Regulators hoped the deals would quiet the chaos, but they might be doing the opposite.
Working with the country’s leading super app can help Western Union compete more aggressively against digital challengers.
Secretary Yellen emphasized its stability and endorsed the rescue efforts. The Fed gave a picture of emergency lending.
Visa, Mastercard, and several paytechs said their businesses were mostly uninterrupted despite ties with the now-collapsed bank.
On today's episode, we explore the evolution of the payments ecosystem and discuss the trends to look out for in 2023. In our “Headlines” segment, we discuss (among other things) buy now, pay later; credit card fees; and crypto. In “Story by Numbers,” we examine payments at retail stores. And in “For Argument’s Sake,” we debate whether interest rate scrutiny by regulators will impact credit card rewards programs. Tune in to the lively conversation between our host Rob Rubin and analysts David Morris and Jaime Toplin.
The number of Gen Z mobile banking users will reach 33.7 million in the US this year and continue to grow at a compound annual growth rate of 12.4% through 2026, per our forecast.
Fear perpetuated by social media led customers to withdraw uninsured deposits in droves. But the bank will be saved with aid from the largest banks in the US.
Its valuation took another big dip, but the raise could encourage other cash-hungry fintechs. Stripe’s OpenAI tie-in can open doors for both firms.
Fears of a global banking crisis aren't going away as Credit Suisse shares nosedived amid investors’ shaky confidence in its financial position.
It will use Mastercard Send so customers in Australia and Hong Kong can send payments to more than 1.5 billion Mastercard cards.
Wix’s merchants can benefit from stronger fraud detection capabilities as card-not-present fraud risks increase.
We run down the status of the four most at-risk regional lenders following SVB’s collapse. And look at why the Big Six are better protected.
SVB leaves void of startup support in its wake: Depositors may get their money back but they’ll lose the go-to institution for young companies accessing capital. Brace for startup failures.
Startups have had issues with payment processing and access to capital. Many crypto investors also swapped their USDC holdings for Tether.
SVB’s fall could set off more uncertainty in the tech sector: The collapse of a longtime cog in the country’s innovation engine will put additional strain on a tech sector already reeling from layoffs and losses.
Trust remains crucial for banks as authorities tussle to stop panic and restore stability after the collapse of three banks.
It’s working with homegrown wallet Lynk so customers can receive remittances, which will aid its digital push.
The tech sector that had propelled Silicon Valley Bank’s growth lost confidence in its viability and pivoted away from it. Are other tech-focused banks also in danger?
They launched BMO Bill Connect, which helps SMBs automate bill pay, digitize invoicing, and monitor cash flow.
Banks are under pressure to slash costs amid weak dealmaking. Citi is cutting jobs but also spending big in a strategy shift.