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.
The news: Klarna launched Money Story in the US, an app feature that gives users insights into their spending habits in 2022 and offers ways to improve spending and budgeting in 2023, per a press release.
The news: The tough economic environment in 2022 didn't spare the insurance industry, which saw dried-up funding, tighter budgets, and competitive pressures. This year's economic outlook isn't much brighter, but insurance firms are set to disrupt the scene with new partnerships and technological advances. Here are the top four trends we are watching in this space in 2023.
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The news: Amazon and Stripe expanded their global agreement, making Stripe Amazon's strategic payments partner in the US, Canada, and Europe, per a press release.
Stripe will process the majority of Amazon's volume for services like Prime, Audible, Kindle, and Amazon Pay. It will also integrate more of Amazon Web Services' (AWS) infrastructure into its system.