Payments News

On The Web

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Sapphire Reserve Strains JPMorgan’s Ties With United Airlines

“JPMorgan’s Sapphire Reserve has been a huge hit with frequent travelers and big spenders since its launch nearly three years ago. That is a problem for United Airlines Holdings Inc., which wants those same customers to sign up for and spend on the airline’s credit cards. For JPMorgan and other banks, promoting their own branded […]
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A Goldman Sachs Rival Pulled Out of the Apple Card Deal on Fears It Will Be a Money Loser

Within the industry, the deal is widely perceived as one that’s risky for a bank to take on. Citigroup was in advanced negotiations with Apple for the card but pulled out amid doubts that it could earn an acceptable profit on the partnership, according to people with knowledge of the talks. Other banks, including J.P. Morgan Chase, Barclays and Synchrony, also […]
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Bank of America Adds Instant Card Issuing to Mobile App

“Bank of America’s 27 million mobile banking users are now able to request a new or replacement debit card via the app — and instantly receive a digital version of their new card that they can use to start making purchases straight away. “This digital debit card has the same protections and benefits of a […]
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Citigroup Doubles Down on Credit Cards Even As U.S. Economy Softens

“Citigroup, the third-largest U.S. card issuer, according to payments industry publication The Nilson Report, has been among the most aggressive promoters of zero-interest balance transfers. For a small fee, customers can move debt from a rival card onto Citi’s plastic and pay no interest for 21 months. That is currently the longest 0% deal in […]
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A profile of payment card services startup Marqeta

“Despite a rough start, Marqeta has had the right idea since its founding in 2010. It pursued a niche in the payments-processing business that had seen little innovation in over a decade: card issuing and processing, which involves deciding whether a debit card transaction should be approved. It iterated through three business models, staying frugal […]

On The Wires

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U.S. Bank Enters Co-brand Agreement With BMW to Issue New Cards With Enhanced Digital Experiences, Greater Value to Customers

“U.S. Bank, the fifth-largest bank in the United States, has entered into a co-brand agreement with BMW Financial Services NA, LLC to issue credit cards that will deliver enhanced digital experiences and greater value to BMW, MINI and BMW Motorrad enthusiasts. U.S. Bank has also acquired the existing credit card portfolio from BMW Bank of […]