The Latest
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Waller sees stablecoins advancing in retail
Stablecoins are seeping into payments at stores, but there are plenty of hurdles before they become widely used, according to Federal Reserve Governor Christopher Waller.
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Opinion
How stablecoins may extend US dollar supremacy
“Dollar-based stablecoins such as USDT and USDC are traded all over the world at any time of the day, regardless of holidays, time zones, and whether markets are open or closed,” writes the CEO of an embedded finance company.
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Shift4 to acquire Global Blue for $1.5B
The processor will buy the retail and hospitality payments services provider in an all-cash transaction to build a globally integrated payment platform.
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Fed delays start of new Fedwire standard
The central bank postponed a deadline for banks and credit unions to move Fedwire payments to the ISO 20022 format. That may also hold up a broader industry modernization effort.
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Cap One, Discover shareholders approve merger
Stockholders of the two companies approved the big bank’s $35.3 billion acquisition in separate meetings Tuesday.
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Shame drives rampant underreporting of fraud
Push-payment scams are at a “crisis level,” consumer advocates at a Payments Dive virtual event said, with losses totaling perhaps more than 15 times what’s reported.
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Payments players mull new approaches to fraud
Google, Nacha, Early Warning Services and Truist are among the companies seeking to better protect the e-commerce ecosystem from push-payment scams.
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How payment scams start on social media
Bad actors contact consumers through social media and then persuade them to send money over payment platforms, a JPMorgan Chase payments executive said during a Payments Dive virtual event.
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FIS acquires Demica, Dragonfly
Fidelity National Information Services has been buying up businesses as it seeks to expand, especially in providing services to chief financial officers and in the digital arena.
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Georgia special charter attracts another applicant
The move follows the approval of payment processing company Fiserv’s application, which was approved in October, but payments industry consultants say the path to using such a charter is a rocky one.
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Discover flags potential Cap One merger delay
Discover Financial Services said it now expects the transaction to be completed by May 19, three months later than initially expected as the companies await regulatory approvals.
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Wise to close Tampa office, cut 300 employees
The fintech will shutter its Florida location in November, with layoffs starting in April. Wise will consolidate Americas teams in Austin, New York and São Paulo.
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The image by Ted Eytan is licensed under CC BY-SA 2.0
Ex-FDIC official McKernan tapped to lead CFPB
The development came on a day when the bureau terminated roughly 70 probationary employees, including enforcement division attorneys, according to Bloomberg Law.
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Opinion
Payment tools proliferate, consolidation looms
“The winners in this consolidation won’t necessarily be the biggest players,” writes a checkout technology company CEO. “They’ll be the ones who understand that consumers don’t want more payment options — they want better ones.”
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Klarna, JPMorgan to offer BNPL to business clients
The collaboration will let the bank’s payments division offer the buy now, pay later company’s financing options to business customers.
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Senators reintroduce bill to bar CBDC
Republican senators revived a bill last week to block the Federal Reserve from creating a central bank digital currency.
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PayPal dinged over branded service’s slow growth
Consumer uptake of the payments pioneer’s flagship payments tool was lackluster last year. The company promised skeptical analysts more growth this year.
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CFPB’s future hangs in the balance after a wild weekend
Consumer Financial Protection Bureau staff were told to work remotely this week after a new acting chief halted agency supervision and enforcement. He also told the Federal Reserve the agency wouldn’t take any unappropriated funding next quarter.
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Affirm to emphasize no-interest loans
The company said that offering more interest-free financing options would drive profits by bringing in more customers.
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Cashless concerts and events catch on
By some estimates, about 50% of today’s concerts are cashless, with benefits for merchants and payments processors alike.
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NCR Voyix shifts chairman to CEO post
The C-suite change this week follows the Atlanta-based digital commerce software company’s decision to sell off parts of its business.
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Treasury responds to concerns about Musk ‘meddling’
A Treasury Department official sought to allay a senator’s concerns about DOGE staffers gaining access to the U.S. payments system, but sidestepped questions Tuesday. The issue escalated at a Wednesday hearing.
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Caitlin Mullen/Payments Dive, data from Fiserv
Fiserv doubles down on embedded finance
Company executives touted a recent partnership with DoorDash and said the company has more embedded finance deals in the pipeline.
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Sanders, Hawley introduce credit card interest rate cap bill
In an unlikely union, Republican Sen. Josh Hawley and independent Sen. Bernie Sanders have locked arms to introduce legislation that would cap credit card interest rates at 10% over five years.
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Cash App, Venmo app downloads decline
Consumer downloads of apps like Cash App and Venmo dropped in the fourth quarter compared to the year-ago period, data from Wolfe Research shows.