In the wake of the disruption, Shift4 Payments offered a bonus for merchants to switch to their POS system
In 2023, 92.3% of the 5.2 million accounts opened digitally will be with incumbent banks. Even Gen Zers—the main source of account opening growth—will largely opt for trusted institutions. Neobanks will be left in the dust, especially as fintechs and Big Tech siphon away customers.
Overdraft fees fell 11% year over year, but they’re still widespread: A look at the fees banks are charging for overdrafts, nonsufficient funds, ATM usage, and checking accounts shows regulatory scrutiny can be a great motivator.
Safety. Soundness. Security: Studies say these are some of the feelings that bank branches evoke in their customers. We continue our look at how their role is changing in a digital world.
Goldman gets a warning about its fintech due diligence: The market and regulators continue to challenge CEO David Solomon’s vision for consumer and transaction banking.
Hyundai’s in-vehicle payments system can add more hands-free utility, attract more potential buyers, and bring in payments revenues
Focusing on non-payments use cases is part of Amazon’s larger strategy for the POS system, which is still small in scale
Adding support for its branded cards on Apple Pay is further proof payments providers’ walled gardens are collapsing
Should we just let the branch go extinct? The end of summer in the US led us to pause and reflect on how banking continues to evolve under the influence of digitization and whether the branch still should have a place in banks’ and credit unions’ go-to-market strategies. Today, we’re kicking off a multi-part series looking at the current state of the branch, what consumers think of it, and how some banks are attempting to reinvent their branch networks to strengthen customer relationships.
But it faces competition from other mPOS providers and the boom in softPOS demand
The solution brings what has become a security expectation to all transactions after India mandated tokenization for card-on-file transactions
The payments network added USDC settlement capabilities for acquirers as stablecoins gain payments momentum
What happened after the overdraft and NSF fees went away: How a Minnesota credit union’s marketing campaign helped increase its membership and offset that lost revenue.
JPMorgan boosts its stake in Brazilian neobank C6: That will help it keep going until it attains profitability, less-well-capitalized rivals drop out, and Latin America’s biggest economy improves.
Details surrounding the increases are sparse—and Mastercard rebuffed the report as untrue. But the outcry may be overstated
Klarna’s cost-cutting measures and diversification strategy are starting to pay off
Shopify merchants can access Amazon’s logistic business and buy button after Shopify sold its logistics arm
The examiners came around, and they had questions: Stung by criticism that it was “asleep at the wheel” as Silicon Valley Bank’s troubles mounted, the Fed has now sent warnings to a slew of midsize lenders.
On today’s podcast episode, we discuss the challenges the credit card industry is looking at over the next year. • In our “Headlines” segment, we focus on an Insider Intelligence article published at the end of August about Macy’s private label credit card sales and consider if it’s a harbinger of problems in the credit card industry overall. • In “Story by Numbers,” we center the conversation on what will happen to consumer credit card spending if—or when—there’s a recession. • And in “For Argument’s Sake,” we take up sides to discuss whether there will or will not be a recession, which is a critical issue for the credit card industry. Tune in to the discussion with host Rob Rubin and our analyst David Morris.
Looks like it will get worse before it gets Better: In a tough environment for new listings and one of the worst markets for mortgages in a generation, the online mortgage lender’s stock tanked by more than 90% at its IPO.