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Apple Requiring Patreon to Switch to In-App Purchase System
Major changes are ahead for creators on entertainment subscription platform Patreon. Beginning in November, Apple will require Patreon to use the tech giant’s in-app purchasing system and remove all other billing systems from the Patreon iOS app. As Patreon wrote in a news release Monday (Aug. 12), this has...
National Consumers League CEO: Drip Pricing Leaves Consumers in the Dark
Drip pricing, or added fees consumers only learn about at checkout, are coming under fire from consumer groups as proposed rules make their way through Congress. In the context of live event ticketing, the practice of drip pricing is “problematic because it can lead to significant consumer deception and frustration,” Sally Greenberg, CEO of the National Consumers League (NCL), told PYMNTS in an interview.
Consumers See Inflation Moderating Longer Term, but Gird for Short-Term Price Pressures
The latest reading on consumers’ expectations about inflation — where it’s headed one year from now, three years from now, five years from now — has some good news, and some less good news. On the positive side, expectations are that inflation’s going to tick down...
Visa Aims for Diversity With Call for New Fintech Accelerator Applications
Visa and innovation platform Plug and Play are accepting applications for the second cohort of the Visa Inclusive Fintech Accelerator, which aims to accelerate the growth of FinTech startups led by diverse founders. The companies are seeking applications from FinTech startups that meet one or more of the following qualifications:...
Fed Action Against Customers Bank Underscores Crypto’s Challenges
Despite the decentralized nature of cryptocurrencies and other digital assets, Web3 businesses need banking partners. But on Thursday (Aug. 8), news broke that Pennsylvania-based Customers Bank, one of the only crypto-friendly banks in the U.S., was served with a 13-page regulatory enforcement action by the Federal Reserve related to its digital asset and dollar token activities, highlighting the need for financial institutions (FIs) to balance both innovation and compliance.
Cost-Conscious Consumers’ Demand for Discounts Fuels Digital Growth Across Retail
As consumers’ ongoing financial concerns drive them to seek deals and promotions, brands across retail categories are seeing increased engagement with their loyalty programs. Sportswear brand Under Armour shared on a call with analysts Thursday (Aug. 8) discussing its first-quarter fiscal 2025 earnings results that it is seeing quick...
Wise Resumes Signing Customers in India to Tap $32 Billion Remittance Market
Money transfer firm Wise is reportedly hoping to tap India’s $32 billion remittance market. To that end, Wise plans to begin signing up new customers in the world’s most populous nation after pausing that side of its business in the country, company officials told Bloomberg News Monday (Aug. 12).
FDIC Letter on ATMs Paves Way for More Branchless Banking
New input from the Federal Deposit Insurance Corp. (FDIC) is poised to pave the way for more “branchless banking” — through interactive teller machines that can, conceivably, amp up competition between smaller banks and their larger counterparts. In a Friday (Aug. 9) financial institution letter, the FDIC...
Amazon and Santander Launch Visa Card in Germany
Amazon teamed with Santander to launch a new Amazon Visa card in Germany. The card lets users earn rewards while shopping on and off Amazon’s Germany website, according to a Monday (Aug. 12) press release. Rewards are redeemable from Amazon. “Cardholders can pay for their purchases quickly, intuitively and...
Scotiabank CEO Says Stake in KeyCorp Creates Future ‘Options’
Canadian bank Scotiabank plans to acquire a 14.9% stake in Cleveland-based KeyCorp, which operates about 1,000 KeyBank branches in 15 U.S. states and provides corporate and investment banking products. Pending regulatory approval, Scotiabank expects to close the initial investment of 4.9% in the fourth quarter of fiscal 2024 and an...
Balderton Capital Pulls In $1.3 Billion for EU Tech Firms
Revolut investor Balderton Capital has raised $1.3 billion for European tech startups. The London-based firm announced the funding — divided between its $615 million Early Stage Fund IX and its $685 million Growth Fund II — on its website Monday (Aug. 12). Writing on the company blog, Balderton...
Study Shows Top-Performing Credit Unions Innovate to Stay Competitive
Download the Playbook How Top-Performing Credit Unions Innovate to Stay Competitive. By completing this form, I have read and acknowledged the Terms and Conditions and agree that PYMNTS.com may contact me at the email address above. Credit union (CU) executives understand the importance of innovation. However, PYMNTS Intelligence uncovered a...
Discover Global Network Points to Social Commerce as Example of Shopping’s Digital Transformation
The lines between social interaction and commerce are increasingly blurred, and they show no signs of separating, at least not anytime soon. “Social commerce takes the entire shopping experience, from finding a product, researching it and paying for it, onto a social media platform,” Discover® Global Network Global Head of Digital Acceptance Ellie Smith told PYMNTS.
77% of Consumers Expect Banks to Use AI to Fight Fraud
Real-time payments, known for their speed and immediacy, have faced adoption hurdles primarily due to perceptions about security. As financial institutions (FIs) and payments providers grapple with balancing rapid transaction processing with stringent security measures, artificial intelligence (AI) emerges as a crucial tool in overcoming these obstacles. A recent PYMNTS...
CE 100 Index Q4 Wrap-Up and Q1 Outlook
The CE 100 Index lost 0.2% last week in the wake of earnings reports that, over the course of the past several days, have moved names to the upside (and the downside, of course). Sezzle Sizzles and BNPL Demand Soars. Shares of Sezzle soared 51%, and the Pay and Be...
BofA CEO: Consumers Could Sour Without Interest Rate Cuts
American consumers could become disheartened if the Federal Reserve doesn’t cut interest rates soon. That’s according to Bank of America CEO Brian Moynihan, who made that prediction in an interview with CBS News Sunday (Aug. 11), after the Federal Reserve said it would keep its rate at a range of 5.25%-5.5%. However, the central bank has said a rate cut could come as soon as next month if inflation keeps cooling.
Fast-Food Chains Promote Value as Restaurant Prices Climb
Value has become the watchword for fast-food brands these days. As CNBC reported Sunday (Aug. 11), restaurant CEOs keep pointing to value when explaining to investors why sales have cooled, while also offering up their plans to boost traffic. “Value” came up nearly 80 times when McDonald’s held its earnings...
DC Connected Car Raises $2.29 Million for AI-Powered Remote Auto Diagnostics
DC Connected Car has raised €2.1 million ($2.29 million) for its artificial intelligence (AI)-driven remote vehicle diagnostics offering. The seed funding round, announced last week in a post on the German company’s blog, will help DC Connected Car develop AI diagnostic tools for roadside assistance, warranty and repair.
MercadoLibre Drives Argentina’s Surge in Digital Tipping
Cash has long been king at Argentina’s bars and restaurants. Its reign may be ending. As Bloomberg News reported Saturday (Aug. 10), card tipping had been rare in the South American nation, leading many patrons to carry big wads of cash. Now, however, tipping is going digital amid a...
Fed Governor: Inflation Still at ‘Uncomfortable’ Level
Despite some progress, Federal Reserve Governor Michelle Bowman says inflation remains “uncomfortably above” 2%. “Should the incoming data continue to show that inflation is moving sustainably toward our 2% goal, it will become appropriate to gradually lower the federal funds rate to prevent monetary policy from becoming overly restrictive on economic activity and employment,” Bowman said in a speech Saturday (Aug. 10).
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