In today’s top news, Visa reported positive first-quarter earnings, totaling 700 million Visa Direct transactions, and CFPB sued Citizens Bank for violating the Truth in Lending Act in Rhode Island. Also, Uber and DoorDash discussed a merger six months ago at SoftBank’s request.
Visa’s fiscal first-quarter results showed a 10 percent increase of net revenue year over year, while cross-border and contactless payments continued to gain ground in the U.S. and beyond.
The Consumer Financial Protection Bureau (CFPB) filed suit against Citizens Bank in Rhode Island on Thursday (Jan. 30) for violating the Truth in Lending Act. The CFPB accused Citizens Bank of neglecting to properly manage credit card disputes by automatically denying customers’ billing error notices, among other allegations.
At SoftBank’s request, Uber and DoorDash met to discuss a potential merger six months ago, according to reports. Nothing came of the talks, but both companies are still open to returning to negotiations with one another or with different companies.
In its quarterly earnings release, Facebook reported that it has received positive feedback on its WhatsApp payments feature that it has been testing in India, and expressed interest in expanding it to other countries.
The Monetary Authority of Singapore (MAS) is running a high-stakes race for its five available digital banking licenses offered to third-party companies. In the latest Merchants Guide to Navigating Global Payment Regulations, PYMNTS caught up with MAS to discuss why the race to enter Singapore will significantly alter the global financial landscape.
Between the roller-coaster ride of headlines out of China, the ongoing expansion of European challenger banks into the U.S. and the news that bitcoin’s most proven use case is financing crime, this week left us with a lot of big questions and few answers. RS2 CEO Daniela Mielke joined Karen Webster for the latest This Week in Payments conversation to sort out what just happened, and what’s coming next.
It was a very happy holiday season for Amazon in 2019, according to its latest earnings report. Amazon beat analyst expectations across the board and announced that it now has over 150 million paying Prime customers. And while one-day shipping does have some high costs, the resulting increased consumer spend is making the investment worthwhile.