer experiences.

Regulators have been issuing real-time-payment requirements that push EU banks to modernize their core processing systems. U.S. banks may feel similar pressure from the movement toward real-time payments.

Despite healthy second-quarter revenue growth, PayPal's stock fell Thursday amid higher-than-expected losses from merchant loans.