Digital Currency

The Consumer Financial Protection Bureau has ordered Wells Fargo Bank to pay $3.7 billion, including a $1.7-billon civil penalty and $2 billion in redress to consumers, for what the bureau says were illegal fees and interest charges on auto and mortgage loans, incorrect charges on checking and savings accounts, and other “incorrect” …

Point-of-sale system maker TouchBistro released its 2023 “State of Restaurants” report that found 76% of restaurant operators changed their POS systems in the past year and 66% used a system with an integrated payment processing service. The study, now in its fifth year, was based on research from 600 full service restaurant …

Not all countries, companies, and persons will suffer equally from inflation in 2023, as Europe will see a decline in economic activity while the U.S. market will experience limited economic growth, forecasts the Mastercard Economics Institute. Food-service provider Sodexo North America’s InReach unit has contracted with payments provider Cantaloupe to upgrade 18,800 vending machiens and …

Jitters about the economy and the impact of the FTX implosion may have combined to clobber the cryptocurrency market, but new data shows that app downloads peaked as long as a year ago. In fact, downloads of crypto trading apps from the App Store, and Google Play, along with direct …

Curve OS Ltd. said it secured a deal with Credit Suisse to fund its first $1 billion in installment loans, via its Curve Flex product, in the United Kingdom, Europe, and the United States. London-based Curve announced Curve Flex in 2021. A survey from Bango PLC of 2,500 U.S. subscription users found that 65% said …

Digital-currency platform Circle Internet Financial Corp. said it and Concord Acquisition Corp. have agreed to terminate a merger the companies had agreed to in July 2021 and amended in February. Nine-year-old Circle posted its first profit in the third quarter, with net income of $43 million. A 2-year-old U.K.-based e-commerce payments provider called Wamo said …

Payments provider Adyen Inc. said Moneybird, a software-as-a-service platform, has agreed to use card-issuing and business-accounts services the payments company has recently released. Prepaid card specialist Blackhawk Network announced its rebates-redemption platform has exceeded 1 billion transactions. Rebates are processed via branded gift or prepaid cards. POSaBIT Systems Corp., a specialist in payments processing …

The swift collapse of the major cryptocurrency exchange FTX hasn’t dampened processors’ interest in striking deals to enable crypto transactions for small and mid-size merchants. In the latest news, ACI Worldwide Inc. early Tuesday said it will enable payments in at least 127 digital currencies for e-commerce merchants served by …

As businesses grapple with today’s economic uncertainty, many are facing difficult budget and resource constraints. But as company leaders focus on the slowing economy, they must not forget about cybercriminals. Placing fraud prevention on the backburner risks falling behind sophisticated fraudsters, who constantly take advantage of economic uncertainty, and refine …

In the wake of failures by the cryptocurrency lender Celsius and the crypto exchange FTX, MyChargeBack, a transaction-dispute service, warns users to beware of scams involving crypto-recovery promises. FIS Inc. intends to cut “thousands” of jobs, reported Bloomberg.com, in order to cut costs. Balance, a 2-year-old payments platform for business-to-business transactions, announced …