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Square Launches Payroll Feature That Could Boost Its Banking Business Through the Cash App

Square Launches Payroll Feature That Could Boost Its Banking Business Through the Cash App

Square is letting workers access some of their earned wages ahead of schedule, which could add fuel to the company’s recently booming banking business. San Francisco-based Square on Tuesday launched “On-Demand Pay,” which lets those using Square for payroll give employees up to $200 of a paycheck ahead of the normal biweekly schedule.

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Who Gets Hurt When the World Stops Using Cash

Who Gets Hurt When the World Stops Using Cash

Some people don’t have credit or debit cards, so a growing number of state and local governments are requiring businesses to accept cash. Credit… Till Lauer Cash doesn’t have the status it used to.

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2020 Hailed “Year of Contactless” by Payments Study

2020 Hailed “Year of Contactless” by Payments Study

The coronavirus crisis has caused a surge in mobile and contactless payments, driving consumers to make fewer but larger purchases according to the 2020 Debit Issuer Study. The study, which was conducted by US-based electronic funds transfer (EFT) debit network PULSE, also identified a rise in account-to-account (A2A) debit payments.

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Digital-First Banking Doesn’t Mean Chasing Every Fintech Innovation

Digital-First Banking Doesn’t Mean Chasing Every Fintech Innovation

Alliant Credit Union began moving towards a branchless, digital-first model in 2014, when it had about a dozen offices that were seeing less and less use. The credit union’s reach had been increasing as it continued adding additional employee groups to its membership, which had started with employees of United Airlines.

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Industry

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Adobe Reports 130 $2 Billion Online Shopping Days in 2020

Need to Know Adobe’s Digital Economy Index reported three $3 billion online shopping days in 2020, in addition to 130 $2 billion days, owing to the COVID-19 pandemic. The pandemic has resulted in an extra $107 billion spent online since March; the first eight months of 2020 have driven $497 billion in total online sales.

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How COVID-19 Permanently Changed American’s Financial Habits

How COVID-19 Permanently Changed American’s Financial Habits

The unexpectedly rapid increase in use of digital banking channels as a result of the COVID-19 lockdowns, and the ongoing desire for social separation and less contact, has left banks and credit unions with a two-fold challenge. First, they need to better understand what’s transpired — and how much of it is going to stick.

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European Banks Grapple With Digital Transformation

European Banks Grapple With Digital Transformation

Once considered to be trailblazers in the adoption of advanced technologies, banks are now more often identified as laggards, particularly in terms of wholesale digital transformation.

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Banks Are Here to Stay, but They Must Rewrite Their Futures

By Nanda Kumar, CEO, of SunTec If there’s any upside to a crisis, it’s that we are forced to reimagine. Just a year ago, we predicted that it would take at least another decade for banks around the world to embrace digital transformation. A mere six months later, we were blindsided by one of the […]

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Regional

Airwallex Launches Card Payment Acceptance in the UK and Europe

Airwallex Launches Card Payment Acceptance in the UK and Europe

Global fintech leader Airwallex has launched its card payment acceptance solution in the United Kingdom and Europe allowing merchants to accept card payments around the world seamlessly and securely. The solution will initially support Visa and Mastercard card payments, with more payment methods planned.

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Fearing Chinese Advantage, Japan Lurches Towards Digital Currency and Electronic Payments

Fearing Chinese Advantage, Japan Lurches Towards Digital Currency and Electronic Payments

By Luke Mahoney, grape Japan As we’ve discussed before, Japan is largely a cash based society. Despite, at times, a healthy interest in digital cryptocurrencies like bitcoin, consumers rely heavily on physical currency while eschewing electronic payment methods.

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U.S. Spending Jumped 7% at Visa in August

U.S. Spending Jumped 7% at Visa in August

U.S. payments volume at Visa (NYSE: V) jumped 7% year over year in August, according to a regulatory filing, as the company continues to see domestic spending rebound since the coronavirus pandemic struck in March. The trend continues positive momentum for the company, which saw U.S. payments volume jump 8% in July year over year.

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JPMorgan Chase Reportedly Eyes 2021 Launch for UK Digital Bank

JPMorgan Chase Reportedly Eyes 2021 Launch for UK Digital Bank

Dive Brief: JPMorgan Chase plans to launch a digital bank in the U.K. in the first quarter 2021, Sky News reported Friday. The British news channel said the launch would put the largest U.S. bank in a position to capitalize on the growth of digital services amid the coronavirus pandemic.

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Regulatory

Can Regulators Foster Financial Innovation and Preserve Consumer Protections?

Can Regulators Foster Financial Innovation and Preserve Consumer Protections?

8 in 10 Consumers Connect a Bank Account or Credit Card to Their Most-Used Mobile App Percentage of respondents by payment source Percentage Refused 0.0374 Bank or credit union account 0.554 Credit card 0.2541 Prepaid card or stored value on app 0.

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Robinhood May Face $10M Fine Over Payments From High-speed Traders

Robinhood May Face $10M Fine Over Payments From High-speed Traders

Dive Brief: Robinhood Markets faces a civil fraud investigation and a potential fine of more than $10 million from the Securities and Exchange Commission (SEC) for failing to disclose until 2018 that it sold its clients’ orders to high-speed trading firms, sources told The Wall Street Journal.

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Top Regulator Pushes Ahead With Plan to Reshape Banking, Sparking Clash With States

Top Regulator Pushes Ahead With Plan to Reshape Banking, Sparking Clash With States

“We’ve satisfied ourselves that we don’t need a new regulation or a new statute on it,” Brooks said. A charter would give these companies the ability to operate across state borders with a single set of rules, as well as to expand the suite of financial services they offer.

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In a Digital World, Regulators and Innovators Need to Team Up to Beat Fraud

In a Digital World, Regulators and Innovators Need to Team Up to Beat Fraud

Innovation in payments has moved rapidly over the past decade, with companies of all sizes and industries diversifying their payment methods and incorporating network tokens.

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