The news: Stripe introduced Tap to Pay on Android for merchants using Stripe Terminal in Australia, Canada, New Zealand, Singapore, the UK, and the US, per TechCrunch.
The stats: Younger borrowers are falling further behind on their loan payments—specifically auto loans and credit card debt—compared to older cohorts, according to the Quarterly Report on Household Debt and Credit report from the Federal Reserve Bank of New York.
The data: UK Barclays cardholders made an average of 220 tap-to-pay transactions last year, totaling £3,327 ($4,099) per person, per a press release. The total value of contactless payments made with UK Barclays cards increased 49.7% year over year (YoY) in 2022.
Barclays—which oversees nearly half of the UK's card spending—highlighted other contactless payment trends:
The news: US credit card debt reached nearly $1 trillion in the fourth quarter, according to data from the New York Federal Reserve. Debt grew by $61 billion from the prior quarter—the biggest jump since 1999—and by a record $130 billion annually.
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By the numbers: Peer-to-peer (P2P) payments provider Zelle posted strong performance for 2022, even amid an economic environment that has taken a bite out of consumer spending overall.
The news: Youth and teen banking has exploded in popularity over the past year, but banks and fintechs are approaching the six- to 18-year-old cohort with a slew of different strategies. We take a closer look at the landscape to see what is and isn't working.
The news: Goldman Sachs abandoned developing a branded credit card for retail customers powered by the same tech it built for the Apple Card, people familiar with the matter told CNBC.
Why the change? Scrapping its credit card idea—which first arose in October 2021 to increase profits and loyalty for its retail business—boiled down to a strategy change.
The news: For Members Only Federal Credit Union, launched by Black sorority Alpha Kappa Alpha (AKA), aims to build generational wealth for Black women, per American Banker.
People helping people: The National Credit Union Administration (NCUA) granted the Chicago-based credit union a charter on February 3. The credit union expects to be fully operational by the end of 2023.
The news: The UK government is one step closer to enacting buy now, pay later (BNPL) regulation after the Treasury released draft legislation on Tuesday.
The news: Crypto firms are getting squeezed out as US regulators are allegedly putting pressure on US banks to cut ties with digital asset firms, per Cointelegraph.