By 2024 there may be more than 220 million digital wallets, representing an $800 billion opportunity. But it won’t be the traditional banks that benefit from this red-hot growth, it’s the fintechs that are poised to win.
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 MoreThe COVID-19 outbreak has brought about drastic changes in our lives, and by every measure we are going through a great crisis. It is natural to assume that the pandemic will be a turning point in modern history, and many experts argue that the world we are entering will be fundamentally different from the one […]
Read MoreAs health officials around the globe seek to contain the novel coronavirus that causes COVID-19, economies and citizens remain unsettled.
Read MoreConsumers Have Rushed to Digital Payment Options Such as Paypal and Venmo to Avoid the Spread of COVID-19 During Transactions, but 19% of Small Businesses Can’t Accept These Payments. Small Businesses Struggling to Stay Afloat Should Accommodate New Customer Preferences by Adopting Cashless Payment Options. 19% of U.S.
Read MoreIn an effort to reach occasional and very small sellers struggling with restrictions imposed to deal with the novel coronavirus pandemic, PayPal Holdings Inc. on Tuesday launched a Quick Response code capability for its mobile app.
Read MoreWhile the economic impact of the coronavirus pandemic is expected to sharply curtail banking profits, its ripple effects could enable incumbent institutions to reduce the innovation gap with fintechs and the largest banks.
Read MoreDigital-payments company i2c Inc. has unveiled a partnership to power the expansion of Crypto.com’s end-to-end crypto ecosystem, which consists of a Visa crypto debit card and a wallet app to buy and sell crypto and earn cash-back rewards in crypto form. Crypto.
Read MoreMore evidence that Gen Z is switching to chat platforms for just about everything, including banking, emerges today in the news that Zelf, a fintech startup offering neobank-style services, is generating buzz amongst Gen-Zers in Spain and France.
Read MoreThe coronavirus pandemic’s widespread impact in the U.S. in mid-March has disrupted retail—and ecommerce in particular. Some retail categories, like online grocery and food, flourished with shelter-at-home restrictions, while categories like apparel suffered.
Read MoreBrex brings on $150M in new cash in case of an ‘extended recession’ Fast-growing fintech behemoth Brex is raising big money as its customer base itself — high-growth and spendy startups — is struggling.
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 MoreFRANKFURT (Reuters) – Germany’s financial watchdog BaFin said on Tuesday it was conducting multiple investigations into Wirecard (WDIG.DE), sending its shares lower and adding to pressure over allegations it has denied. At 1309 GMT, Wirecard’s shares were 3.3% lower, making them the biggest faller on the German blue-chip index.
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.
Read MoreFirst Data Merchant Services LLC and a former executive agreed to pay more than $40 million to settle a claim by the Federal Trade Commission that the company processed payments and laundered credit card transactions for scams targeting hundreds of thousands of consumers.
Read MoreThe world’s response to Covid-19 already has accelerated trends underway in the payments business, and pandemic-spurred innovations will continue after the contagion eases, according to three senior industry executives said Tuesday.
Read MoreBanks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR.
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