Meta, Facebook’s parent group, announced that it’s rolled out payments products on its metaverse platform Horizon Worlds. Combined, its various sales fees could lead to Meta taking up to 47.5% of creator profits.
Read MoreFIBR Tech Ltd., which provides online lending to businesses, and ANNA Money, a business account and admin service provider, have announced searches for new buyers. Both businesses are currently owned by ABH Holdings, which includes sanctioned Russian billionaires as its owners.
Read MoreThe retail giant announced John Rainey, current CFO at PayPal, as its next finance head. He will start the job on June 6.
Read MoreAccording to a survey of 7100 teenagers by Piper Sandler, Apple Pay saw the most monthly users among teens than any other payments app. It beat out competitors like Venmo, Cash App, and PayPal in terms of market share among teenagers.
Read MoreInternal memos suggest Meta, which owns Facebook, has plans to add virtual coins, tokens, and lending to its apps. This includes “social” or “reputation” tokens that reward substantive contributions to Facebook groups.
Read MoreYesterday, the 5th U.S. Circuit Court of Appeals reinstated two counts in an antitrust suit against Visa related to its debit card fees for payment processing networks. The plaintiff, Pulse Network LLC, argues that Visa’s fixed monthly fees for using its debit network encouraged payments processors to favor Visa over other card networks.
Read MoreThe rideshare giant said it will soon add plane, train, and rental-car booking to its app in the U.K. It also said it may scale these services beyond the U.K. if the new services gain traction.
Read MoreLaunched on March 23 by Egypt’s central bank, InstaPay permits electronic transfers from accounts belonging to different banks. 13 banks currently use the app and run on its Instant Payment Network (IPN).
Read MoreA multiyear plan would help the computing giant develop its own infrastructure for financial products. It would facilitate new approaches to payment processing, risk assessment for lending, fraud analysis, credit checks, and more.
Read MoreShareholders are set to vote on proposals to reduce financing for projects in oil and gas. The banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley.
Read MoreAccording to the Financial Health Network, more than 70% of pay-advance users have taken out several advances in a row. Predatory data collection and obscure cash-limit algorithms further affect consumers within this $12B industry.
Read MoreThe Chinese tech giant said it is looking into whether Chinese regulators will force it to house its financial businesses in a holding company. Two financial holding company licenses have recently been issued in the country.
Read MorePaysera, a Lithuanian company handling payments for online stores and retail customers, has refurbished the fourth floor of its global offices to house 16 Ukrainian refugees. It’s also halted payments to and from Russia in response to the country’s invasion of Ukraine.
Read MoreThe tech giant announced yesterday that it’s created a $100M fund to invest in virtual reality (VR) and augmented reality (AR). The fund is called the Snapdragon Metaverse Fund.
Read MoreOn Wednesday, the Consumer Finance Protection Bureau (CFPB) announced that discrimination associated with any financial product is illegal. The Bureau has primarily concerned itself with discrimination in credit.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
