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Google to Enforce 30% Cut on In-app Purchases Next Year

Google said on Monday that it will enforce rules that require app developers distributing Android software on the Google Play Store to use its in-app payment system. The move means developers have until Sept. 30, 2021 to use Google’s billing system, which takes a 30% fee from payments, instead of independent payment systems.

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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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More Than Half of Americans Now Use Contactless Payments, According to Mastercard Poll

More Than Half of Americans Now Use Contactless Payments, According to Mastercard Poll

Contactless payments were already on the rise in the U.S., but the ongoing coronavirus pandemic has hiked up the number of Americans using various touch-free payment methods.

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Electronic Payments Look More Appealing as People Fear Cash Could Spread Coronavirus

Electronic Payments Look More Appealing as People Fear Cash Could Spread Coronavirus

The coronavirus outbreak is prompting second thoughts about reaching for cash. As the number of cases tick up in the U.S., some are going cashless to avoid potential hygiene issues around handling banknotes.

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Big Tech Will Push Deeper Into Finance This Year – But Avoid the ‘Headache’ of Being a Bank

Big Tech Will Push Deeper Into Finance This Year – But Avoid the ‘Headache’ of Being a Bank

Big Tech may want to get into banking this year, but it doesn’t want to be your bank. Google plans to introduce consumer bank accounts later this year in collaboration with Citibank and a California-based credit union. The company wants to piggyback off the financial know-how of its partners, while providing the digital layer through […]

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PNC’s Fight With Venmo Highlights Bigger Issue Over Who Owns Your Banking Data

PNC’s Fight With Venmo Highlights Bigger Issue Over Who Owns Your Banking Data

PNC and Venmo are bickering over customer complaints about data, highlighting a sometimes murky area of connecting consumer apps to bank accounts.

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Goldman Sachs Will Reevaluate Apple Card Credit Limits After Bias Allegations

Goldman Sachs Will Reevaluate Apple Card Credit Limits After Bias Allegations

Goldman Sachs denied allegations of gender bias and said it will reevaluate credit limits for Apple Card users on a case-by-case basis for customers who claim to be affected.

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Mobile Bank Chime Goes Dark for Millions of Customers Due to Outage at Payments Processor Galileo

Branchless bank Chime is experiencing outages that are leaving customers stranded without access to their money.

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Mobile Payments Have Barely Caught on in the US, Despite the Rise of Smartphones

Mobile Payments Have Barely Caught on in the US, Despite the Rise of Smartphones

Despite growing smartphone dependence, most Americans still aren’t using the devices to pay for things. In other countries, it’s a different story. Places like China and India and are witnessing rapid adoption of smartphone payments.

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Bank of America’s Tech Chief Says There’s Nothing New About the Apple Card

Bank of America’s Tech Chief Says There’s Nothing New About the Apple Card

 Bank of America’s technology and operations chief Cathy Bessant isn’t losing sleep over Apple’s new credit card. Bessant, who has led the bank’s tech division since 2010, was asked by CNBC’s Deirdre Bosa what her reaction was to Apple’s Monday announcement. Keep in mind that Bank of America, the second biggest U.S.

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Personal Loans Surge to a Record $138 Billion in US as Fintechs Lead New Lending Charge

Personal Loans Surge to a Record $138 Billion in US as Fintechs Lead New Lending Charge

The consumer loans fell into three main categories: Debt consolidation, home improvement financing, and retail thanks to a surge in e-commerce and online shopping, Laky said. An unsecured personal loan does not require the borrower to put up any collateral.

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European Banks Falling Behind US on Tech Innovation, Finastra CEO Says

European Banks Falling Behind US on Tech Innovation, Finastra CEO Says

Stephan Drescher | E+ | Getty Images European banks are lagging behind the U.S. when it comes to embracing technology, according the CEO of leading fintech (financial technology) firm Finastra. The firm works with 45 of the world’s top 50 banks and has revenues in excess of 2 billion.

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