Mastercard is jumping into the competitive installment loan space by allowing banks and start-ups to ramp up their own âbuy now, pay laterâ offers. The payments giant announced a new program called âMastercard Installmentsâ for U.S., Australian and U.K. markets on Tuesday, which will go live in the first quarter of next year. The increasingly popular lending style lets buyers split up purchases through monthly, often interest-free payments. Mastercard doesnât lend directly to customers. Its network acts as a middle man in the payment process for credit and debit cards. In this case, it will enable banks and fintechs to âplug inâ to the Mastercard program and offer loans directly.
The Electronic Transactions Association (ETA) has recognized three companies with the payments industryâs highest honor, the 2021 ETA Star Awards â Response to COVID-19, presented at the ETA Strategic Leadership Forum. This yearâs winners are Celero Commerce, Homebase, and NCR Corporation. The 2021 ETA Star Award â Response to COVID-19 was created to acknowledge the important work of the payments and fintech industry in keeping commerce running and going the extra mile for their customers and employees in response to the pandemic.
GoDaddy Inc., which launched GoDaddy Payments in June to unify its transaction services following its December deal to buy point-of-sale terminal maker Poynt Inc., released a countertop payment terminal and mobile card reader with lower fees than most competitors. Merchants will pay 2.3% per card-present transaction and 2.3% plus 10 cents per e-commerce transactions. Keyed transactions are 3.3%. GoDaddy says its rate undercuts the average among four competitorsâSquare, Stripe, Shopify, and PayPalâof 2.6% plus 6 cents.
Direct deposit is coming to crypto, Coinbase said Monday. In the next few weeks, the company will roll out a feature that allows customers to deposit any portion of their paycheck directly into Coinbase. People can use the funds for regular crypto investments, earning crypto rewards, or spending on the Coinbase cardâa Visa debit card that allows people to buy everyday items with crypto. Coinbase users can select which cryptocurrency they would like their paycheck to be converted to, or keep the sum denominated in U.S. dollars.
May require account to read. The first phase of a multi-year research project the Boston Federal Reserve is doing with the Massachusetts Institute of Technology on the technology that could be used for a digital dollar is nearly done and could be released over the next month or so, a Boston Fed official said on Wednesday. The initial findings from the Boston Fed research are "basically done" and will include open-sourced code that could serve as a potential model for a central bank digital currency, or CBDC, said Jim Cunha, a senior vice president with the Boston Fed.
Square and TikTok announced a new integration that will make it easy for sellers of all types and sizes to reach new customers and grow their sales online. Square x TikTok enables sellers to send fans directly from TikTok videos, ads, and shopping tabs on their profiles to products available in their existing Square Online store, providing a streamlined shopping experience that retains the look and feel of their personal brand.
Epicor, a global leader of industry-specific enterprise software to promote business growth, announced that it has entered into an agreement to acquire CBC Computer Systems and its industry-leading Decor Fusion Point-of-Sale software for Paint and Decorating retailers. Financial terms of the agreement were not disclosed. The transaction is expected to close by Oct. 4, 2021. CBC Computer Systems' industry-leading technologies and expert staff will complement and strengthen Epicorâs offering in the Paint and Decorating market.
Maybe itâs the onset of autumn that prompts companies to seek summer elsewhere in the hope of finding greener grass. Or maybe they're taking a Halloween spin â as in, what costume would Robinhood like to wear? Coinbase's, perhaps? At least three well-known financial services companies soon will be testing their capacity to launch new products outside their typical silos â in territory more closely associated with other established fintech players.
BitPay, the worldâs largest provider of bitcoin and cryptocurrency payment services, and Verifone, a global FinTech leader and payment solution provider to the worldâs largest retail brands, announce the extension of BitPayâs blockchain payment technology to enable consumer cryptocurrency payments on Verifoneâs in-store and eCommerce Cloud Services platforms in the United States. The new solution enables merchants to broaden their customer base and promote crypto acceptance while being protected from the price volatility of the cryptocurrency markets.
May require account to read. Affirm Holdings Inc. is planning to debut a debit card and allow customers to buy and sell crypto directly from savings accounts they have with the company as part of a broader push to become a one-stop shop for consumersâ financial needs. Affirm -- known for letting customers split up purchases and pay them off over time -- is also weighing expanding internationally, the San Francisco-based company said Tuesday at an investor presentation. âOur superpowers are in developing sophisticated, scalable technology, risk management and highly efficient access to capital,â Chief Executive Officer Max Levchin said during the presentation.
Imagine splitting the check with your friends, when everyone at the table is using a different type of money â some using a central bank digital currency (or CBDC) like Swedenâs eKrona, and others preferring a private stablecoin like USDC. How about sending $500 in USDC to a friend in London, and having those funds automatically converted to digital British pounds before they arrive in her CBDC wallet.âŻNow imagine all this happening in real-time, across multiple networks, and compatible with multiple digital wallets.âŻIn the not-too-distant future, this very well may be a reality.
Fintech startups have thrown a curve ball into the world of financial services by building more flexible, cheaper and user-friendly tools to businesses and consumers, who in turn are walking away from older incumbents and taking their custom to newer providers. In the latest development, a startup called Highnote is launching with ambitions to make waves in the world of card issuing, by making it easy for any company of any size to provide virtual payment cards to their customers. Founded by PayPal alums, the company is exiting stealth mode and also announcing $54 million in funding to take its first steps.
PagoFX, the international money transfer service from Banco Santander that was built to take on the likes of Wise and Revolut, is to shut up shop on 30 November. In a statement on its Website, PagoNxt, Santanderâs global fintech business, says the service is being shut following a "strategic review". "It has been decided to close the international money transfer service in the UK, Spain and Belgium," states the bank. "PagoFXâs technology and resources will be used to support the wider PagoNxt Group and its customer proposition."
The warehouse retailer reported fourth quarter sales of $61.44 billion, an increase of 17.5% compared to the same period last year, when sales reached $53.38 billion. The quarter marks the first time Costco reported sales above $60 billion. The retailer reported higher expenses on labor, including COVID-19 premium wages and sanitation costs of $281 million. For the full year, Costcoâs new sales rose 17.7% to $192.05 billion from $163.22 billion the previous year, marking the largest year-over-year growth for the retailer since its 1992 fiscal year.
Leading specialty floral and gifting retailer FTD is redesigning its omnichannel customer experience and migrating e-commerce operations to the Shopify platform. Matt Powell, CTO of FTD, recently spoke with Chain Store Age about his companyâs new complete creative rebranding initiatives. He also provided exclusive insight on FTDâs full-scale partnership with the Shopify e-commerce platform, which is the next step in its continuing effort to rethink its technology stack to better serve its customers and florist partners.
Ok, weâll admit that we havenât bought a pumpkin to carve for Halloweenâbut we might pick up a Christmas tree first. Blame the supply-chain crisis, which has escalated throughout the pandemic: âMany thought by the 2021 holiday season, things would be better. Unfortunately, they continue to worsen,â Chris Palmer, founder and CEO of SupplyKick, which optimizes sales for sellers on Amazon, told Retail Brew. âDelays in receiving times and supply chains will make it nearly impossible for brands and sellers to keep the right amount of inventory in stock,â he added.
The question: âHow will this artwork look in my dining room?â can now be answered with Mondayâs launch of The Etsy House, an interactive experience that allows shoppers to virtually walk through a home decorated with handmade items offered on the online marketplace, Etsy announced. The house features true-to-size renderings, as well as 360-degree views of items available for purchase. When visitors hover over selected items, a pop-up provides more details on the product and a link to buy.
UK academics have uncovered mobile security issues in Visa and Apple payment mechanisms that could result in fraudulent contactless payments. On Thursday, academics from the UK's University of Birmingham and University of Surrey revealed the technique, in which attackers could bypass an Apple iPhone's lock screen to access payment services and make contactless transactions. According to the paper, the 'vulnerability' occurs when Visa cards are set up in Express Transit mode in an iPhone's wallet feature.
.S. Federal Reserve Chairman Jerome Powell said he does not intend to ban cryptocurrencies, but said stablecoins need greater regulatory oversight. Powell made the comments in a two-hour long House Financial Services Committee meeting on Thursday. The meeting, meant to serve as a forum for representatives to ask Treasury Secretary Janet Yellen and Powell about the Treasury Departmentâs and Federal Reserveâs pandemic response, featured several questions about cryptocurrencies.
LexisNexisÂź Risk Solutions revealed the results of its annual True Cost of Financial Crime Compliance Study for the U.S. and Canada. The total projected cost of financial crime compliance for the region in 2021 is approximately $49.9 billion, up 19% from 2020 and up 58% compared to 2019. The new edition of the survey illustrates the sharp increase in financial crime compliance costs, compared with both the pre- and early pandemic timeframes. This rise is attributed in part to labor costs, increasing regulations and evolving criminal threats.
A bipartisan bill has been introduced in the U.S. Senate which, if passed, would find the Treasury Department actively monitoring cryptocurrency mining abroad, as well as its ultimate impact on U.S. supply chains for critical resources, including semiconductors. The legislation, introduced on Monday by Sens. Maggie Hassan, D-N.H., a member of the Homeland Security and Governmental Affairs Committee, and Joni Ernst, R-Iowa, would require the Treasury Department to submit its cryptomining findings to Congress.
U.S. consumer confidence fell to a seven-month low in September as a relentless rise in COVID-19 cases deepened concerns about the economyâs near-term prospects, fitting in with expectations for a slowdown in growth in the third quarter. The survey from the Conference Board on Tuesday showed consumers less interested in buying a home and big-ticket items such as motor vehicles and major household appliances over the next six months. Consumers were also not as upbeat in their views of the labor market as in the prior month.
According to the Amex Trendex, a trend report from American Express, consumers surveyed are investing more time and money in their physical and mental health to combat the toll the COVID-19 pandemic has taken on their well-being. More than two-thirds (69%) of consumers surveyed indicate that their mental health has been impacted by the pandemic â either by isolation restrictions or concerns for well-being â and 66% agree that the pandemic has encouraged them to spend more money on items or experiences that help with their overall mental wellness.
New weekly jobless claims have risen for three consecutive weeks, increasing off a pandemic-era low from earlier this month but still remaining well below heightened prints from earlier this year. And initial unemployment claims have in recent months drawn closer to their pre-pandemic levels, with new weekly filings having come in at an average weekly pace of just over 200,000 in 2019.
Visa Inc. announced plans to grow its presence in Atlanta, including opening a new office in 2022. âAs Visa continues to grow, it is critical we have a strong local presence in areas where we do meaningful business,â said Kim Lawrence, head of the U.S. market, Visa. âGrowing our presence and workforce in Atlanta will enable Visa to serve our clients more effectively, support talent development and contribute to the long-term success of local communities.â
Fiserv, a leading global provider of payments and financial services technology solutions, announced a commitment to continue and expand its presence in New Jersey. The company will add approximately 2,000 jobs to its existing presence and invest in a new location in Berkeley Heights, New Jersey. The planned Fiserv campus will serve as a strategic center of excellence for technology and product innovation. The innovation lab will specialize in designing use cases around the future of banking, money movement, and commerce.
Stripe announced a major expansion of its presence in Canada. Stripe will soon open an office in downtown Toronto, Ontarioâits first in the countryâand has launched four new products in Canada: Stripe Tax, Pre-Authorized Debits, faster payouts, and a new smart reader for Stripe Terminal. âOur government is thrilled that Stripe has chosen to expand into Ontario for its first Canadian office, and we want to congratulate them on this milestone,â said Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade.
Paysafe, a leading specialized payments platform, announced a new partnership with Shelby Financial Corporation, the Pennsylvania-based provider of escrow solutions for the travel and aviation industry, to further strengthen its âsafeguardingâ acquiring solution for U.S. airline ticket payments. Against the backdrop of the COVID-19 pandemicâs destabilizing impact on the travel industry, Paysafe in July rolled out its safeguarding trust model for airline tickets payments, innovating on the traditional approach of tying up airlinesâ liquidity with their banks to cover the high risk of these transactions.
May require account to read. The merger of SunTrust Banks and BB&T into the $522 billion-asset Truist Financial was completed in December 2019, but the work of integrating the two companiesâ technology environments goes on. The way the Charlotte, North Carolina, company is handling the tech side of its merger reflects several trends in the industry, including the movement toward cloud computing, the desire for real-time data and the need to be digital-first.
PPRO today announces its integration of the PayPal Commerce Platform. The move further cements PPROâs market-leading position as one of the go-to providers of local payments infrastructure for payment service providers (PSPs), banks, and gateways. PPROâs integration will allow its customers to significantly reduce the time to integrate PayPal Commerce Platform solutions and give customers access to the PayPal Wallet.
Discover, a leading digital bank and payments company, will be supporting Phoodâs new meal delivery program for college students by opening up access to merchants that run on the Discover network. This industry-first partnership will provide a mobile app that allows higher education students to easily sign-up, and load their meal plan and flex plan dollars for use on meal delivery services, such as DoorDash food, groceries and convenience items on demand, and at local restaurants that accept Discover.
Bank of America announced that it has hired Mary Hines Droesch as Head of Consumer and Small Business Products. Droesch brings more than 20 years of industry and leadership experience and deep product knowledge to Bank of America. She most recently served as Chief Marketing Officer for Citigroupâs U.S. Consumer business. Droesch joins Bank of Americaâs Regional Banking leadership team, reporting to Dean Athanasia.
Banking and financial institution HSBC has named a former Google executive to serve as its head of platforms for global commercial banking. HSBC announced the appointment of Aman Narain Wednesday (Sept. 29), saying it was part of its strategy to embed its solutions into its clientsâ digital platforms. âIn this new role Aman will lead HSBC Commercial Bankingâs global platforms strategy, including the development, commercialisation and innovation of market-leading propositions,â the company said in a news release.
EVO Payments, Inc. (âEVOâ), a leading global provider of payment technology integrations and acquiring solutions, has partnered with Infinite Peripherals, the leading provider of enterprise mobility solutions, to deliver a best-in-class, scalable mobile payment application for enterprise businesses. EVO and Infinite Peripherals will enable secure digital payment acceptance, leveraging Infinite Peripheralsâ Quantum Payâą Solution. The mobile-first payment solution is EMV and PCI compliant and supports all contact and contactless transactions, including Google Pay, Apple Pay, and Samsung Pay.
UATP and Uber for Business announced a strategic partnership in which UATP will be integrated into Uber Wallet, enabling travelers to use UATP accounts for rides with Uber as well as orders through Uber Eats. These features will be available in the coming weeks. "For businesses around the world, the way work gets done looks different these days. Yet, the fundamental goals have remained the same â continue building great products, while uncovering new ways to not just fulfill customer demand, but delight customers and keep them happy," said Susan Anderson, Global Head of Uber for Business.
Signifyd is partnering with Capital One to extend its Authorization Rate Optimization solution to the bankâs payments ecosystem, improving the shopping experience for consumers and increasing retailersâ revenue by ensuring a substantial increase in successful online transactions. Capital Oneâs partnership with Signifyd, the market leader in fraud and abuse protection, will help increase authorization rates and minimize the number of orders that are incorrectly declined due to suspected fraud on Capital One credit cards.
Supporting the need for industry collaboration on emerging technologies impacting the payments ecosystem, leading enterprise software applications provider BHMI announced it has officially joined the U.S. Payments Forum. As a national, cross-body organization focused on key issues impacting the payments industry, the U.S. Payments Forum promotes the efficient and effective introduction of new and emerging payments technologies across the country.
Financial Transmission Network, Inc. (FTNI), a provider of industry-leading integrated receivables, payment processing and cash application automation solutions, announced that Vermont Information Processing (VIP), a leader in technology solutions for brewers, distributors, wineries, and soft drink bottlers will utilize FTNIâs ETran Mobile payment services to help power VIPâs mobile payment solution, VIPPAY.
IRIS CRM is pleased to announce the latest enhancement to its Dispute Responder which now includes support for TSYS FSP ISOs to manage their merchant disputes through IRIS CRM. TSYS FSP ISOs using Merlink, TSYSâs internal dispute management system, will now be able to provide access for merchants and agents to receive notifications of new chargebacks and retrievals for merchants within 24 hours of a dispute being filed. Once notified, merchants, agents, or the ISO can easily reply with supporting documentation directly from IRIS CRM.
