News

October, 2023

• 23 October

  Rewards And Loyalty to Brands Still Drive Consumer Credit Use, Marqeta Finds

  

  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 …
• 23 October

  Screen Scraping’s Role in Open Banking Is on the Short List

  

  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 …
• 23 October

  Visa’s AR Manager And Other Digital Transactions News briefs from 10/23/23

  

  Visa Inc. announced it will start a pilot in November for Visa AR Manager, a platform intended to automate more functions in commercial card acceptance. PayNearMe, a specialist in payments for iGaming and sports betting, will add to its MoneyLine platform the “Cardless Cash at ATM” feature from NCR Atleos Corp. …
• 20 October

  It’s Early, But the CFPB’s Open Banking Rule Is Getting an Industry Thumbs Up

  

  A day after the Consumer Financial Protection Bureau floated a proposed data rights rule, reaction from the payments industry has been largely positive. The rule aims at governing the practice of sharing consumer data through open banking. The proposed rule would require financial institutions to share data at a consumer’s …
• 20 October

  AmEx Puts Its Pandemic Exposure Firmly in the Past

  

  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 …
• 20 October

  J.P. Morgan Debuts Pay-by-Bank And Other Digital Transactions News briefs from 10/20/23

  

  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 …
• 19 October

  Discover Looks to a Resolution of Regulatory And Merchant Pricing Snafus

  

  The top management at Discover Financial Inc. said early Thursday its issues with regulatory compliance and merchant overcharges continue to cast a shadow over the company but could be on the way to being solved. The problems, which included misclassification of merchants resulting in overcharges for card acceptance, came to …
• 19 October

  BNPL Is Broadening Its Audience To Include Financially Strong Borrowers, J.D. Power Finds

  

  The audience for buy now, pay later loans is widening to include financially healthy consumers who don’t need the extended buying power BNPL loans provide. The reason, according to a report citing J.D. Power’s 2023 BNPL Satisfaction Study, released in August, is reasonable repayment terms. While some 28% of U.S. …
• 19 October

   Expect Real-Time Payments Bloom And Other Digital Transactions News briefs from 10/19/23

  

  Ninety-nine percent of large enterprises—those with annual revenue of $1 billion to $9.9 billion—expect to send real-time payments in the next five years, found the 2023 AFP Real-Time Payments Survey released by the Association for Financial Professionals and sponsored by The Clearing House Payments Co. LLC. It also found that 77% of …
• 18 October

  The Federal Reserve Is Set to Revisit the Debit Fee Cap

  

  The Federal Reserve Board of Governors will consider revisions to its cap on debit card swipe fees at its meeting next Wednesday. The announcement was made as part of a public notice about the upcoming board meeting. While no further details were provided about the Fed’s intentions, retailers made it …