In today’s top news, Big Tech slammed the House antitrust report, and credit card debt has fallen for the sixth consecutive month. Plus, Revolut launches a savings tool for kids.
The country’s four largest tech firms wasted no time pushing back on the antitrust report from the House Judiciary subcommittee on antitrust, claiming that they all compete fairly. The 449-page report follows a 16-month inquiry into the tech companies.
Americans cut their credit card balances in August for the sixth consecutive month, the Federal Reserve System reported. Revolving debt declined by $9.4 billion in August, its lowest level since 2017.
Revolut is rolling out a new tool called Goals for its Junior savings card and app that encourages youth to stash away money. The app's three pillars — allowances, tasks and goals — are intended to help kids ages 7 to 17 understand the importance of savings.
Wells Fargo & Co. has eliminated more than 700 jobs across their commercial banking division. The bank has not yet set targets for the number of cuts, but it could eventually number in the tens of thousands.
The consumerization of payments across a range of verticals is underway – healthcare is no exception. In an interview with Karen Webster, John Talaga, executive vice president and general manager of healthcare, discusses the recent introduction of Amazon’s Halo, where it fits into a longstanding trend in digitizing a huge payments (and care) pain point in the U.S. health system — and what’s next in crafting personalized payment plans.
Small and medium-sized businesses (SMBs) often struggle the most with the great digital shift that is now underway. In a livestreamed conversation earlier in the week, Sara Wardell-Smith, Visa Business Solutions’ North America head, and four small business owners and executives explain why small steps are the key to navigating the large-scale changes that all SMBs must make.
With transactions that are irreversible almost instantly, bitcoin and other cryptocurrencies are winning new converts — among scammers eager to avoid credit card chargebacks that can eat into their ill-gotten gains.