Friday , March 29, 2024

Search Results for: Payments 3.0

Payments 3.0: The Delicate Balance of Closed-Loop Cards

As banks and merchants fight over interchange regulation in Washington, the real struggle is in shoppers’ wallets, phones, and Web browsers. Last month, I wrote about how merchants use discounts, surcharges, and direct bank payments to influence consumer behavior. This month, we’ll look at another tool that merchants can use …

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Payments 3.0: A Trend To Cash And Pay by Bank

The fight over interchange—and the future of payments—is moving to a new arena – the point of sale. Proposed rules on debit card interchange could become a sideshow to the main event that seems to be gearing up at cash registers and in remote payments. Two trends seem to be …

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Payments 3.0: Regulators Open the Floodgates

Payments and banking regulators have released a flood of proposed regulations—with more to come—that could reshape the industry and the way consumers access it. Government-relations teams across the financial-services industry have been hard at work trying to digest what all of these rules could mean for their businesses and the …

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Payments 3.0: The Fed’s Dubious Debit Proposal

The latest round in the fight over interchange fees began Oct. 25. That’s when the Federal Reserve released its latest proposal on debit interchange. To recap, the Fed’s proposed rule would reduce the interchange that banks with more than $10 billion in assets would receive when their customers pay with …

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Payments 3.0: A Supreme Reprieve for the CFPB?

After last month, the Consumer Financial Protection Bureau’s future seems more secure. On Oct. 3, the Supreme Court heard oral arguments in Consumer Financial Protection Bureau v. Community Financial Services Association of America. The CFSA originally sued the CFPB over its payday-lending rule in 2018. As previously reported in Digital …

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Payments 3.0: How to Manage Generative AI

Juliet Capulet sent me an e-mail recently to offer me a marketing list for a conference that has nothing to do with payments. I’m no gentleman of Verona, but I definitely recognize the Capulet name. However, I don’t think Juliet is real. The e-mail’s stilted wording, the mismatch of the …

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Payments 3.0: Five Questions to Ask About AI

ChatGPT has brought artificial intelligence into the mainstream, leading to predictions of everything from the end of work to the end of the world. While these predictions lead to great headlines, the reality is that financial-services providers already use AI for things like chatbots and fraud detection. But as this …

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Payments 3.0: How Funds Are Really Protected

In June, the Consumer Financial Protection Bureau issued a Consumer Advisory and Issue Brief warning users of payment apps like PayPal, Venmo, and Cash App that their money might not be covered by FDIC deposit insurance. The problem with this approach is that it might actually increase the risk for …

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Payments 3.0: Get the Fundamentals Right

The lesson innovators need to learn from recent industry turbulence is that fundamentals still matter. The collapse of Silicon Valley Bank, the consent order against Cross River Bank, and other recent events show that companies and regulators must focus on business basics. It is tempting to say SVB’s failure is …

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Payments 3.0: Start Thinking About Consumer Protection

The battle over the role—and even the existence—of the Consumer Financial Protection Bureau will heat up this fall, but the future of the Bureau, and of financial regulations, will hang in the balance for a few years. The financial-services industry may applaud the recent pushback against the regulators, but this …

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