Payments
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Online lender Kabbage rolls out 3-day small-business loans
The company's co-founder and president, Kathryn Petralia, says the new product is a result of customers' tendency to repay early.
By Dan Ennis • Feb. 05, 2020 -
Report: Visa to boost swipe fees on online purchases, vary rates by retailer
The network is lowering the fees for real estate and education businesses to bolster card acceptance, and is rolling out the new rates in two phases — in April and October — to give processors more time to adjust.
By Dan Ennis • Feb. 04, 2020 -
Competition intensifies in immigrant banking market
As the digital bank Majority expands nationwide, the remittance company Remitly launches Passbook, a bank aimed at first-generation Americans.
By Anna Hrushka • Feb. 04, 2020 -
Gen Z has more card debt than millennials — and higher credit scores
More lenient underwriting has led nearly double the number of subprime borrowers age 18 to 24 to have credit cards than in 2012, TransUnion found.
By Dan Ennis • Feb. 03, 2020 -
Expensify amps up charitable giving with 'Karma Points'
A San Francisco company's corporate card gives a slice of its swipe fees to organizations fighting homelessness, hunger and climate change, depending on the cardholder's spending.
By Kate Patrick • Jan. 31, 2020 -
Zelle reports adding 100 financial institutions last quarter
Year-over-year payment values on the P2P platform increased by 57%, while transaction volume jumped 72%, network operator Early Warning Systems reported Tuesday.
By Anna Hrushka • Jan. 28, 2020 -
American Express catches up to Visa, Mastercard in acceptance, it reports
The payment network pushed efforts, including sign-on bonuses, to entice small businesses. Now it looks to alter perception in the market that it's accepted in fewer places because of higher swipe fees.
By Dan Ennis • Jan. 24, 2020 -
Morgan Stanley muscles in on traditional bank accounts with CashPlus
The shift in strategy comes after the investment bank announced it's cutting 1,500 jobs and reducing bonuses.
By Dan Ennis • Jan. 24, 2020 -
The Clearing House quadruples single real-time payment limit to $100K
The move is meant to boost the network's attractiveness in comparison to those with a $25,000 ceiling operated by ACH or the Federal Reserve.
By Dan Ennis • Jan. 23, 2020 -
Banks boost borrowers' card limits without telling them, report finds
Capital One analysis found customers carry the same percentage of debt regardless of their ceiling. Executives tweaked the bank's practices in response to bottom-line pressure, according to Bloomberg.
By Dan Ennis • Jan. 23, 2020 -
Vodafone quits Facebook's Libra, doubles down on M-Pesa
The British telecommunications conglomerate wants to expand the mobile payments app beyond its mostly African base to better serve the underbanked.
By Dan Ennis • Jan. 22, 2020 -
OpinionMobile wallets let local markets leapfrog card payments
Fintech innovations have enabled many countries to skip over certain payment methods in their financial evolution, writes Steve Villegas, a vice president at PPRO.
By Steve Villegas • Jan. 21, 2020 -
Visa's Plaid deal pushes open banking, third-party security to forefront
The $5.3 billion acquisition may spur more fintech-on-fintech M&A, but the crux may lie in the card network's desire to stay relevant, analysts say.
By Anna Hrushka • Jan. 17, 2020 -
Citi narrows gender pay gap to 27% in second yearly report
The nation's third-largest bank is using the gulf between the raw and adjusted pay gap figures to call for more women and minorities to fill management roles.
By Dan Ennis • Jan. 16, 2020 -
Visa to acquire Plaid for $5.3B
The payment card network was revealed as an investor in the Silicon Valley-based startup in September, along with competitor Mastercard.
By Anna Hrushka • Jan. 13, 2020 -
Opinion
Dropping 'digital' from digital banking: 5 trends for 2020
Tech companies that want to bank could have a breakout year. Meanwhile, businesses will continue to go paperless, people cashless, and banking-as-a-service will court greater buy-in, a Mastercard executive writes.
By Jeff Hindle • Jan. 13, 2020 -
Mastercard app to show loyalty rewards in augmented reality
Tapping on a digital rendering of golf clubs will open a pop-up that explains how cardholders can access a program to book tee times at resorts and room upgrades at hotels.
By Robert Williams • Jan. 10, 2020 -
Chase raises Sapphire Reserve annual fee to $550, adds Lyft, DoorDash perks
The changes bring the card closer to its competitor, American Express Platinum, which already charges a $550 annual fee and gives certain dining and ride-share credits.
By Anna Hrushka • Jan. 08, 2020 -
Mastercard adds brand melody to original pop song
The full-length single, which debuted Wednesday during a performance at the Consumer Electronics Show in Las Vegas, will appear on a "Priceless" album slated for release this year.
By Dianna Christie • Jan. 08, 2020 -
Visa, Mastercard hold fast to gas stations' chip-card deadline
Fuel retailers were given an extra five years to upgrade to EMV technology, but 70% of convenience store owners in a survey said they still haven't done so.
By Dan Ennis • Jan. 08, 2020 -
Banks to tighten third-party data access in 2020, experts say
Following recent moves by PNC and JPMorgan Chase, expect to see a "snowball effect" as financial institutions aim to boost security and control of personal information.
By Anna Hrushka • Jan. 07, 2020 -
Federal Reserve probes disruption of ACH payment network
It remains unclear how many banks were affected by processing delays over two days in mid-December. The cause was not immediately apparent.
By Dan Ennis • Dec. 20, 2019 -
Green Dot CEO Steve Streit stepping down Dec. 31 amid C-suite shakeup
The share price at the legacy prepaid-card company has plummeted 60% since May, but the longtime leader expressed a reluctance to let go at a panel discussion this fall.
By Dan Ennis • Dec. 19, 2019 -
PNC directs customers to Zelle after security upgrade blocks Venmo
Although many banks and fintechs have found ways to work together, the Venmo-PNC tiff is an example of how access to customers' financial data can become a point of friction.
By Anna Hrushka • Dec. 16, 2019 -
PayPal sues CFPB, saying prepaid rule sows confusion
The rule lumps digital wallets under the same umbrella as reloadable cards and forces customers to receive a fee disclosure that may ultimately slow PayPal's growth, the P2P company says.
By Dan Ennis • Dec. 13, 2019
