Payments News

On The Web

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Banks Report Record Quarterly Increase in Sour Credit-Card Debt

“Banks reported a record increase in sour credit-card debt in the first quarter and a surge in past-due commercial and industrial loans, a federal regulator said Wednesday. The Federal Deposit Insurance Corp. in a quarterly report on bank earnings reported a 22.8% surge in commercial and industrial-loan balances that are 90 days or more past […]
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Credit-Card Issuers Boost Spending on Social-Media Ads

“Credit-card pitches are moving from the mailbox to the social-media feed. Several big card issuers recently increased spending on Facebook ads in an effort to attract new borrowers. Capital One Financial Corp. and American Express Co.  spent an estimated $18.6 million and $13.5 million, respectively, on Facebook ads meant to sign up new consumer-credit-card holders in […]
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PayPal to Launch Venmo Credit Card in Partnership With Synchrony

“The market for credit cards is crowded, but PayPal PYPL, +0.57% and Synchrony expect that consumers will see value and differentiation in their offering due to a focus on the back-end user interface. Venmo cardholders will be able to deal with all aspects of their cards from within the Venmo app, providing a “native in-app experience” […]
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Goldman Sachs Tries Banking for the Masses. It’s Been a Struggle.

“Marcus launched without a collections team to chase down delinquent borrowers, resulting in early loan losses, people familiar with the matter said. A credit card developed with Apple Inc. was a coup, but a costly one: Thousands of engineers across Goldman were diverted to finish it in time for an August debut, delaying other projects. […]
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On The Wires

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Visa Opens Door to Digital-First Payment Experiences Through Visa Next

“Today, Visa introduced a new platform with a set of beta APIs, specifications and development tools for issuers and issuer processors to begin building and beta testing new payment products to help meet the future needs of digital-first consumers. The offering will be available to clients and partners via Visa Next , a new destination […]
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