Payments

Citigroup and Macy’s renewed their longtime credit card partnership after the two spent months renegotiating the terms of the agreement.

The United States is threatening to curtail transactions into and out of Russia to discourage it from invading Ukraine. The standoff heightens existing friction between U.S. payments companies and Moscow, which could impose new restrictions on them in response to sanctions.

Bank of America is turning to private jets and exotic cars to compete with American Express and JPMorgan Chase and lure big spenders to its credit cards.

Purchases by adults between the ages of 25 and 40 have risen 50% over 2019, and the same group accounts for 75% of sign-ups for American Express’s pricier new cards.

Immigrants from Brazil, Nigeria and Kenya will be able to get scores based on their home country credit histories under a partnership between American Express and Nova Credit.

Research shows the number of fraudulent transactions and dollar amounts involved are soaring as merchants increasingly go digital. Credit card and other companies are expected to more than double what they invest in AI and other tech to fortify their systems.

By acquiring First Sound Bank in Seattle, the fintech would control the strategic direction of the combined company and won't have to share revenue, CEO Luvleen Sidhu says.

As Visa and Mastercard weigh raising rates and retail heavyweights like Amazon push back, the fintech sees an opening for a lower-cost payments alternative that banks and credit unions can offer merchants.

More financial companies across the Continent are joining a cross-border payment system designed to fight the rising threat from Visa and Mastercard.

The company, which will keep the Square brand for its card readers, also supports music, cash transfers, Bitcoin trading and other financial services.

The video-sharing site has rolled out a new feature that allows viewers to tip creators, adding to Stripe's network of clients in the crowdsourced entertainment industry.

Policymakers contend the fast-growing crypto sector poses many risks for consumers, but disagreements within the blockchain industry and Congress are expected to prevent the establishment of clear rules anytime soon.

The former PayPal president was hired to bring an entrepreneurial spirit to the social network, and he helmed major projects such as the Diem stablecoin. His exit raises questions about the direction of the businesses he oversaw.

Marcus, who joined Facebook in 2014 from PayPal, ran the Messenger service for years before moving over to form the company’s blockchain division in 2018.

Startups in the U.S. and Canada are emphasizing features such as virtual issuance and receipt capture in creating expense cards for business owners.

The portfolio, which Bank of America has handled since 2015, has roughly $100 million in balances.

The tech entrepreneur has been increasingly focused on Bitcoin, a key growth area for the payments company he co-founded.

Symphony Technology Group is in talks to acquire parts of Fidelity National Information Services' capital markets business in a deal that could be valued at about $2 billion, according to people familiar with the matter.