A group of big European banks is planning to challenge Visa’s and Mastercard’s positions as the world’s two largest payment processing networks, Electronic Payments International reported.
Read MoreThe fallout from the Wirecard AG financial scandal has hit the U.S. market as the processor’s North American unit announced late Monday it is seeking a buyer. Wirecard North America Inc., based in Conshohocken, Pa., said it has engaged an unnamed investment bank to assist in the transaction.
Read MoreIt used to be that credit and debit card companies connected the four-parties involved in branded network payments through non-profit associations. These non-profits facilitated interbank clearance so that a card payment drawn from bank “X” could clear against a merchant account serviced by bank “Y.
Read MoreBy: Brandon Dewitt As the calendar nears the midpoint of 2020 and banks continue adjusting to a new normal, it’s more important than ever to keep pace with planned initiatives.
Read MoreImage Credit: Juniper A new report from Juniper Research found that the value of transactions processed by virtual cards will more than treble over the next 5 years; increasing from an anticipated $1.6 trillion in 2020. Virtual cards are temporary, random digital card numbers that replace core payment details for specific online transactions.
Read MoreDigital Payments: The Evolution of Currency Over the last decade, the digital payments landscape has undergone a structural shift. Consumer behaviors are changing—moving towards contactless and cashless transactions. Meanwhile, as the magnitude of COVID-19 grows, these trends have only accelerated.
Read MoreRecently, the crypto and FinTech spheres were set humming with reports that PayPal and its mobile payment service Venmo could potentially be making an entrance into the digital cash sphere by offering its users the ability to buy and sell cryptocurrencies.
Read MoreThe fallout from the Wirecard AG financial scandal has hit the U.S. market as the processor’s North American unit announced late Monday it is seeking a buyer. Wirecard North America Inc., based in Conshohocken, Pa., said it has engaged an unnamed investment bank to assist in the transaction.
Read MoreBank profitability is at risk as the decline in economic conditions, brought on by the coronavirus pandemic, will broadly affect bank earnings, credit quality, operations and capital, the Office of the Comptroller of the Currency (OCC) said in a report released Monday.
Read MoreThe Paypers interviews Anders la Cour, Chief Executive Officer and co-founder of Banking Circle which recently published the first in a series of white papers looking at the impact of COVID-19 as part of a bigger picture of change for the payments industry Your latest white paper focuses on how payments businesses are re-evaluating the […]
Read MoreCredit unions have had to scramble to adjust to the fallout from the coronavirus as it became widespread in March. Employees at Jax Federal Credit Union now wear masks on the job to help protect against the coronavirus.
Read MoreWhen the history of the coronavirus’s impact on Latin America is written, it will highlight the acceleration that the virus had on the shift to digital banking and the subsequent economic impact of this.
Read MoreADVERTISEMENT As the global pandemic alters life as we know it, accelerating the work-from-home culture, shifting priorities and creating soaring demand for Zoom conferencing, fintech solutions are quickly encroaching on banks — the Blockbuster Video to their Netflix.
Read MoreUS bank branches are still shuttered amid the pandemic, but consumers are more likely to conduct their banking online, according to recent research. An April 2020 William Mills Agency survey conducted by The Harris Poll found that 73% of US adults were more likely to leverage digital banking and payments while social distancing.
Read MoreFor example, Visa reported that credit card payment volumes plunged 31% through April 28. Visa said the only category of US payments volume that is growing is food and drugstores, along with Walmart, Costco and Target. Spending on everything else was down in April.
Read MoreSpurred by health concerns and the rapid shift from brick-and-mortar to online shopping, digital wallet usage has surged in the time of COVID-19.
Read MoreAct 1, Scene 1 of Shakespeare’s Macbeth comes to mind when considering the challenge of credit card lenders today, as three witches chant about the unclarity of what is good and evil. An article in today’s WSJ talks about how lenders “pulled back sharply on lending” because they can’t tell who is creditworthy anymore.
Read MoreWirecard has filed for insolvency, just days after a $2 billion accounting scandal at the company burst into the open, crashing its stock and leading to the arrest of its former chief executive.
Read MoreThe Financial Crimes Enforcement Network, a U.S. Treasury Department bureau focusing on combating illicit finance, alerted financial institutions to an increase in Covid-19-related scams in an advisory this week.
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