Payments News

On The Web

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Companies

PayPal Wants to Be a Lot More Than an Online Checkout Button

“PayPal Holdings Inc. is eyeing life beyond the checkout button. In the coming months, the firm is planning to debut a bevy of new services, which could include high-yield savings accounts, check-cashing services and stock-investing capabilities. It’s all being done in the hopes of PayPal becoming the world’s next “super app,” akin to China’s Alipay […]
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Companies

Cash App Is King at Square

“The coronavirus pandemic had a divergent effect on Square’s two main business lines. Inflows into Cash App swelled over the past year as many users deposited their stimulus checks into their digital wallets. They then used the proceeds to send money to friends and family instantly over Cash App, purchase things online with their Cash […]
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Companies

Indian Central Bank Refuses to Block Crypto Transactions

“The National Payments Corporation of India (NPCI), a central bank-owned retail payments system, has deferred the issue of whether to allow customers to make and receive payments from cryptocurrency trading to commercial banks, according to the Economic Times . Some bankers apparently had asked the agency to block crypto transactions on its network, the paper […]
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Companies

Square Gets a Bitcoin Boost With Revenue up 266%

“First-quarter revenue rose to $5.06 billion, up 266% year over year, largely thanks to gains in bitcoin revenue. Net income for the quarter was $39 million. Gross profit grew 79% year over year to $964 million in the quarter that ended Mar. 31, according to a statement. Cash App gross profit came in at $495 […]
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Companies

PayPal Sees Record Earnings, Volume Amid Sustained E-commerce Surge

“The company saw a record $285 billion in total payments volume, or the value of activity occurring on its platform. Analysts surveyed by FactSet were modeling TPV of $264.7 billion. With the first-quarter performance, PayPal’s TPV on a trailing-12-month basis topped $1 trillion for the first time. The company added 14.5 million net new active […]

On The Wires

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Companies

Improving the Payments Experience in the UK | Plaid

“One year ago, we launched Payment Initiation in the UK, which included a new Payment Initiation experience in Plaid Link. Link is the fastest way to get started. It’s optimised for a seamless experience, and ensures your user experience benefits from the full Plaid platform. Since then, we’ve focused on improving the user experience for […]
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Companies

New Ways to Save, Commute and Manage Money With Google Pay

“Last year, we launched a reimagined Google Pay to be a safe, simple and helpful way to pay and manage your finances. The app is full of ways to pay friends and businesses, save with offers and rewards and stay on top of your money. Today, we are announcing three ways to help you save […]
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Companies

Federal Reserve Board Invites Public Comment on Proposed Guidelines to Evaluate Requests for Accounts and Payment Services at Federal Reserve Banks

“The Federal Reserve Board on Wednesday invited public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks (“Account Access Guidelines”). Recent years have seen the introduction of new financial products and delivery mechanisms for traditional banking services, notably leveraging emerging technologies, including from institutions with novel types of […]
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Companies

Mastercard SpendingPulse: April U.S. Retail Sales Grow 23.3%* As Trends Point to a Recovering Economy

“Total U.S. retail sales sprung into another month of double-digit growth in April, according to Mastercard SpendingPulseTM , which measures in-store and online retail sales across all forms of payment. U.S. retail sales excluding automotive and gasoline increased 23.3% year-over-year in April, and 10.8% compared to April 2019. Online sales in April grew 19.9% and […]
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Companies

Square Announces On-Demand Alcohol Delivery for Square Online Sellers

“Today Square announced the ability for sellers to offer alcohol delivery through Square Online’s on-demand delivery feature. Now, restaurants, bars, breweries, bottle shops, convenience stores, or any seller using Square Online can offer their customers the option to purchase alcohol from their website and have the order fulfilled through a delivery partner. For many restaurant […]