We’ll take it as a feather in the cap to be cited by the Federal Reserve. More on that in a moment, but first things first. Consumers and businesses — running the gamut of transaction types and across demographics — are pivoting toward faster and digital payment options. Overall, as detailed in two reports by Federal Reserve Financial Services, …
Google is transitioning its Fitbit Pay contactless payments to Google Wallet in most countries. “Google Wallet is now available for all Fitbit devices that support contactless payments,” a message on the Fitbit Pay web page said. “Fitbit Pay will no longer be available starting July 29, 2024.” There is an exception to that in three countries; Fitbit devices will continue to will continue to …
Disbursements are a critical part of the modern economy, with more than 170 million consumers in the United States receiving at least one within the past year. These come in many flavors, including Social Security payouts, insurance claim payouts and retail refunds. These payments all share one feature for consumers: They could be faster. According …
Visa said PayPal and Venmo are now offering its Visa+ peer-to-peer (P2P) payment system. “As we continue to expand the P2P use case in the U.S., Current and Western Union will join PayPal and Venmo in enabling cross-platform money movement,” the company said in a Monday (April 1) news release as it announced the expansion of its P2P and business-to-consumer (B2C) payouts offerings. Additionally, Astra, Brightwell, Cross River Bank and Fiserv plan …
Indian citizens visiting or working in the United Arab Emirates can now use the PhonePe app to make payments using the United Payments Interface (UPI) at Mashreq’s Neopay terminals. These transactions are facilitated by UPI, and the account debit will occur in Indian rupees, with the terminals showing the currency exchange rate, PhonePe said in a Thursday (March 28) press release. Non-resident …
Earned wage access firm Instant Financial released a new mobile app and updated mobile wallet. “Understanding that over 50% of Americans would likely avoid major financial pitfalls if they could instantly access a portion of their pay after every day’s work, the new Instant mobile app is narrowing this financial gap by placing financial empowerment directly into the hands …
Paytm will be able to participate in India’s instant mobile payments system, Unified Payments Interface (UPI). “Now, officially your Paytm UPI will work,” the company said in a Thursday (March 14) post on X, formerly Twitter. “We have received approval from @NPCI_NPCI to participate in UPI as a Third-Party Application Provider (TPAP) under multi-bank model.” Now, officially …
The financial landscape is rapidly evolving in an era of faster payments, presenting a blend of opportunities and setbacks. One of the major hurdles that U.S. banks are facing today following the FedNow® Service launch stems from the lack of full interoperability between the Federal Reserve’s real-time payment system and the RTP network overseen by …
Making instant payments in the European Union (EU) just became much easier. The European Council on Monday (Feb. 26) adopted a regulation making instant payments available in euros to consumers and businesses in the EU and European Economic Area nations. “The new rules will improve the strategic autonomy of the European economic and financial sector as they will help …
The future of digital payments is, in many ways, already here. What is left is the need for businesses to adapt to this rapidly shifting consumer landscape by leveraging the increasing popularity of digital payments, particularly among younger consumers. “There’s a huge opportunity for small businesses and mid-size businesses, and even large businesses, to continue …