The news: Apple Pay Later will be "launching soon," according to CEO Tim Cook, who told CNBC that Apple employees are beta testing the buy now, pay later (BNPL) feature.
The news: North American banks and credit unions understand that consumers lead digital lives, and that they must offer digital tools to help customers manage their finances. But consumers may not be getting the tools they need, according to a report by Personetics commissioned by Forrester Consulting.
The news: Sports betting and casino payments specialist Sightline Payments partnered with Visa to bring prepaid cards to Play+—its omnichannel payment solution that counts 1.5 million customers, per a press release.
Here's how it works: Customers can use the Play+ Visa card throughout their entire casino and resort experience, including for gaming and entertainment, dining, and retail.
The news: A new index that tracks banks' implementation of artificial intelligence (AI) puts JPMorgan at the top of the list, per TechCrunch.
The news: The Consumer Financial Protection Bureau (CFPB) proposed lowering the amount credit card issuers can charge for late payments—a rule change it said could help save consumers $9 billion a year, per a press release.
The news: Twitter started applying for state licenses in the US so it can advance its payments ambitions, per the Financial Times.
The news: The CFPB's period for public comment on its upcoming push to mandate open banking among banks and credit card companies ended on January 25.
New banking customers seek quick onboarding and instant access—but they aren't getting it from banks
The news: Big banks are losing customers to fintechs as early as the account-opening stage. Here’s a look at where banks are falling short in their processes, and what they can do to recover before it’s too late, per Forbes.
By the numbers: Visa’s payments volume grew 7% year over year (YoY) in its fiscal Q1 2023 (ended December 31, 2022), per its earnings release. Growth slowed from the post-lockdown 20% YoY increase the same period a year ago.
The firm’s cross-border volume jumped 22% YoY during the quarter, down from 40% the year before.