Leaks suggest Apple Cash switching to Visa
/According to Mac Rumors, Apple is now opening new Apple Cash virtual debit cards with Visa. Apple Cash has historically partnered with Green Dot Bank and operated on the Discover network.
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Payday dispute resolutions moved online. Chaos ensued.
/Analysis by The Markup, a data-driven newsroom covering Big Tech, suggests Utah’s decision to move payday disputes to online courtrooms has increased default judgments against defendants. Defaulting on these loans can lead to garnished wages and a lower credit score.
Read MoreBoosting its SWIFT alternative, Russia keeps members under wraps
/In a speech to the country’s legislators, Bank of Russia Governor Elvira Nabiullina announced that members of Russia’s alternative to SWIFT, the international payments network, would be kept anonymous. She said 52 institutions from 12 countries currently participate in the network.
Read MoreWill the public accept biometric payments?
/Amazon announced that it had added Amazon One—which lets customers pay with their palm print—to the checkout process at a Whole Foods store in Austin, Texas. It’s one of the first Amazon-owned stores outside Seattle to have the feature.
Read MoreMastercard links bonuses to ESG goals
/In a memo to staff, Mastercard CEO Michael Miebach said all employees’ compensation would be tied to the company’s ESG goals. This had previously only been the case for Mastercard executives.
Read MoreWhat’s next for SMB payments?
/This morning, Fyle, an India-based expense-management platform serving US businesses, announced that it launched a real-time spend-management integration for all Visa cards. Fyle said it would roll out similar integrations with other card issuers at an unspecified date.
Read MoreHow can crypto affect the future of taxes?
/Adam Willems, Lead Reporter for The Financial Revolutionist, wrote about the future of taxes for WIRED. Looking at crypto’s efforts to tokenize city taxes, Adam argues that crypto is trying to turn taxes into another investment vehicle.
Read MoreMeta’s metaverse fees elicit creator scrutiny
/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 MoreWalmart poaches PayPal CFO
/The retail giant announced John Rainey, current CFO at PayPal, as its next finance head. He will start the job on June 6.
Read MoreApple Pay top payments app for teens
/According 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 MoreThe crypto industry is writing its own laws
/Investigative work by the New York Times revealed that lawmakers in at least six states have worked directly with crypto lobbyists to draft legislation. Some bills copy-paste wording directly from lobbyists’ proposals.
Read MoreIndian payments body dismisses Coinbase launch
/The National Payments Corporation of India, which maintains the country’s Unified Payments Interface (UPI), released a voluntary statement saying it did not know of any crypto exchange using UPI. This came after Coinbase announced its launch in the country featuring UPI support.
Read MoreMeta restarts currency plans
/Internal 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 MoreVisa faces antitrust suit over network fees
/Yesterday, 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 MoreUber gears up for super app launch
/The 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.
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