Payments

In a move to tap into an underserved market opportunity — but with the potential for political backlash — Sallie Mae launched three different cash-back reward credit cards aimed at college students and young adults.

Intuit has partnered with Visa to enable QuickBooks users to get faster access to funds through Visa Direct, the network’s debit push payments service.

Merchants with multiple Square accounts will have a new app designed to help analyze business data and trends through Square's partnership with business management company Domo.

Cash is not dead, but the burdens of ensuring access threaten to break long-standing ecosystems that sustain traditional payments.

The Federal Reserve’s FedNow instant payments system will dramatically speed up payment processing, essentially allowing people and businesses to receive money in their accounts within seconds of a transaction, says the Retail Industry Leaders Association's Austen Jensen.

Ripple is collaborating with financial software company Finastra, boosting both companies' reach in the cross-border transaction market.

Any entity questioning Libra runs up against the longstanding legal precedent set by private label gift and GPR, and myriad other prepaid account offerings, says payments consultant and researcher Richard Crone.

Libra poses risks not only to global financial systems, but also to existing companies’ broader payments business, Senator Sherrod Brown of Ohio and Senator Brian Schatz of Hawaii said in letter on Tuesday to Visa Inc., Mastercard Inc. and Stripe Inc.

The Swiss National Bank and stock exchange SIX will jointly explore how to make central bank digital money available for the trading and settlement among financial market players.

Companies like Stripe provide a needed source of capital, but should expand lending beyond their existing base, says Become's Eden Amirav.

Europe's PSD2 doesn't directly impact Hong Kong, but its monetary decision makers support open banking frameworks, sparking a network of banks to support that effort through the help of HSBC and Swift.

Delinquencies on indirect auto and home equity loans are trending up, while past-due rates on credit cards are declining, according to a recent report by the American Bankers Association.

Rather than homing in on specific methods to accommodate real-time payment processing, Wells Fargo realized a mix is the best bet to avoid inadvertently leaving parts of its client base in the dark.

Visits and conversion rates are important, but it’s also important to monitor what happens between the moment someone enters your website and the moment they decide to make a purchase, says Robin Reodica, product management executive at Bank of America Merchant Services.

Contactless payment transaction volume is soaring in Canada to the point where total credit card transaction volume is edging out debit card transactions for the first time because many consumers are using credit cards to tap and pay.

Susan French, head of product at BBVA Open Platform, discussed the bank's vetting of fintech partners and how it deals with the competitive threat that their products present.

Banks and merchants can already access solutions that can provide a real-time experience and process payments on the best set of rails for any particular use case, says BillGo's Kelly Seidl.

Canada is often at the forefront of payments innovation, with active fintech hubs and a national initiative to restructure the country’s transaction system for e-commerce. Yet outdated attitudes about identity risk linger, showing how hard it will be to achieve global digital ID at scale.

Facebook's Libra cryptocurrency project has lost its first major ally. PayPal — where the head of Facebook's Libra project once served as president — has cut its ties. As a founding member, PayPal was expected to drive the payment-specific part of the cryptocurrency initiative.

PayPal’s cross-border remittance unit Xoom is hoping to build a faster payments market in South Korea by enabling direct delivery into bank accounts, a channel that tends to be more expensive than other options.