Payments News

On The Web

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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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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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Retailers Don’t Like Paying the Fees for Your Apple Card

“That’s because the card, marketed by Apple and backed by Goldman Sachs Group Inc. , is designated “elite,” which allows it to levy significantly higher interchange fees on each swipe or tap. Those fees aren’t paid by the consumer but by the merchant as part of the cost of accepting credit cards. A grocer can […]
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Credit Card Issuers Rankle Travelers Scrambling to Cancel Trips

“Card issuers are scrambling to respond, with many tweaking refund policies along the way. Customers say they have had to wait hours on the phone to talk to customer-service representatives. Card issuers have been lenient with refunding customers who can no longer travel because they have personally contracted coronavirus. But many customers simply don’t want […]
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On The Wires

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