Top Stories

  • Banks Cut Nearly 78K Jobs in 2019, a 4-year High

    Banks Cut Nearly 78K Jobs in 2019, a 4-year High

    Banks worldwide cut 77,780 jobs in 2019, according to filings by financial institutions and labor unions – the highest total since 91,448 cuts in 2015. Nearly 82 of that figure came from banks in Europe, where negative interest rates are expected to continue for years to come.

    Read More
  • Hackers Hold Travelex to Ransom

    Hackers Hold Travelex to Ransom

    Hackers are demanding a ransom from Travelex in return for giving the foreign exchange bureau back control of its IT systems and customer data. On New Year’s Eve, Travelex was forced to pull the plug on its websites in 30 countries after discovering a software virus infection.

    Read More
  • 13 Changes Coming to the Banking Industry

    13 Changes Coming to the Banking Industry

    Very few industries have the long history and stability the banking industry has enjoyed. Banks depend on the firm trust of their customers, and as a result, change usually takes a long time. However, in recent years, members of the banking sector have realized that evolution is necessary if they are to remain relevant in […]

    Read More
More Articles

Technology

Hackers Hold Travelex to Ransom

Hackers Hold Travelex to Ransom

Hackers are demanding a ransom from Travelex in return for giving the foreign exchange bureau back control of its IT systems and customer data. On New Year’s Eve, Travelex was forced to pull the plug on its websites in 30 countries after discovering a software virus infection.

Read More
post thumbnail

5 Things to Know About the Future of Wearable Payments

As contactless payments become more ubiquitous in certain European and Asian countries, wearable payments technology is seeing a dramatic increase in adoption. This is particularly true for the devices themselves — such as Apple Watches and Fitbit fitness bands — that may have been recently given as gifts during the holiday season.

Read More
Embracing Biometrics Will Change the Future of Payment Transactions

Embracing Biometrics Will Change the Future of Payment Transactions

The way we pay for goods, both at the check out and online, could soon be about to change, writes Lynne Jeffery. For many of us, biometric authentication is already a part of everyday life.

Read More
This Video Gaming Giant Wants to Dominate Digital Banking

This Video Gaming Giant Wants to Dominate Digital Banking

Gaming company Razer Inc. and billionaire Jack Ma’s Ant Financial announced on Thursday they would each apply for a full digital banking license, joining the race to create virtual lenders in the city state. Razer’s shares leapt as much as 13.4% Thursday, their biggest intraday gain since April, before edging back to a solid 8.

Read More

Industry

Banks Cut Nearly 78K Jobs in 2019, a 4-year High

Banks Cut Nearly 78K Jobs in 2019, a 4-year High

Banks worldwide cut 77,780 jobs in 2019, according to filings by financial institutions and labor unions – the highest total since 91,448 cuts in 2015. Nearly 82 of that figure came from banks in Europe, where negative interest rates are expected to continue for years to come.

Read More
UnionPay Expanded to About 1 Million More Overseas Merchants Last Year

UnionPay Expanded to About 1 Million More Overseas Merchants Last Year

The state-run Chinese card network, which dominates the Chinese market, announced that 28.5 million merchants outside of mainland China now accept its cards, per a press release. Business Insider Intelligence This is only a modest bump from September 2019, when it reported surpassing 28 million merchants.

Read More
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 […]

Read More
10 Key Trends Set to Impact Payments and E-commerce in 2020

10 Key Trends Set to Impact Payments and E-commerce in 2020

As we step foot into the new decade, Mastercard’s Mike Cowen explores the top trends emerging in the world of digital payments and e-commerce. E-commerce and digital payments are fields which have been growing in importance over the last few years. And now that we’ve entered into a new decade, it’s vital that keep preparing […]

Read More

Regional

PayPal Completes GoPay Acquisition, Allowing the Payments Platform to Enter China

PayPal Completes GoPay Acquisition, Allowing the Payments Platform to Enter China

PayPal this morning announced it has completed its acquisition of a 70% equity stake in GoPay (Guofubao Information Technology Co. [GoPay], Ltd.), making PayPal the first foreign payment platform to provide online payment services in China. The transaction was approved by the People’s Bank of China on September 30 and has now closed.

Read More
New York City Could Become a Hotbed for Contactless Payment Adoption in the US

New York City Could Become a Hotbed for Contactless Payment Adoption in the US

One Metro New York (OMNY), New York City’s contactless transit system, has recorded over 4 million taps since launching in select subway stations on May 31, per a release from Visa.

Read More
UK Regulators Crack Down on Bank IT Outages

UK Regulators Crack Down on Bank IT Outages

Regulators made proposals on Thursday to strengthen the ability of banks and payment firms in Britain to recover from disruptions to services within set timeframes. FILE PHOTO: Workers are seen in the City of London, near the Royal Exchange and Bank of England, London, Britain, December 2, 2019.

Read More
Head of Chinese Crypto Exchange Disappears

Head of Chinese Crypto Exchange Disappears

The CEO of Chinese cryptocurrency exchange Idax has gone missing prompting fears that users of the platform have lost their virtual assets. On November 29th, an official announcement on the echange’s website announced that Lei Guorong had “gone missing with unknown cause and Idax Global staffs were out of touch with Idax Global CEO”.

Read More

Regulatory

Wawa Says POS Malware Incident Impacts ‘Potentially All Locations’

Wawa Says POS Malware Incident Impacts ‘Potentially All Locations’

Image via Wawa website Convenience store chain Wawa disclosed today a card breach after its security team found malware installed on its payment processing systems. Wawa said the malware collected payment card information from customers who used credit or debit cards at their stores and gas stations.

Read More
Top 10 Cybercrime and Online Fraud Predictions for 2020

Top 10 Cybercrime and Online Fraud Predictions for 2020

As a decade of online fraud fighting is drawing to a close, it’s time to think about the next decade Fraudsters were very busy this decade, coming up with an ever expanding bag of tricks, and we should expect them to give all of us good reasons to continue the fight.

Read More
Alleging Digital Wallets Are Not Prepaid Products, PayPal Sues the CFPB Over Its Prepaid Rule

Alleging Digital Wallets Are Not Prepaid Products, PayPal Sues the CFPB Over Its Prepaid Rule

PayPal Holdings Inc. on Wednesday sued the Consumer Financial Protection Bureau alleging the regulatory agency’s 8-month-old prepaid rule represents a “category error” and a violation of the First Amendment and should be vacated by the court. The lawsuit, filed in the U.S.

Read More
Federal Financial Regulators Cautiously Support Use of Alternative Credit Data

Federal Financial Regulators Cautiously Support Use of Alternative Credit Data

Five federal agencies including the Federal Reserve, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and National Credit Union Administration (NCUA) have essentially green-lighted the mortgage industry’s use of alternative credit data in underwriting – howev.

Read More