Payments News

On The Web

nbsp;

Industry

Covid-19 Shopping Makes Card Fees a Bigger Burden for Merchants

“Visa Inc. and Mastercard Inc. are planning to raise swipe fees for some types of credit-card purchases in April, adding to the squeeze felt by restaurants, retailers and other merchants already struggling through the Covid-19 pandemic. What’s more, customers’ switch to online shopping during the pandemic—a trend heralded for keeping businesses afloat when people are […]
nbsp;

Industry

Debit Card Use on Amazon Soars 70%, PSCU Report Finds

“With little indication e-commerce spending is slowing, consumers are favoring using their debit cards on Amazon.com Inc., with a 70% increase in debit card transactions at the giant e-commerce retailer for the week ending Feb. 7, compared to the week ending Feb. 9, 2020. That’s according to the latest Tracking Transaction Trends report from PSCU, […]
nbsp;

Industry

U.S. Retail Sales Rose Strongly on Stimulus in January

“U.S. shoppers sharply increased spending in January, buoyed by stimulus payments that many households received in the most recent virus-relief package . Retail sales, a measure of purchases at stores, at restaurants and online, rose by a seasonally adjusted 5.3% in January from a month earlier, the Commerce Department said Wednesday.”
nbsp;

On The Wires

nbsp; nbsp;

Industry

Consumers’ Expectations Show Increased Optimism – FEDERAL RESERVE BANK of NEW YORK

“The Federal Reserve Bank of New York’s Center for Microeconomic Data released the January 2021 Survey of Consumer Expectations , which shows that households’ year-ahead spending growth expectations rose to 4.2%, the highest level recorded in more than 5 years. In contrast, earnings growth expectations have remained flat for the sixth consecutive month. Labor market […]
nbsp;

Industry

Global Payments and Google Form Strategic Partnership to Reimagine Digital Payments

“Global Payments Inc. and Google today announced an expansive multi-year partnership to deliver innovative cloud-based products and capabilities, enabling best-in-class digital merchant customer experiences worldwide. As part of the partnership, Global Payments will migrate its merchant acquiring technology to Google Cloud, and will provide merchant acquiring services to Google to extend its global market reach. […]
nbsp;

Industry

Zelle® Closes 2020 With Record $307 Billion Sent on 1.2 Billion Transactions

“Early Warning Services, LLC, the network operator behind Zelle®, today announced record payment volume and value in 2020 with 1.2 billion transactions, totaling $307 billion sent — an increase of 58% and 62% year-over-year, respectively. Four hundred and fifty-seven new financial institutions also joined the Zelle Network® in 2020.”
nbsp;

Industry

ABA Report: Delinquencies Improved in Second and Third Quarters of 2020

“Consumer credit delinquencies fell significantly in the second quarter of 2020 before holding steady in the third quarter amid significant fiscal support and sound financial management from consumers, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies fell in 8 of the 11 loan categories tracked by ABA during both […]
nbsp;

Industry

Events Industry Disruptors Anil D. Aggarwal & Simran Rekhi Aggarwal Launch Digital-First Events Company, Fintech Meetup

“Events industry disruptors, Anil D. Aggarwal and Simran Rekhi Aggarwal, today announced the launch of Fintech Meetup, a digital-first events company for payments, banking and related financial services. Previously, Anil and Simran founded and operated leading conferences across a broad range of sectors, and Anil served as the Chairman and CEO of two venture-backed fintech startups, […]