Issuing/Originating

Last year, credit card issuers charged consumers more than $105 billion in interest and more than $25 billion in fees, $14.5 billion of which came from late fees, according to the Consumer Financial Protection Bureau’s biennial credit card market report. Credit card holders paid about 20% of their average balance …

The Federal Reserve Board’s proposal Wednesday to make a 31% reduction in the main component of its debit card interchange ceiling for large issuers touches on a longstanding sore point among merchants and has already sparked a spirited debate in the payments industry. Merchant groups, long riled by debit card …

Mastercard Inc. posted strong third-quarter results of $6.5 billion in revenue, up 12% from $5.8 billion in the 2022 third quarter. The card giant’s net income of $3.2 billion increased 28% from $2.5 billion in the year-ago quarter. Mastercard cited cross-border payment volume growth of 21% in the quarter as one …

With potential regulation of credit card interchange looming and with the unwavering demand from merchants for lower card-acceptance costs, the possibility that interchange as it’s known today may dramatically change can’t be entirely dismissed—but don’t count on its demise. That was the conclusion at the Money 20/20 trade show this …

Numbers from Fiserv Inc. early Tuesday indicate the big processor’s payments and network business for financial institutions is growing at a steady clip, with September-quarter revenue in that business up 5% year-over-year, to $1.71 billion in volume. Riding that wave, the company’s top brass late Monday announced a deal with …

Though the official launch of the Paze online wallet from Early Warning Services LLC isn’t slated until 2024, Paze executives are already demonstrating the product. As many as 150 million credit and debit cards from seven large banks could be loaded into Paze, complete with billing addresses, as Early Warning …

While rewards are the biggest reason consumers choose a credit card, cardholders believe issuers have more room for improvement when developing rewards programs, especially when it comes to personalization, according to Marqeta Inc.’s 2023 State of Credit report. The report reveals that 58% of consumers surveyed cited rewards as the …

The Consumer Financial Protection Bureau’s oversight effort in data-sharing regulation is more than a year old, but with its newly proposed data-rights rule—released last week—the agency is making a substantial move in the field. Under the Personal Financial Data Rights rule, consumers would have the power to share data associated …

Card companies with a heavy exposure to travel and entertainment spending took a beating during the pandemic, but that’s ancient history now so far as American Express Co. is concerned. The T&E giant early Friday reported its sixth consecutive quarter of record revenue, backed by strong cardholder spending and new …

J.P. Morgan Payments launched its pay-by-bank service, relying on open-banking technology from Mastercard Inc. The service lets customers pay bills directly from their bank accounts. Block Inc.’s Afterpay buy now, pay later platform announced a partnership with Nift Networks to offer users access to products and services offered by Nift. Point-of-sale system maker Revel …