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- Rohit Chopra, director of the Consumer Financial Protection Bureau, said the agency will begin to identity potential “interpretive guidance or rules to issue with the goal of ensuring that Buy Now, Pay Later firms adhere to many of the baseline protections that Congress has already established for credit cards.” This follows Thursday’s release of the CFPB’s “Buy Now, Pay Later: Market trends and consumer impacts” report. In what could result in further regulation of the BNPL industry, the agency also will identify data-surveillance practices BNPL providers use, look for more ways on appropriate credit reporting practices for BNPL, and insist that BNPL providers are “subjected to appropriate supervisory examinations, just as credit card companies are,” Chopra said. The CFPB initiated its inquiry in December.
- The e-commerce platform BigCommerce said it will facilitate cryptocurrency transactions for its sellers through agreements with BitPay and CoinPayments.
- Gong’s Market, a single-store grocer, has won approval from the U.S. Department of Agriculture to accept SNAP EBT benefits online. Gong’s Market processes e-commerce transactions through Grocerist.
- Payments-technology company Tipalti announced its Tipalti Card is now generally available. The platform enables virtual card issuance and supplier-payments management.
- Canadian consumers are using credit cards less frequently and are attracted to alternative payments modes such as buy now, pay later, according to research from J.D. Power. The overall satisfaction score with credit cards is 764, unchanged over the past five years, the research shows.
- The Accredited Standards Committee X9 Inc. released the fifth and last part of a set of mobile financial standards, X9.134. This piece of the standard covers mobile banking as well as mobile payments to retail businesses.
- OneSpan, a platform for virtual interactions, launched its Virtual Room cloud service to enable secure meetings and transactions.
- The Merchant Risk Council, a payments trade group, said it has joined the EMVCo Board of Advisors. EMVCo is the technical organization that manages the EMV specifications for card transactions.
- Payall Payment Systems Inc., said to be the first bank processor for cross-border payments, announced it has closed on a $10-million seed round led by Andreesen Horowitz.
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