payments – Page 2 – Business Insider Australia

Tech Feb. 15, 2021, 8:05 AM

Self-proclaimed crypto sceptic Max Levchin says Affirm may have to consider cryptocurrencies if Bitcoin’s popularity continues to grow

Crypto sceptic Max Levchin says Affirm may have to consider cryptocurrencies as a payment option as Bitcoin soars to all-time highs. Fintechs and incumbents alike, including Mastercard, Visa, and PayPal, are leaning into crypto. “I think at some point, sceptic or not, you have to listen to the market,” Levchin […]

News Feb. 15, 2021, 2:33 AM

American Express is cooperating with a federal probe into its sales practices for small business and consumer cards

Several federal agencies are probing Amex’ small business and consumer card sales practices. The US Attorney’s Office in the Eastern District of New York issued a subpoena related to small business card sales. Amex is also cooperating in a probe led by the OCC and DOJ regarding small business card […]

Markets Oct. 28, 2020, 12:46 AM

Jack Ma’s Ant Group is targeting a record $34 billion IPO. Warren Buffett’s Berkshire Hathaway stands to gain from its public debut

Alibaba cofounder Jack Ma’s Ant Group is gearing up for a record $US34 billion IPO. Ant owns stakes in two financial-technology companies that also count Warren Buffett’s Berkshire Hathaway as an investor. Berkshire and Ant both invested in Brazilian e-commerce group StoneCo when it went public in October 2018. Buffett’s […]

Markets Aug. 22, 2020, 11:20 PM

How much incoming investment bankers get paid at the 10 bulge-bracket banks

Welcome to the weekend! The competition for young talent is fierce and it’s no secret that investment bankers are among America’s highest-paid earners out of college. This week Business Insider got the details behind the base salaries and annual bonuses top investment banks and boutiques pay. Reed Alexander combed through […]

Markets Aug. 15, 2020, 10:30 PM

How to pitch top hedge funds on the next hot alt-data set

Happy Saturday! Hedge funds that love to use Robinhood data to hunt for winning ideas won’t be able to tap its enormous pool of trades in quite the same way anymore. As CNBC first reported, Robinhood is no longer publishing how many customers held a particular stock, and the retail-trading […]

Markets Aug. 6, 2020, 2:11 AM

Square surges 16% after reporting quarterly earnings showing a 64% jump in revenue

Square released its second quarter earnings results on Tuesday, a day early, after Bloomberg News reported the numbers. The company reported a 64% jump in revenue and a 167% gain in gross profit on its Cash App, which competes with Venmo. Shares surged as much as 16% in intraday trading […]

Markets Aug. 5, 2020, 10:42 PM

A Singaporean tech stock has skyrocketed a world-beating 1,100% since the start of 2019

Singaporean tech giant Sea’s stock has ballooned more than 1,100% since the start of 2019. The astounding gain has raised its market capitalisation from about $US5 billion to $US64 billion. Sea’s stock has outperformed every other company worldwide with at least a $US1 billion market capitalisation over the past 18 […]

Markets Jul. 6, 2020, 9:08 PM

An audit of Wirecard’s key business in Europe and the US reportedly shows its internal financial numbers are far worse than previously thought

Wirecard’s primary business operations in Europe and the US have been unprofitable for years, according to a Financial Times investigation, bringing into question official financial reports which showed significant profits. An internal audit conducted by KPMG shows that Wirecard’s outsourced activities in Asia made up for the “lion’s share” of […]

Markets Jun. 24, 2020, 9:32 PM

Here’s how Wirecard went from analyst darling to a $2.2 billion accounting scandal — and cost SoftBank hundreds of millions in the process

Wirecard, one of Europe’s leading financial technology companies, is at the heart of one the region’s biggest corporate accounting scandals in recent years. The company’s shares have plunged over 80% ever since it admitted auditors could not trace €1.9 billion in its financial accounts. Last week the firm’s chief executive […]

Markets Jun. 23, 2020, 7:15 PM

Former Wirecard CEO Markus Braun has been arrested in Germany, days after the company reported that $2.2 billion was missing

German payments firm Wirecard’s former chief executive officer Markus Braun has been arrested by prosecutors after he turned himself in on Monday evening, according to reports. Braun suddenly quit on Friday, capping a disastrous week for the scandal-hit firm after its shares plunged as much as 80%. It withdrew its […]

Markets Jun. 18, 2020, 9:38 PM

Wirecard’s shares tumble 65% after the payments processor says it is unable to trace $2 billion worth of cash

German fintech group Wirecard’s shares dropped more than 65% after it announced on Thursday that it could not trace about $US2 billion in its cash balances. Wirecard said “spurious cash balances” may have been provided by a third-party to its auditor EY. The payments group once again delayed its fourth-quarter […]

Markets Jun. 17, 2020, 11:48 PM

One of Visa’s top executives says we’ll never go back to using cash in the same way post COVID-19

The coronavirus pandemic has likely caused a permanent, irreversible shift to non-cash payments, one of Visa’s top executives said. Charlotte Hogg, Visa’s chief executive for Europe, said it was too early to predict what economic recovery will look like but established that the payments company thinks “digital, domestic spending is […]

Markets May. 5, 2020, 6:34 AM

The way we shop and pay is transforming — here’s a look at the hottest trends and the players poised to take off

The coronavirus has been a catalyst for big changes in the way consumers spend and pay. Ongoing trends like contactless payments and buy now, pay later are accelerating. New trends are emerging, like consumers’ preference toward buy online, pick up in-store. Here’s how banks, credit card companies, fintechs, and investors […]

Markets May. 3, 2020, 11:33 PM

The future of the office, how we’ll shop and pay, and Masa Son’s biggest challenge

Hello! As the curve flattens in many parts of the world and the movement to reopen the economy gains steam, I keep finding myself thinking about this seating plan. As Holly Secon reported this week, 44% of workers on one floor of a South Korean call centre got the coronavirus. […]

News May. 1, 2020, 5:18 AM

POLL: 23% of Americans who owe a rent or a mortgage payment on Friday aren’t sure if they will have the money for it

A new Insider poll found 23% of Americans who owe a rent or a mortgage payment on Friday aren’t sure they will be able to pay it. While 77% of respondents said they were set to make this month’s payment, 12% said they don’t have the money and 10% said […]

Tech Mar. 10, 2020, 9:07 AM

This startup now has millions in no-strings-attached money because one of Silicon Valley’s most famous VC firms had to walk away from the deal

Finix, a startup that enables other startups to manage their payments stack in-house, announced that one of its investors was walking away, returning its equity and board seat to the company. Sequoia Capital had led the payments startup’s Series B round in February, in which Finix raised $US35 million, but […]

Markets Mar. 6, 2020, 3:22 AM

‘Interesting tightrope to be on’: PayPal’s credit chief balances coronavirus threat against healthy consumer demand

PayPal is balancing robust consumer confidence against the mounting coronavirus threat. “You have the strongest consumer we’ve ever known,” PayPal’s global credit chief, Darrell Esch, said at a conference this week. “Then on the other hand, you’ve got this pandemic risk.” Wage growth and low unemployment have fuelled consumer demand, […]

Markets Feb. 4, 2020, 10:26 PM

‘This doesn’t sound right’: Mastercard’s CEO ditched Facebook’s Libra after multiple red flags

Mastercard’s CEO withdrew from Facebook’s Libra over concerns about compliance, making money, and wallets, he told the Financial Times. Ajay Banga dropped out because Libra’s leaders wouldn’t commit to observing laws, he couldn’t see how the digital currency would make money, and he was shocked by Facebook’s plan to store […]

Markets Jan. 30, 2020, 6:51 AM

Here are the 7 biggest fintech trends to watch in 2020, according to a Centana Growth Partners exec

Matthew Alfieri is vice president on the investment team at Centana Growth Partners, a specialised growth-equity firm that invests solely in financial services, fintech and enterprise technology, and he currently serves as a board observer at Centana’s portfolio company Beacon. In this op-ed, Alfieri, one of Business Insider’s 2019 Rising […]

Tech Jan. 1, 2020, 9:38 AM

Cash App does not work internationally — here’s what you need to know

Cash App does not work internationally – you cannot make payments to someone in a different country. Cash App can only be used to send money within the country you live, and the service is only available in the US and UK. Visit Business Insider’s homepage for more stories. Cash […]

News Nov. 23, 2019, 6:45 AM

We talked to 4 VC investors about the hottest trends in payments and the biggest innovations to keep an eye on

We spoke to investors at Andreessen Horowitz, Bain Capital Ventures, Citi Ventures, and Insight Partners to learn where they see the next innovations and opportunities in payments tech. Mostly, they’re looking out for ways that payments companies can do more than just process transactions. That may be through add-on services, […]

Tech Nov. 6, 2019, 1:29 AM

‘Does Venmo work internationally?’: No, you must be physically located in the US — here’s what you need to know

Venmo does not work internationally, as users must be physically located in the United States to complete transactions on the app. You’ll also need to have a US bank account to set up a Venmo account, and if you plan on getting the Venmo credit card, you’ll need to have […]

Tech Oct. 29, 2019, 5:39 AM

Uber is launching ‘Uber Money,’ a financial services team that could help it save money and pay drivers more quickly

Uber has launched “Uber Money,” a program focused on financial services like payments and banking. Peter Hazelhurst, head of the division, told CNBC that the company would eventually like to offer consumer bank accounts, too. For now, the new unit is focused on expanding instant payments to drivers and couriers, […]

Markets Aug. 6, 2019, 6:46 AM

The Fed plans to create a system that would allow Americans to transfer money faster

The Federal Reserve announced Monday it would develop a payment system that would allow bank payments and transfers to be made instantly and round-the-clock. Bank customers currently have to wait up to several days for transactions to pull through, a slower pace than in many major economies. The announcement came […]

Markets Aug. 3, 2019, 12:13 AM

Square plummets 15% after selling its food-delivery business and saying it will spend more

Square plunged 15% on Friday after selling its Caviar food-delivery business and announcing increased spending in its second-quarter earnings report. The company lowered its third-quarter earnings expectations as it plans to invest more in marketing ahead of the holiday season, when it says businesses heavily use its service. Square’s Cash […]

Tech Jun. 25, 2019, 2:04 AM

Stripe CEO Patrick Collison announced his engagement over the weekend with a geeky joke on Twitter

StripeCEO Patrick Collison got engaged this weekend, and he announced it on Twitter Sunday with an industry joke. “Hit our engagement metrics this weekend!” Collison wrote on Twitter, with well-wishing commenters-including fellow Silicon Valley execs – playing along with the joke. Collison, who keeps his personal life private from social […]

Tech Jun. 20, 2019, 2:45 AM

6 things we’re still wondering about Libra, Facebook’s new cryptocurrency coming in 2020

Facebook on Tuesday announced the launch of its forthcoming cryptocurrency,Libra, and subsidiary financial service, Calibra. The service isn’t launching until 2020, and there are still a few unanswered questions. Facebook hasn’t clarified how old you have to be to use Libra, whether it will integrate with Facebook’s existing Messenger payments, […]

Markets Jun. 3, 2019, 8:40 PM

UK fintech Tribe Payments is partnering with UnionPay as part of the Chinese giant’s ‘aggressive’ push into Europe

Chinese payments giant UnionPay is going into a partnership with UK fintech startup Tribe Payments. UnionPay is the third largest card and payments provider in the world, after Mastercard and Visa, and has “very aggressive” plans for expansion in Europe, Tribe Payments’ CEO told Business Insider. “An IPO is already […]

Markets May. 28, 2019, 10:10 PM

Bitcoin is surging and just crossed the $10,000 mark

Bitcoin surged past $US10,000 on Friday evening. The milestone marks bitcoin’s recovery to more than half of its all-time high. The promise of interest-rate cuts, rising US-Iran tensions, the US-China trade war, and wider interest in cryptocurrencies could be driving the surge. Watch bitcoin trade live. Bitcoin surged more than […]

News May. 24, 2019, 9:20 PM

Facebook held talks with Mark Zuckerberg’s arch rivals the Winklevoss twins for a partnership on the company’s new cryptocurrency

Mark Zuckerberg may be ready to forgive the Winklevoss twins, who sued him for stealing their idea of a social network. Facebook has held talks with Gemini, the bitcoin billionaires’ cryptocurrency exchange, about its planned digital coin, according to the Financial Times. The social media giant has been working for […]

Markets May. 18, 2019, 12:46 AM

JPMorgan drops $500 million on healthcare payments firm InstaMed in its largest acquisition since the financial crisis

JPMorgan on Friday agreed a deal to acquire InstaMed for $US500 million. The deal for the healthcare payments tech company expands JPMorgan’s already vast corporate payments operation. Visit Business Insider’s homepage for more stories. JPMorgan Chase has acquired the healthcare payments company InstaMed for $US500 million, the bank’s largest acquisition […]

Markets May. 3, 2019, 7:40 PM

Facebook is working on a secret plan — code-named ‘Project Libra’ — to build a cryptocurrency network

Facebook is working on a secret initiative code-named “Project Libra” to build a cryptocurrency-based payments system, the Wall Street Journal reported on Friday. The social network plans to launch a digital coin that its users can transfer to each other and spend on Facebook and elsewhere, and has spoken to […]

Markets Apr. 17, 2019, 11:59 PM

The ‘Amazon of Japan’ is up 10% ahead of Pinterest’s IPO

Rakuten’s shares jumped 10% on Wednesday as investors looked forward to Pinterest’s public debut, cheered registrations for its new cryptocurrency exchange, and celebrated an analyst upgrade. The “Amazon of Japan” invested in Pinterest in 2012, but its shareholding seems to have fallen below 5%. Rakuten plans to launch a cryptocurrency […]

Markets Apr. 16, 2019, 6:58 PM

Europe’s biggest IPO this year just started trading —Italy’s Nexi is a rare $6.4 billion bright spot amid regional slump

Shares in Nexi, Italy’s biggest payment-services group, began trading on Tuesday. Nexi raised just over €2 billion euros ($US2.3 billion) and secured a market valuation of about €5.7 billion when it listed last week, marking Europe’s biggest IPO so far this year. The Milan-based group’s public debut follows two other […]

Tech Mar. 26, 2019, 9:53 AM

Apple is one step closer to launching its sleek, new credit card that’s all white and offers 2% cash back on every Apple Pay purchase — here’s how it works

Earlier this year, Apple announced its own credit card, known as Apple Card. Apple Card will have no annual, late, or international fees, and what Apple describes as a low interest rate. The card will also have an easy-to-use app interface, and Apple is offering both a digital and physical […]

News Mar. 15, 2019, 8:28 PM

Tell us what you think!

The future of banking is coming to a smartphone near you. Saving, budgeting, and paying are getting easier than ever before, thanks to new features like scanning your face with a smartphone camera to log in or using your voice to navigate your banking app. To learn which new features […]

News Feb. 1, 2019, 7:23 AM

Western Union CEO: Migrants are responsible for $600 billion in payments a year, yet they “have no voice”

Western Union CEO Hikmet Ersek is certainly worried about the protectionism trend that is happening right now but says you can’t stop globalism or globalization. People are too connected. The first wave of globalization was led by big companies, but he says the next wave will be led by individuals. […]

Markets Oct. 24, 2018, 8:21 AM

Payments app Zelle is gaining ground on heavyweight PayPal as fintech apps battle for a piece of a $167 billion market

Payments app Zelle increased its total payment volume to $US32 billion in the third quarter, according a new report. Zelle is catching up to PayPal, which hit $US36 billion in person-to-person payment volumes in the quarter. Launched in 2017, Zelle is one of the biggest banking industry-backed efforts to thwart […]

News Sep. 28, 2018, 12:39 AM

Stores and credit-card companies are in an all-out war over fees

Retailers are hoping to quash the “honour all cards” rule that requires retailers to accept all of a network’s credit cards if they accept any as a form of payment, the Wall Street Journal reported. The rule is included in contracts between Visa and Mastercard and the retailers that accept […]

News Aug. 22, 2018, 3:58 AM

Costco just made an uncharacteristic move to win over millennial customers

Costco members can now use Apple Pay, Google Wallet, and Samsung Pay to buy products in its US stores. The retailer trialed the new payment service in a handful of locations before rolling it out to all stores this month. This move could be an effort to appeal to a […]

Markets May. 24, 2018, 6:01 PM

A Dutch payment giant backed by Mark Zuckerberg and used by Uber is going public

Dutch payment company Adyen is listing in Amsterdam. The company is used by Facebook, Uber, and Netflix, among others, and Mark Zuckerberg and Jack Dorsey are indirect investors. Adyen could be valued at up to €9 billion in the listing. LONDON – Dutch payment business Adyen has announced plans to […]

Markets May. 18, 2018, 11:27 PM

Square sinks after Paypal acquires iZettle to better compete in payments

Square shares are lower after Paypal announced it will acquire iZettle, a European fintech startup. iZettle will allow Paypal to compete better in the point-of-sale business where Square previously had a large advantage. Watch Square trade in real-time here. Square shares are down more than 4% in Friday after Paypal […]

Markets May. 18, 2018, 10:51 PM

Paypal is gaining ground after announcing its $2.2 billion acquisition of a European competitor of Square

Paypal announced it is acquiring iZettle, a European competitor of Square, for $US2.2 billion. The $US2.2 billion deal is Paypal’s largest acquisition to date and would put the company in the field of physical payments. Watch Paypal trade in real-time here. Paypal is up almost 2% in pre-market trading after […]

Tech May. 10, 2018, 5:31 AM

A controversial Florida politician just made his county the first in the US to let residents pay taxes with bitcoin

Florida’s Seminole County will soon accept bitcoin and bitcoin cash as payment for county services, like taxes and drivers licence fees. To do it, the county will work with BitPay, a cryptocurrency e-commerce payments company. It’s BitPay’s first contract with a government entity. It’s believed that Seminole County will be […]

Tech Apr. 18, 2018, 6:29 AM

The biggest porn site in the world is now accepting a ‘privacy-focused’ cryptocurrency called Verge

Pornhub has begun accepting cryptocurrency payments for its subscription-based service. The cryptocurrency is called Verge, a “privacy-focused” digital currency that emphasises anonymity. Two of Pornhub’s affiliate sites, Brazzers and Nutaku, will also accept payments in Verge. Pornhub is now accepting payments for its premium content in a cryptocurrency called Verge, […]

Markets Mar. 24, 2018, 8:03 PM

Santander is set to launch an international money transfer app with Ripple

Santander UK CEO: “This spring, if not one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with blockchain technology.” Consumer app in partnership with Ripple set to be launched to customers in Spain, Brazil, UK, and Poland. LONDON – […]

Tech Jan. 24, 2018, 7:36 AM

$11 billion startup Stripe drops bitcoin support because it doesn’t make sense as a means of payment

Stripe, the $AU11.25 billion online payments company, is putting an end to the product that enabled retailers to accept bitcoin as payment. It’s a major hit to the popular cryptocurrency, once believed to be the future of online payments, but Stripe isn’t the only company to back off. Expensive transaction […]

Markets Jan. 20, 2018, 3:54 AM

Square is like ‘Amazon or Google in their early days’

Square is set to take off, according to Nomura analyst Dan Dolev. The company is rapidly expanding into new businesses and is growing its payments volume. Watch the price move in real time here. When Wall Street compares one of Jack Dorsey’s two public companies to Amazon and Google, you’d […]

News Dec. 18, 2017, 8:07 PM

ING: Bitcoin will be a niche asset for ‘tech nerds,’ the privacy-obsessed, and criminals

ING: “Bitcoin has little to offer to a wider audience, and will likely return to being a niche product for a select group of enthusiasts.” Economist argues that issues around regulation, volatility, transaction speed and cost, and a lack of intermediaries will hold bitcoin back in the long run. “We […]

Tech Dec. 9, 2017, 6:18 AM

Craigslist just made it easier for you to sell your sofa for bitcoin

Craigslist just added a new button where sellers can indicate that they will take cryptocurrencies as payment. The notoriously minimalist site won’t process the payments. Buyers and sellers still have to exchange payment for goods at the point of sale. Cryptocurrencies are widely believed to be a good way to […]

News Nov. 30, 2017, 8:43 PM

TSB apologises as payments glitch hits on payday

Payments to and from TSB bank experiencing issues on Thursday morning. Some customers complain they have been left without their salary on payday. Bank apologises to customers, saying it’s “working as hard and as fast as we can to resolve any issues.” LONDON – TSB is investigating problems with standing […]

Markets Oct. 14, 2017, 4:00 PM