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PayPal’s Big Gamble; Will You Send Money To Your Favorite Tweeter?


PayPal Wants to Be Far More Than an Online Checkout Button

PayPal is planning to debut a bevy of new services, which could include high-yield savings accounts, check-cashing services and stock-investing capabilities. It’s all being done in the hopes of PayPal becoming the world’s next “super app,” akin to China’s Alipay or WeChat, India’s Paytm or Singapore’s Grab. If PayPal pulls it off, the company could become a bigger part of U.S. consumers’ lives than Amazon

AMZN
, Google or Facebook. But, in the U.S., there is no shortage of banking giants and technology firms that have tried and failed to accomplish what PayPal wants to do. [Bloomberg]

Twitter Introduces Tip Jar, Allowing Users to Send Money to Their Favorite Tweeters

Twitter introduced Tip Jar, a new feature that makes it easy for users to send money to their favorite creators on the micro-blogging service. Users will be able to connect their Twitter accounts with Tip Jar to Bandcamp, Cash App, Patreon, PayPal or Venmo. Twitter will take no cut of money sent through the feature. The new feature comes as part of a broader effort by the company to build more features at a faster clip in a push to grow Twitter’s user base to 315 million daily active users by the end of 2023. [CNBC]

Many Americans Struggle with Debt. Social Media Doesn’t Help.

Erin’s compulsive shopping, she says, is tied inextricably to her social media use, particularly Instagram, and her habits probably look familiar. Confined to our homes, clad in sweats, millions of Americans mindlessly scroll through their social feeds and find escape in the lives of influencers who, miraculously, seem to have escaped the pandemic with a smile and better skin. With each “like” and purchase, the bank accounts of social media companies, brands, and influencers rise, and those of their audience fall. [Vox]

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Apple Card Grows to 6.4 Million Cardholders Thanks to Women

In March 2020, there were a reported 3.1 million Apple Card credit cardholders in the US, based on a January 2020 consumer survey from Cornerstone Advisors. Their survey from December 2020 showed the number of Apple Card customers more than doubled over the course of the year to 6.4 million Americans. [Forbes]

Credit Card Delinquency: Metrics Continue to Improve

The headline grabber for risk managers is in the delinquency decrease. Accounts 90 days or more delinquent tumbled from 5.31% to 3.78% in Q1 2021. Consumers and retailers should expect to see loosened credit underwriting to enable credit card issuers to rebuild their portfolios. Chase’s credit card delinquencies declined to 0.78% in April from 0.89% in March and 1.27% a year ago. Improvements in charge-offs continued at Chase, from 2.03% to 1.97%. Discover

DIAL
experienced similar improvements, as did Capital One

MEMORY
. Discover delinquencies fell in April from 1.85% to 1.69%, with charge-offs declining to 2.55% from 2.71%. At Capital One, delinquencies fell to 1.92% from 2.24%. [Payments Journal]

TransUnion Predicts Return to Credit

Consumers were carrying the lowest credit card balances in March ever recorded by TransUnion, but it expects balances will begin rising this year as consumers become more confident in the economic recovery. Consumer borrowing via credit cards, unsecured personal loans and automobiles fell precipitously after Covid-19 was declared a pandemic in March 2020. Credit cards and personal loans are still low, but credit inquiries and economic indicators are signaling a stronger spending in the months ahead. TransUnion is becoming more confident that credit quality will remain high even after lender accommodations fall away. [Credit Union Times]

Pandemic Puts Branch-Based Bank Jobs at Risk

The post-pandemic shift to digital banking could put up to 200,000 jobs at risk across the industry, according to a Wells Fargo

WFC
analyst. Call center and branch-based jobs were the most at risk. A survey found that 44% of people were extremely comfortable with digital banking tools, while 75% of Americans confirmed they would use digital tools to conduct ‘some or all’ financial transactions post-pandemic. [Banking Exchange]

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Keep Your Cardholders: Compete with Buy Now, Pay Later Popularity

The buy now, pay later market is expected to grow 181% by 2024, and will account for 13% of all global e-commerce payments that same year, according to a report by FIS. These post-purchase installment programs aren’t a new concept, but the ease of use, flexibility and mutual benefit they bring to various phases of the value chain have made them one of the fastest growing segments in payments. To compete with alternative point of sale installment loan providers like Affirm, Klarna and Afterpay, and direct competitors like Chase, Citi and American Express

AXP
which all offer flexible repayment plans, credit and debit issuers must respond. Here’s a closer look at what’s driving BNPL popularity. [Digital Transactions]

Bank Fees Slam Low Income Households

Hefty banking fees are hurting low income households, especially families of color. Hispanic and Black households paid a total of $3.1 billion and $1.4 billion, respectively, in overdraft fees alone last year, according to a recent report from the Financial Health Network. The report also found that Black Americans forked over $800 million last year on fees for checking account maintenance, money orders and check cashing, while Hispanic families spent $1.1 billion on those services. Such fees are driving many people of color away from banking altogether, some experts said in calling on federal regulators to limit fee amounts. [CBS News]

Stripe Acquires Bouncer, Will Integrate Its Card Authentication into the Radar Fraud Detection Tool

On the heels of a $600 million fundraise earlier this year, Stripe has been on an acquisition march to continue building out its business. The company has acquired Bouncer, a startup based in Oakland that has built a platform to automatically run card authentications and detect fraud in card-based online transactions. Its technology is tailored for mobile transactions and includes a flow to help users authenticate themselves if they are mistakenly flagged, to come back into an app legitimately. [Tech Crunch]

Bank of America Reaches $75 Million Settlement over Excessive Fees

Bank of America agreed to pay $75 million to settle a lawsuit accusing the bank of extracting overdraft fees it didn’t earn from customers with savings and checking accounts. Customers said Bank of America often charged multiple $35 fees for insufficient funds or overdrafts on a single transaction, sometimes reflecting the bank’s repeated attempts to process it at a merchant’s request. [Reuters]

Atlanta Men and Others Used Stolen Credit Cards to Buy $1.7 Million Worth of Cigarettes

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Two Atlanta men and others were sentenced to federal prison for buying millions of dollars’ worth of cigarettes with stolen credit cards. The four men obtained Sam’s Club membership cards in their names and aliases. From September 2018 through November 2018, the defendants used dozens of stolen credit cards to buy $1.7 million worth of cigarettes at multiple Sam’s Clubs throughout metro Atlanta. [CBS 46]

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