Today in payments: banks spend more to fight FinTech



In today’s top news, banks plan to spend more to fight FinTechs and Mastercard has launched PayPort +, a real-time payment gateway. Additionally, the US Consumer Financial Protection Bureau has warned consumers to be careful when using BNPL (buy now, pay later) products.

Banks spend more to push back FinTech

While analysts predicted a decline in bank spending after the pandemic, the largest financial institutions (FIs) in the United States are forecasting increased spending and lower income as they rush to fend off their FinTech rivals and stay one step ahead of technology.

Mastercard presents the real-time payment gateway PayPort +

Mastercard is deploying PayPort +, a next-generation real-time payment gateway that allows FIs and payment service providers (PSPs) to easily access the UK’s real-time payment infrastructure. The gateway is powered by Vocalink and technology partner Form3.

CFPB Blog Warns Consumers BNPL’s Biggest Risk Is Themselves

It seems like everyone is interested in BNPL these days – Apple, Discover… the Consumer Financial Protection Bureau. The latter, however, could be a concern for the industry, as his first messages are more warned than encouraging. This begs the question: is CFPB getting what consumers actually value about the product?

China assesses use of digital yuan for cross-border payments

The People’s Bank of China (PBOC) is evaluating the use of the digital yuan for cross-border payments and plans to improve its security and privacy measures. The central bank has indicated that it is open to discussions on developing global principles with the international monetary system.

Apple Pay Later could pose a bigger threat to card issuers than BNPL players

BNPL vendors saw their actions take a beating last week on news that Apple and Goldman were set to unveil Apple Pay Later, the tech giant’s response to BNPL. While the details are rife with speculation and rumor, the latest player in the installment plan appears to pose a greater threat to card issuers than BNPL startups. Karen Webster from PYMNTS explains.

Western Union CEO: Bringing Global Citizens into the Connected Economy

Migrant workers do not receive the respect they deserve for their contributions to the global economy, Western Union president and CEO Hikmet Ersek told Karen Webster, nor do they have the access they do. need the emerging connected economy. Ersek presents Western Union’s plan to leverage its global remittance network to create new ecosystems of financial services for these global citizens.

Revolut’s $ 33 billion valuation rivals decades-old UK banks

Revolut’s latest funding round involves a high valuation – and a proof point for the outlook for public banks and challenger banks. Revolut, with the help of Application Programming Interfaces (APIs) and with designs on building a super app, is now suddenly “shoulder to shoulder” with the major banks decades older in the UK. United



About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.


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