The COVID-19 pandemic continues to put huge stress on people’s and businesses’ finances, and in an effort to meet some of the crunch, today PayPal and Visa announced an expansion of a service to get cash into people’s hands faster.
Read MoreMastercard announced on Wednesday the release of a proprietary tool targeted to central banks that wish to test their Central Bank Digital Currency, or CBDC. Over 70% of central banks are entertaining the idea of a digital currency in some form, a Bank of International Settlements report noted.
Read MoreBy 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.
Read MoreSquare 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.
Read MoreSome 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.
Read MoreThe 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.
Read MoreAlliant 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.
Read MoreNeed 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.
Read MoreThe 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.
Read MoreOnce 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.
Read MoreBy 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 […]
Read MoreGlobal 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.
Read MoreBy 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.
Read MoreU.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.
Read MoreDive 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.
Read More8 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.
Read MoreDive 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.
Read More“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.
Read MoreInnovation 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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