Payments

Here are seven startups that received multimillion-dollar venture capital investments in recent weeks to accelerate the development of banking products and services.

In the wake of Zelle, Venmo and Apple Cash getting more active users and potential revenue, Square is relying on its Square Cash App and Cash Card as key drivers for its own growth.

To fuel growth, Apple's mobile wallet needs to go beyond its core use cases of NFC and in-app payments. Apple Pay's latest project leans more heavily on NFC to do work typically handled by apps.

Martin Chavez, global co-head of the securities division at Goldman, suggested the bank is unlikely to fully support crypto until such currencies have the backing of the U.S. government.

E-money provider Prepaid Financial Services has partnered with Garmin International for its digital prepaid cards to operate in the U.K. on compatible Garmin Pay smartwatches.

There are important considerations for financial institutions to bear in mind as they build relationships with the likes of Apple and Google.

While the payment volume from smart wearable devices may not have achieved the initial euphoric predictions, things are about to change for the better as several market dynamics have shifted.

Apple Card's advantages are mostly available elsewhere, but Apple's marketing prowess will make it a formidable competitor, according to Jonathan Ebinger, a general partner at Blue Run Ventures.

Payments platform BizPayO is launching an online cash flow tool it says will help small and medium-size business owners tackle what amounts to a $3 trillion late-payment problem annually that undermines operations.

Apple is relying on transportation systems across the globe to drive Apple Pay's usage.

The venture capital firm New Enterprise Associates has led a $200 million funding round in Divvy, a business payments and expense management platform provider.

While a majority of business payments are still made by checks, faster payments and increased cash flows will pressure a move to digital options, contends UMB's Brian Hutchin.

Digital payments can make payroll for workers in industries like cruise ships less costly, and less dangerous than traditional cash-based methods, writes Hal Ramakers, vice president of global solutions for Brightwell.

Digital payments developers have targeted video game platforms and their players as fairly fertile ground for integrating payment methods directly into game consoles or apps, but up to now the misses have outnumbered the hits.

Banks need to ensure those building new business are driven to look for evidence of illegal activity.

Paytronix has spent the last few years developing a streamlined enrollment process for restaurants’ loyalty programs, but it relies on something relatively few consumers use: Apple Pay and Google Pay at the point of sale.

Visa Inc. and Mastercard Inc. ended nearly two decades of European Union antitrust scrutiny with a pact that requires them to reduce fees for foreigners shopping in the region.

The use of digital payments offers significant savings over check cashing. Payroll cards and public-sector prepaid cards issued for the deposit of government benefits are two of the best known examples, writes Andrew Gillen, vice president for Global Public Sector Payment Solutions for Mastercard.