Payments: Page 28
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American Express moves 'hundreds' of salespeople into collections roles
Spending on the company's cards is down about 35% from a year ago. Meanwhile, a half-million AmEx customers are enrolled in short-term forbearance and other relief, accounting for $5 billion in balances.
By Dan Ennis • May 29, 2020 -
JPMorgan, Mastercard data reveal coronavirus spending impact, potential recovery
The more than 40% drop in credit card spending the JPMorgan Chase Institute found in March and early April is eight times steeper than average during the first month of unemployment.
By Dan Ennis • May 15, 2020 -
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President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
Remitly partners with Cross River Bank to speed up cross-border payments
As the coronavirus limits access to brick-and-mortar locations across the globe, the digital remittance company's CEO says the deal gives its customers more choices to send money internationally.
By Anna Hrushka • May 14, 2020 -
Courtesy of Samsung
Samsung to launch US debit card this summer with SoFi
The South Korean company joins competitors Apple and Google, as more tech giants announce plans to offer banklike products.
By Anna Hrushka • May 11, 2020 -
More than half of US consumers paying contactless, Mastercard finds
Banks such as HSBC, JPMorgan Chase and Bank of America have ramped up their efforts to push consumers toward tap-and-go technology. The coronavirus may prove the catalyst for behavioral shift.
By Dan Ennis • April 30, 2020 -
Visa, Fiserv tapped to get stimulus payments to hard-to-reach taxpayers
The CFPB made the move to deliver money via prepaid card possible by issuing an interpretive rule reclassifying the coronavirus relief so it would not be considered a government benefit.
By Dan Ennis • April 30, 2020 -
Sen. Gillibrand calls on Congress to reestablish postal banking service
A return to the postal banking system would aid in the delivery of coronavirus stimulus checks, said Mehrsa Baradaran, a law professor specializing in banking law at the University of California, Irvine.
By Anna Hrushka • April 28, 2020 -
Mastercard turns brand-building effort toward streaming as consumers stay home
"The brand has to be visible. We cannot go dark," Chief Marketing Officer Raja Rajamannar said. "But the time is not to sell, this is a time to serve."
By Peter Adams • April 23, 2020 -
Permission granted by Current
Digital bank Current flexes quick delivery of coronavirus relief checks
About 45% of the stimulus money that's been issued to Current's customers has already been spent — mostly on essential items, such as gas and groceries, said Adam Hadi, the company's vice president of marketing.
By Anna Hrushka • April 15, 2020 -
Permission granted by Upgrade
Upgrade accelerates launch of contactless card amid COVID-19 pandemic
"Going contactless in this environment, if there's ever been a time to do so, that's now," the challenger bank's co-founder and CEO, Renaud Laplanche, told Banking Dive.
By Anna Hrushka • April 9, 2020 -
Permission granted by SoFi
Personal finance startup SoFi to acquire payments platform Galileo for $1.2B
Because many of Galileo's clients are SoFi competitors, the deal could raise conflict-of-interest questions, one expert says.
By Anna Hrushka • April 8, 2020 -
Plaid pushes payroll sharing as fintechs wait their turn on SBA loans
The product is meant to speed the verification process for banks submitting applications of behalf of small businesses that may not have time to lose.
By Dan Ennis , Kate Patrick Macri • April 7, 2020 -
Colorado bank renamed to reflect Latvian owners' focus on payments
The new name, Transact Bank, is meant to convey "the range of payment processing and card issuing solutions" the bank will be providing, CEO Mark Moskvin said in a press release.
By Dan Ennis • April 2, 2020 -
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Banks, fintechs prepare for flood of SBA loan applications
As small businesses across the country shutter amid the pandemic, many fintech lenders are concerned traditional lenders won't be able to process loans quickly enough to get business owners the cash they need.
By Anna Hrushka • March 31, 2020 -
Green Dot
Green Dot hires former Netspend chief as CEO
The prepaid card provider renewed its most valuable partnership last year but lost hundreds of thousands of customers — and about 60% of its stock price.
By Dan Ennis • March 26, 2020 -
Unbanked would get digital accounts for virus relief under Senate bill
Legislation is aimed at giving more than 8 million U.S. households — and even more underbanked Americans — access to outbreak-related stimulus checks.
By Anna Hrushka • March 25, 2020 -
Report: Banks risk 5% loss in revenue to fintechs if they don't change
Banks' use of hidden fees that leverage consumers' money mismanagement is hurting them on trust, but they have an opportunity to change that, an Accenture report finds.
By Robert Freedman • March 11, 2020 -
Coronavirus could hit fintechs hard as card transactions drop
Fintechs’ reliance on the fees merchants pay when consumers make credit and debit purchases will be tested as people stay home.
By Robert Freedman • March 4, 2020 -
Banks mostly fear payments and money transfer fintechs, survey finds
Less of a concern among banks is competition from online investment and crowdfunding upstarts.
By Robert Freedman • March 3, 2020 -
FDIC, Fed, Treasury IGs and OCC probe AmEx sales tactics
Investigators are looking into whether payment network employees misled or cowed Costco small-business cardholders into signing up with AmEx when the retailer ended its partnership with the company.
By Dan Ennis • Updated Jan. 8, 2021 -
Curve
UK fintech Curve offers 'over-the-top' banking service in card, mobile app
The startup's eponymous card is designed to unify all existing debit and credit card accounts, but will face heavy payments competition when it attempts to enter U.S. markets.
By Kate Patrick Macri • Feb. 20, 2020 -
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. 5, 2020 -
Visa further delays swipe-fee changes until April 2021
Separately, Visa and American Express extended through April 2021 a deadline for U.S. gas stations to comply with chip card technology. The moves are meant to alleviate the coronavirus crisis's impact on merchants.
By Dan Ennis • Updated May 7, 2020 -
Majority
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. 4, 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. 3, 2020
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