PayPal and Venmo launch Tap to Pay for small businesses
PayPal has announced that it will bring Tap to Pay technology to its US Venmo and PayPal Zettle businesses. Small businesses can now accept contactless payments, including cards and digital wallets, directly on their mobile devices with no additional hardware or upfront costs. According to PayPal, nearly 80% of his buyers have used contactless payments for their purchases. Until now, however, small businesses have had to invest in contactless he POS systems as well as manage card readers to cater to consumers. [Payments Journal]
Mastercard AI Tool Helps UK Bank Real-Time Payment Fraud
Mastercard is leveraging AI capabilities to help many UK banks predict and prevent real-time payment fraud. Payments giants have introduced “consumer fraud risk” technology domestically, which uses large payment data to identify fraud before funds leave victims’ accounts. The tool builds on insights Mastercard has gained working with UK banks to track the flow of money mule accounts over the past few years. By overlaying this information with specific analytics such as account names, payment amounts, payer and payee histories, and beneficiary links to fraud-related accounts, banks can intervene in real time to ensure funds are available. It helps provide the intelligence needed to stop payments before they leak. lost.[Finextra]
Medical credit cards come under scrutiny for possible regulation
The Biden administration has suggested the new regulation could target credit cards and other loan products designed for medical billing. The CFPB, Department of Health and Human Services and Treasury announced Friday that they have launched a request for information on medical credit cards and installment loans. As part of a broader investigation, the regulator will examine the interest rates, fees and collection practices associated with medical credit cards, as well as the incentives offered to health care providers who promote such products. [The Wall Street Journal]
Credit Card Market Share Statistics
As of the end of 2021, based on the number of credit cards in circulation (753 million), Visa has the largest market share at around 48%, followed by Mastercard at around 36%. Together, Discover and American Express accounted for about 16% of the credit card market (about 8% and 7.5%, respectively). The top 10 card issuers will hold about 82% of credit card balances in 2021, according to the Federal Reserve’s Credit Card Depository Profitability Study. Chase (17.9%) had the highest market share based on this criterion, followed by Amex (13.3%), Citi (12.4%) and Capital One (11.4%). [Bankrate]
CFPB report shows late fees aren’t the biggest complaint, but there’s a reason
The Consumer Financial Protection Bureau’s report on consumer complaints barely mentions credit card late fees as a major consumer concern, and some experts say this is because banks are not responding to customer requests. It is pointed out that this is because the first late fee is often waived according to the request. Experts warn that trend could change once the agency’s proposal to lower late fees to $8 goes into effect. CFPB Director Rohit Chopra has announced a sweeping plan to wipe out $9 billion in annual consumer costs by lowering credit card late fees from the current $30 initial cap to just $8. I am betting my term. [American Banker]
New power couple hitting Wall Street: JD Vance and Elizabeth Warren
Former Trump-backed venture capitalist Senator J.D. Vance is trying to lead the Republican Party in a new cause of cracking down on big banks. Ohio legislators are using their Banking Commission seats to distort the hearts of populists, including Senators Elizabeth Warren of Massachusetts and Dick Durbin of Illinois on bills despised by the industry’s biggest corporations. He supports legislation to protect small banks while working with Democrats, including senators. . He has pushed ahead with bipartisan proposals that would penalize bank executives if their companies go bankrupt, make it harder for big financial institutions to buy other banks and scale them, and curb credit card fees. plays a leading role in In the process, he has had some success in recruiting Republicans to the movement, creating new headaches for lobbyists at big banks as they prepare to fight policies backed by Mr. Vance. . [Politico]
make sure to return the shutter
Affirm, a buy-now-pay-later provider, announced Thursday that it will sell its Returnly division, a return-payment platform it acquired two years ago. The “sunset” of that platform he will occur by early October. Affirm acquired Returnly in June 2021 for $300 million. A spokeswoman for Affirm said the company did not sell Returnly and declined to comment on whether Affirm would write off the business. Alternatively, Affirm is now working more closely with another returns management company and has a strategic alliance with Loop Returns. [Payments Dive]
Nearly 80% of transactions are digital in Brazil, mobile banking surges
Fueled by a surge in mobile operations, 77% of all banking transactions in Brazil last year were made through digital channels such as smartphones and PCs, according to a new study. Transactions include financial transactions, such as paying bills, and non-financial transactions, such as checking balances. Mobile phones accounted for 66% of all transactions last year, according to the survey. [bnamericas]
Citi Renews Citi Diamond Preferred Card
Citi primarily enhanced its offer platform called My Deals, formerly Citi Easy Deals. Citi Diamond Preferred Cardmembers can now access the Citi mobile app and My Deals on Citi Online to take advantage of national and regional coupons and discounts across a range of experiences offered based on the cardholder’s location . Citi Online is an online portal for bank customer accounts where a cardholder can make monthly payments, redeem rewards and monitor all Citi accounts in one place. Savings Spotlight, the tracker that allows Citi Diamond Preferred Cardmembers to track their total savings from interest rate promotions and My Deal Offers, is now also available in the Citi Mobile App and Citi Online with a new upgrade. [Tearsheet]
3 out of 4 mobile gamers will make an in-app purchase within 2 weeks
In-app purchases are a mainstay of the mobile gaming market. This is due to the fact that this can ultimately generate much more income than otherwise. A whopping 77% of his users who regularly play mobile games were found to have made an in-app purchase just two weeks after downloading the app in question. If two weeks pass and the user still hasn’t made a purchase, they may not make a purchase in the long run. [Digital Information World]
Here’s how to get $5 free Amazon credit before Prime Day
From now until July 10th, Prime members can earn $5 bonus Amazon credit when they purchase a physical Amazon gift card or an Amazon e-gift card worth at least $50. This $5 credit has one condition. It must be used during Amazon’s Prime Day sale July 11-12 or you will lose your “free” Amazon money. [Yahoo Finance]
