Retailers

The pending law, which has passed the Assembly and Senate, prohibits food and retail stores from refusing to accept cash payments. Cashless establishments have been prohibited in New York City since 2020.

Prepaid cards are finding new use cases in the hospitality industry, where tip disbursements have traditionally been cumbersome.

Even with its IPO on ice, the Swedish buy now/pay later lender is building a base of high-profile distribution partners.

The Bank of Lithuania contends the U.S. fintech broke anti-money-laundering rules; while British contactless payments hit a record. That and more in the American Banker global payments roundup.

The bank has added Affirm as an option, after adding the fintech's rival Klarna to its merchant network in February.

The account-to-account payment method has become prevalent in countries such as China, India and Brazil, but adoption has been slow in the U.S. and limited to small- and medium-sized businesses. That paradigm is expected to shift amid continued fintech investment.

Improved consumer confidence helped to drive greater use of buy now/pay later as younger generations turned to short-term installment options.

Former employees of the Austin-based City National Bank still recall the 1981 flood that deluged the city and Whole Foods, and they take pride in the lender's role in rescuing what was then a fledgling health food store.

Klarna is looking to get out of one of its key payments businesses after the financial technology giant found the unit created a conflict of interest with peers like Adyen or Stripe.

A $30 billion settlement between Visa Inc., Mastercard Inc. and retailers to cap credit-card swipe fees is likely to be rejected by a federal judge in Brooklyn, a setback in the two decade-long litigation.