Cash App and Venmo, peer-to-peer payment services from Block Inc. and PayPal Holdings Inc., respectively, are under scrutiny from four U.S. senators over their fraud-protection efforts. In letters dated June 15 and sent to each company, the senators requested data on the volume of fraud reports the networks have received …

U.S. Senators Sherrod Brown (D-Ohio), Jack Reed (D-R.I.), Bob Menendez (D-N.J.), and Elizabeth Warren (D-Mass.) on Thursday sent letters to Block Inc.’s Cash App and to PayPal pointing to “reports of widespread fraud and scams” on Cash App and Venmo and requesting data on the volume of reports of fraud …

The Consumer Financial Protection Bureau is looking at creating a rule to define so-called larger companies in the consumer-payments industry, according to a notice the regulator posted on Tuesday. The rule if established would clarify the CFPB’s supervisory authority with respect to nonbank payments companies, lending more impetus to a …

The Canada-based commerce platform Shopify announced it has added the payments gateway Volt, allowing Shopify merchants in Europe, the United Kingdom, and Brazil to process real-time account-to-account payments. In related news, payments platform Netevia announced updates to its banking-services features, including free account-to-account transfers. The free period extends until the end of the year. …

Chase, the consumer and commercial banking division of JPMorgan Chase & Co. in the United States, has launched Chase Freedom Rise, a credit card aimed at consumers with no credit history. Cardholders earn 1.5% cash back on every purchase, pay no annual fee, and have no minimum threshold for redeeming …

The Credit Card Competition Act is making a comeback, this time with more bipartisan support. The bill, originally launched last summer by Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan,), is expected to be reintroduced in the Senate, apparently with few changes, as early as this week, according to an …

The Securities and Exchange Commission sued cryptocurrency exchange Coinbase, alleging the company operates as an unregistered broker. The suit comes on the heels of a similar SEC action against Coinbase competitor Binance. U.S.-based stablecoin platform Circle Internet Financial LLC said its Circle Singapore affiliate obtained a Major Payment Institution license from the Monetary …

Worldpay, a unit of processor FIS Inc., has partnered with open-banking gateway and real-time payments network Volt to enable merchants to accept account-to-account payments from consumers. Through the use of application programming interfaces Volt will enable Worldpay merchants to initiate account-to-account (A2A) payments using open-banking technology. Open banking allows banks …

Some 80% of U.S. consumers say they have used a peer-to-peer payment service at least once, while two-thirds report having used a mobile wallet in the past year, according to the 2023 State of Payments report from card-issuing platform Marqeta Inc. The study surveyed 4,091 consumers in February, including 2,013 in the …

[Updated with new information over the weekend] An unknown number of Chase online-banking customers experienced duplicate Zelle debits to their accounts on Friday, while most anecdotal evidence suggests payees received only one payment. Zelle, the online peer-to-peer payment service, is integrated into Chase’s mobile app and online site. Early Warning …