Friday October 11, 2019 –
Here are the new and noteworthy stories we have been following this week.
U.S. Consumer Credit Tops Forecast on Non-Revolving Debt
U.S. consumer credit increased to $4.14 trillion in August driven by strong gains in installment credit which was up $20 billion; revolving credit was more muted contracting by $2 billion.
Affirm Announces New App Enabling Consumers to Shop Anywhere and Split Payments
Affirm is launching a new app that allows consumers to pre-qualify for installment credit and download and use a virtual card at stores that accept Apple Pay and Google Pay.
Robinhood makes second attempt at launching a high-yield account similar to banks
Robinhood has launched a cash management account with a 2.05% interest rate along with a Mastercard branded debit card.
Ripple brings blockchain tech to Finastra banking customers
Ripple is working with Finastra to provide its blockchain technology for cross-border payments to Finastra’s banking customers.
UNICEF launches Cryptocurrency Fund
UNICEF is establishing a UNICEF Cryptocurrency Fund to receive, hold, and disburse donations of cryptocurrencies ether and bitcoin.
Nordic banks agree to fund common payment service
Six of the Nordic region’s biggest banks have agreed to invest in pan-Nordic instant payment system P27, aiming to integrate payment services in the region into a single platform.
Sallie Mae Launches New Credit Cards Designed for College Students and Young Adults
Sallie Mae has launched a set of credit card products targeted at college students and young adults with a view to build and foster financial responsibility.
Federal Reserve Gives Large Banks a Break on Postcrisis Rules
The Fed has passed new regulation to ease liquidity and capital rules at banks with less that $700 billion in assets and relax the living will filing requirement for the largest banks.
Upgrade, Inc. Launches Upgrade Card
Upgrade, Inc. is launching the Upgrade Card that provides acceptance at Visa merchants as well as POS installment loan functionality that ranges from 12 to 60 months.
Mastercard, Visa, eBay and Stripe quit Facebook’s Libra
Following on the heels of PayPal’s exit, Visa, Mastercard, eBay, Stripe and Mercado Pago have withdrawn from Facebook’s Libra project.