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Why The Loan Shark Prevention Act Will Harm Consumers

PYMNTS

The proposed credit card interest rate cap legislation , courtesy of Democratic presidential hopeful Senator Bernie Sanders and Rep. Alexandria Ocasio-Cortez is in serious need of an almost half-century-old refresher course in the unintended consequences of price caps on the American consumer. Here’s why.

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Deep Dive: Why Contactless Card-Not-Present Transactions Are Gaining New Momentum

PYMNTS

Customers are also looking for options like digital and card-not-present (CNP) transactions that allow them to make eCommerce purchases as smoothly and seamlessly as possible. . These safety and convenience considerations are pushing more consumers to use — and more merchants to enable — contactless and CNP payments. percent of U.S.

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MoneyLion: Navigating Customers’ New Financial Realities

PYMNTS

Some governments believe that contactless payments are a relatively safe alternative to cash and traditional credit cards because they spare merchants from handling bills and customers from tapping through POS interfaces. Cashiers and customers do not want checkout experiences to raise their risks of contracting the virus, after all.

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DATA: How FI’s Innovation Gap Is Big Tech’s Big Opportunity

PYMNTS

A trillion-dollar market cap later, it’s hard to argue Amazon’s effectiveness, quote attribution notwithstanding. For all the differences between finance and retail, that same overriding consideration around providing a better experience around a better value is now pushing its way into consumer-facing financial services.

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Everything You Need To Know About What Amazon Is Doing In Financial Services

CB Insights

While the anticipation for Amazon’s plunge into banking gets louder each year, it’s important to first understand Amazon’s existing strategy in financial services — what Amazon has launched and built, where the company is investing, and what recent products tell us about Amazon’s future ambitions. Amazon Payments.

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The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption

Tearsheet

Workers have the option to receive EWA funds at no cost within 1-3 days via ACH, or they can opt to have their direct deposit sent to a reloadable Visa debit card, named Friday by DailyPay. Alternatively, DailyPay charges a fee if employees choose to instantly send EWA wages to a card or account.

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Understanding the Maximum ACH Transfer Limit

EBizCharge

The two types of ACH transfers are ACH credit, where funds are pushed into an account, and ACH debit, where funds are pulled from an account. An ACH transfer limit is a cap placed on the amount of money that can be transferred via the ACH network in a single transaction or within a certain period, often a business day.

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