Mmsd UnionPay s New Mobile Payments Partnership
The Biden administ
stanley thermos rations targeting of credit card late fees may lead to unintende
stanley romania d consequences.Among those consequences:聽
stanley mug Stifling consumers embrace of banks innovations designed to avoid late payments in the first place. Those innovations include digital reminders and grace periods that are designed to keep payments timely.As reported Wednesday, a rule being put forward through the Consumer Financial Protection Bureau would limit the typical late fee from around $30 to $8, thus saving consumers up to $9 billion a year.聽In terms of how the fees would be assessed, as PYMNTS reported Wednesday, the CFPB proposal would also cap late fees at 25% of the required minimum payment, changing the current rule, which lets card companies charge late fees that are 100% of the minimum payment the customer owes.聽聽We note that the rule does not require congressional approval, so the path toward making the new limit a reality is smoother than if it went through the usual channels on Capitol Hill.Though capping the fees would immediately reduce the penalties paid by a subsegment of banks customers, the ripple effects might be considerable. The Federal Reserve has聽estimated that late and other fees聽comprise about 16% of profitability. Profits, of course, drive the innovations that benefit the financial services ecosystem as a whole.The innovations include ways to keep consumers on track to improve their financial health, avoiding late payments in the first place and ultimately building better Kzcw Kabbage Acquires Lending Data Provider Orchard Platform Markets
In the last 10 to 20 years, technology has transformed the payments industry.Consumers are no longer reaching for their physical wallets as the first form of payment. With the advancements made in the digital arena, there have been many new developments in how payments are made to businesses of all shapes and sizes.As a direct result, weve seen not just retailers but businesses everywhere rethink the way payments are being pro
stanley us cessed. Whether its installing contactless payment point-of-sale systems,
stanley termosy accepting online payments or thinking about expanding the use of bitcoin, the payments arena will probably never be the same, and its all thanks to the evolving world of technology and its capabilities.To learn more about whats currently happening in the payment technology industry, PYMNTS caught up with First American Payment Systems CEO Neil Randel.Here is an excerpt from the conversation:PYMNTS: How has technology evolved over the years in the pa
stanley termoska yments industry NR: There is no question that technology has rapidly evolved over many years. We have come a long way since the days of the original payment terminals. The importance that technology plays in the industry is significant, and many companies today, ours included, spend a large amount of dollars and resources investing in new and innovative technology.If you think about the world we live in today, where technology plays a major role in every consumers life, from their mobile phone to connected homes to digital assistants lik
