Credit Card Debt Continues to Mount for U.S. Consumers
Payments Journal
by Wesley Grant
3d ago
Credit card debt among U.S. consumers reached $1.21 trillion, the highest level on record since the Federal Reserve began tracking the data over 25 years ago. According to its Q4 2024 findings, credit card balances increased by $45 billion in Q4, reflecting a more than 7% year-over-year increase. At the same time, credit card delinquency […] The post Credit Card Debt Continues to Mount for U.S. Consumers appeared first on PaymentsJournal ..read more
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GOP Moves to Repeal Cap on Overdraft Fees
Payments Journal
by Tom Nawrocki
3d ago
As the Trump administration continues to dismantle the Consumer Financial Protection Bureau, Republican lawmakers have set their sights on reversing a major CFPB rule. Two key legislators have introduced a resolution to repeal the $5 cap on bank overdraft fees, which was enacted last December and set to take effect this October. The regulation would […] The post GOP Moves to Repeal Cap on Overdraft Fees appeared first on PaymentsJournal ..read more
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FinOps: Optimizing the Relationships Between Banks and the Cloud
Payments Journal
by Tom Nawrocki
3d ago
Years ago, Capital One made a momentous announcement: it had migrated all its on-premises data centers to the cloud via Amazon Web Services (AWS). Since then, Capital One has been deploying and scaling applications in the cloud while introducing a range of technological solutions—many powered by artificial intelligence—across the business. This practice is known as […] The post FinOps: Optimizing the Relationships Between Banks and the Cloud appeared first on PaymentsJournal ..read more
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Coinbase Is Working Toward Return to India Amid Softened Crypto Stance
Payments Journal
by Wesley Grant
4d ago
Coinbase intends to return to India after being forced to shut down its operations in the country over a year ago. According to TechCrunch, Coinbase has met with several authorities in India, including the Financial Intelligence Unit (FIU), a government agency that oversees financial transactions.   Coinbase’s previous attempts to establish crypto services in the […] The post Coinbase Is Working Toward Return to India Amid Softened Crypto Stance appeared first on PaymentsJournal ..read more
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ISO 20022 Is the Beginning of the Road for Mid-Market Financial Institutions
Payments Journal
by PaymentsJournal
4d ago
After years of discussion about the new messaging protocol, ISO 20022 is now an inevitability. Though there are substantial benefits to adopting the protocol, many financial institutions—especially in the mid-market tier—are still unprepared to meet compliance by the July 14 deadline. In a recent Payments Journal podcast, Mihail Duta, Director of Solution Consulting and Transaction […] The post ISO 20022 Is the Beginning of the Road for Mid-Market Financial Institutions appeared first on PaymentsJournal ..read more
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Amid Increasing Competition, Zelle Leads the P2P Pack
Payments Journal
by Wesley Grant
5d ago
Peer-to-peer (P2P) platform Zelle processed over $1 trillion in total payment value last year, which the company stated was the highest amount ever sent on a P2P payments platform in a single year. Overall, Zelle processed 3.6 billion transactions last year, marking a 25% year-over-year increase. The platform also added 16 million users, bringing the […] The post Amid Increasing Competition, Zelle Leads the P2P Pack appeared first on PaymentsJournal ..read more
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As Powell Commits to No CBDC, Global Momentum Stalls
Payments Journal
by Tom Nawrocki
5d ago
Fed Chair Jerome Powell’s firm stance that a central bank digital currency will not happen under his watch aligns the U.S. with other nations that have been slowing their own CBDC developments. While the Fed has no plans to pursue a CBDC, nearly a third of central banks worldwide have delayed their own digital currency […] The post As Powell Commits to No CBDC, Global Momentum Stalls appeared first on PaymentsJournal ..read more
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Fast, Secure, and Future-Ready: Santander Consumer’s Payments Tech Transformation
Payments Journal
by PaymentsJournal
5d ago
In the fast-changing world of financial services, modernizing payments technology has become essential for businesses looking to reduce costs, enhance customer experiences, and stay competitive. Santander Consumer, a full-spectrum auto lender, stands as a prime example of how bold leadership and strategic decision-making can transform payments infrastructure to deliver long-term value. On a PaymentsJournal podcast, […] The post Fast, Secure, and Future-Ready: Santander Consumer’s Payments Tech Transformation appeared first on PaymentsJournal ..read more
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More Merchants Consider Payments Technology Indispensable
Payments Journal
by Wesley Grant
6d ago
An increasing number of merchants are shifting their view of payments systems from functional tools to key drivers of business growth. According to a survey conducted by PXP among U.S. and UK merchants, nearly two-thirds recognize payments technology as essential for expansion. Over half of respondents are actively leveraging payments tech to unlock new revenue […] The post More Merchants Consider Payments Technology Indispensable appeared first on PaymentsJournal ..read more
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Klarna Adds JPMorgan Payments to Its Ever-Growing BNPL Pipeline
Payments Journal
by Tom Nawrocki
6d ago
Nearly one million businesses will soon be able to offer buy now, pay later (BNPL) services to part of their menu of payment options. JPMorgan Chase’s payments processing unit, the world’s largest merchant acquirer, is partnering with Klarna to bring BNPL plans to its merchants.  The service is set to roll out later this year, […] The post Klarna Adds JPMorgan Payments to Its Ever-Growing BNPL Pipeline appeared first on PaymentsJournal ..read more
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