Retailers providing cash-back services at the point of sale fill a void for many consumers who may live in so-called banking deserts, the Consumer Financial Protection Bureau says in a new report on the service. Some, however, charge a fee for that access, along with other banking hurdles. The Cash-back …

When Bruce Lowthers took over a struggling Paysafe Ltd. two years ago, he immediately plunged into what he noted then was a wide-ranging reclamation project. On Tuesday, he called out some progress but also offered a blunt update on his transformation efforts. “We have the right strategy and our execution …

FIS Inc. isn’t quite the factor in merchant processing it once was, but the big Jacksonville, Fla.-based processor remains a significant factor in digital payments, specifically for banks, its top management was at pains to stress early Tuesday as the company reported its second-quarter results. “We’re very pleased with our …

As the Federal Reserve’s real-time payments network celebrates its first birthday, the payments industry takes stock of its impact on instant transfers. Launched with great fanfare in July 2023, the widely and long-anticipated FedNow has largely enjoyed a successful first year. One area where the network has excelled is in …

Consumers and merchants may be primed for it. New technology, consumer affinity for digital payments, and the allure of cheaper payment processing may be setting the stage for broader use of pay by bank in the United States. Paying by a bank account is not unfamiliar to most consumers. Already, …

The Biden administration dashes ahead with an interdepartmental effort to design a digital dollar, following the European Union and China, which are very excited about the tight surveillance power given to government through the emerging technology of digital money. The U.S. effort, which was kicked off by a presidential executive …

Open-banking technology provider Plaid Inc. is pairing-up with The Western Union Co. to bring its account-verification services to the wire-transfer giant’s European customers. Under the so-called collaboration San Francisco-based Plaid announced Thursday, Western Union will be able to tap Plaid’s open-banking system for account verification, thereby simplifying remittances and digital …

Processors and service providers focused on restaurant point-of-sale systems are enjoying strong growth as restaurants remain one of the hottest markets in digital payments. Two companies reaping the fruits that growth are Toast Inc. and Olo Inc. Toast Inc. posted annual recurring revenue of $1.3 billion during the first quarter …

Long enchanted with retail and restaurants, acquirers are ready for the next point-of-sale markets. The independent sales agent and acquirer model is successful because of its ability to competitively sell merchant services. The saturation of point-of-sale and online payment services within the retail and restaurant industries is a prime example …

Fiserv Inc. has been an acquisitive payments processor in recent years, but it’s a deal the company concluded nearly five years ago that is energizing growth at the company. Fiserv’s $22-billion acquisition of First Data Corp. in the summer of 2019 brought Clover, a set of point-of-sale technologies that today …