POSaBIT Systems Corp. strengthened its position in the cannabis-payments processing market with the $7.5 million acquisition of Scottsdale, Ariz.-based Hypur Inc., a provider of payment and compliance solutions to high-risk merchants, including cannabis dispensaries, CBD retailers, and merchants that accept cryptocurrency. POSaBIT says the acquisition will provide it with a …

Last month, the Consumer Financial Protection Bureau released an “Issue Spotlight” on government benefits that attacked the use of prepaid cards for delivering state benefits. The agency cited what it sees as a lack of choice for consumers, inadequate customer service, and, of course, fees. “In 2020, for example, issuers …

As the modern payments landscape has developed, digital wallets have become nearly impossible to avoid—not that consumers want to stay away. In fact, the recent decision by America’s largest banks to team up and create their own digital wallet points to quite the opposite. It’s easy to see why consumers …

The Federal Reserve’s planned launch in July of its FedNow service is widely expected to spur big growth in real-time payments in the U.S. market. That’s likely to happen, but the overall share of transaction volume for instant payments is expected to remain under 5% for at least the next …

Apple Inc.’s newest financial product, a buy now, pay later service called Apple Pay Later, has finally arrived. Launched Tuesday, Apple Pay Later was announced in June, but only now is it being made available, and just to a limited set of Apple Pay users. Apple says it will offer broader …

Written by John Ruthven, IR CEO and Managing Director   The digital payments industry is undergoing a massive transformation fueled by accelerated technological advancements and growing customer demand. The market is expected to be worth US$19.89 trillion by 2026, representing a compound annual growth rate (CAGR) of 24.4%, according to …

Early Warning Services LLC, a fintech owned by seven of the nation’s largest banks, will launch its digital wallet with a pilot this summer followed by general availability in the fall, the top official in charge of the project said Monday. The new wallet, called Paze and aimed exclusively at …

Account-to-account payments is becoming a growing force in the payments landscape, totaling $525 billion in global e-commerce transaction value in 2022, up from $463 billion in 2021, a 13% increase, according to the FIS Global Payments Report 2023. The volume was funneled through about 70 real-time payment schemes providing high-speed …

With the Federal Reserve’s announcement last week that it will launch its FedNow real-time payments service in July, technology firms are jockeying for position as the appetite for faster payments grows worldwide. One big development emerged early Tuesday with an announcement from London-based payments-software firm Finastra Group Holdings Ltd. that …

While the growth in buy now, later loans is prompting card issuers to enter the fray, one challenge they face is creating awareness, as card issuers do not make their BNPL offerings available at the point-of-sale. This is unlike BNPL specialists such as Affirm Holdings Inc., Klarna AB, and Sezzle …