Industry

PayPal and Venmo to Move Into In-store Payments ‘Next Year’

PayPal is to begin a major new push into in-store payments next year, under both the PayPal and Venmo brands and using both NFC and QR codes, CEO Dan Schulman has told Axios. Axios asked Schulman if it is important for PayPal to have a place in the physical retail store.

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Banks Have Lost a Quarter of the Payments Franchise to New Players

Non-banks now account for a quarter of the institutions offering payment services or payment instruments, up from 14% in only six years, according to a fresh batch of statistics from the bank for International Settlements. The data comes from the Basle-based BIS’s annual Red Book report on payments and financial infrastructures.

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Goldman Sachs Lent Out Approximately $10 Billion to Apple Card Users in the First Month

Goldman Sachs reached this approximate total as of September 30, just over a month after Apple Card’s full US launch, per Bloomberg. Cardholders had $736 million in loan balances at the end of September, and the release of these metrics follows both Apple CEO Tim Cook and Goldman Sachs CEO David Solomon speaking highly of […]

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14 Fintech Trends to Watch for in 2020

Automation and technology aimed at improving financial services—fintech—has garnered a lot of attention lately. From crowdfunding to mobile payments and money transfer services, fintech has the potential to revolutionize how consumers and businesses handle financial transactions.

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Continued Growth Cements UnionPay as the World’s Largest Card Scheme

New research shows that there were 16 billion payment cards in circulation at the end of 2018, up by 10 since a year earlier. The research indicates that financial inclusion initiatives are driving growth in the payment cards market, as governments, particularly in developing countries, encourage people to enter the banking system.

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4 Out of 5 People Who Use Digital Banks Would Switch to Amazon

Nearly two-thirds of U.S. consumers are thinking about opening a new savings account, and about half of them (47) say they would be comfortable with an online-only provider like Ally, Discover or Synchrony, according to a survey conducted by the Consumer Bankers Association and Novantas.

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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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PayPal’s Huge Missed Opportunity Could Be Square’s Gain

PayPal’s (NASDAQ: PYPL) move to acquire Venmo through the purchase of Venmo’s then-parent company Braintree in 2013 got a lot of praise at the time. The mobile payment app was seen as an important asset that would help PayPal solidify its leading position in the mobile payment services industry.

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Apple Is Suffocating Mobile-payment Rivals

When it comes to mobile wallets, Apple is the $1 trillion elephant in the room. The iPhone maker controls about half of the US smartphone market and around 10% worldwide. A recent survey showed that more than 80% of US teens have an iPhone. Every one of those devices comes pre-installed with Apple Pay, the […]

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Banks Risk Losing US$280 Billion in Payments Revenue by 2025, According to Accenture Report

Yet, as digital payments continue to grow, banks can tap into US500 billion opportunity in new payments revenue if they adopt innovative business models NEW YORK, LONDON and HONG KONG; Sept.

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Can Smaller Financial Institutions Win the Mobile Banking Arms Race?

The banking industry continues to struggle with issues around reputation, trust and loyalty, failing to completely recover from pre-crisis issues that have resulted in new competitors and consumer backlash.

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Fintech Partnerships With Banks: Key to the Future of Payments?

As the finance industry grapples with what the next generation of banks and payment systems will look like, it’s clear that partnerships are a linchpin for riding the wave of change successfully, whether you’re a multibillion-dollar traditional bank or a startup looking to bring cutting-edge technology into the mainstream.

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