Regulators in the U.S. and U.K. have voiced greater interest in reigning in BNPL providers. Consumer rights groups warn that consumers do not realize that they’re assuming debt through these services.
Read MoreLaunched yesterday, the feature lets users split bills evenly or in customized amounts through Facebook Pay. Facebook had publicly tested the feature for two months.
Read MoreLaunched yesterday, the checking account and its debit card offer rewards, round-the-clock support, and purchase protection. It’s the company’s first checking account for consumers.
Read MoreThe London-based crypto payments platform has officially launched in the U.S. Wirex was the first to let customers make payments through prepaid Visa debit cards that are linked to crypto wallets.
Read MoreMeta, the company formerly known as Facebook, reported disappointing fourth-quarter earnings as well as its first-ever decline in users. The company’s market capitalization tanked—sliding from $898.5B to $668.4B.
Read MoreThe payments giant announced that it had closed 4.5 million “bad actor” accounts that had taken advantage of PayPal rewards programs. In addition, its payments volume only rose 23% in Q4, the smallest increase in two years.
Read MoreThe U.K. digital bank officially launched its full-fledged product in the U.S. on Tuesday. Users can apply online for an account within 10 minutes, the company said.
Read MoreWith Mastercard as a payments partner, T-Mobile now lets people use their chosen name on the company’s debit cards. The service follows a similar service to let customers have their true names displayed on caller ID.
Read MoreThe first, QuickBooks Get Paid Upfront, lets small businesses apply for an advance up to $30,000 for qualifying invoices; the second, QuickBooks Early Pay, lets employees paid through QuickBooks Online Payroll access earnings between paydays.
Read MoreIn the coming months, Apple will let iPhones accept credit cards without additional hardware. By turning its smartphones into POS systems, Apple is placing itself in direct competition with platforms like Square.
Read MoreExpense-management giant Expensify announced the launch of a card exclusively for CPAs and accounting firms.
Read MoreBy letting small and midsize businesses (SMBs) issue instant cards to vendors, Mastercard looks to reduce payment cycle times to one day.
Read MoreIn a letter to U.S. lawmakers this week, the Merchant Payments Coalition (MPC) expressed frustration at credit card companies’ high swipe fees.
Read MoreGerman food-delivery platform Delivery Hero announced plans to offer buy-now-pay-later services to its customers. The company also said that it may provide financing to vendors through partnerships with banks.
Read MorePayment-processing platform Stripe announced a five-year contract with Ford Motor Company: an effort to revamp the automotive giant’s e-commerce strategy.
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.
