By the numbers: PayPal's total payment volume (TPV) increased 9% year over year (YoY) in Q4 2022 and hit $357.4 billion, slowing from a 23% YoY jump during the same period in 2021,
The news: Federal Reserve Vice Chair Michael Barr vowed to eliminate racial discrimination in banking in a speech this week at Jackson State University in Mississippi.
The data: Western Union's revenues reached $1.1 billion in Q4, declining 6% year over year (YoY) on a constant currency basis, per its earnings release.
The news: In the race for customers, financial institutions are turning to gamification as a way to bring in new users, keep them engaged, and increase their financial literacy, per International Banker.
The news: British buy now, pay later (BNPL) fintech Zilch partnered with debt advice charity StepChange to identify and support customers in financial distress, according to a press release.
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.