Today In Payments: Jobless Americans Can’t Afford Doctor Visits; Powell Says US Faces Long-Term Economic Damage

In today’s top news, many jobless Americans can’t afford to seek medical care, and the Fed’s Jerome Powell said the economy is far from a full recovery. Plus, U.S. banks took a profit hit of 69.6 percent in the first quarter of 2020.

Jobless Americans Can’t Afford Doctor Visits

While many patients are avoiding office visits for fear they could catch COVID-19, doctors say the primary reason jobless Americans are staying away from healthcare providers is because they can’t afford to seek medical care.

Powell: US Faces Long-Term Damage As Downturn Persists

Federal Reserve Chair Jerome Powell said Tuesday (June 16) that the economy under the pandemic has continued to cause pain to American citizens despite the appearance of stabilization coming from the reopening. In reality, the country has a long way to go to reach full recovery.

US Banks See Chargebacks Soar, Profits Tank Due To Pandemic

U.S. bank profits took a hit of 69.6 percent in profits in the first quarter of the year compared to the same time last year. The profits only hit $18.5 billion as the coronavirus pandemic continued to cause lenders to write off delinquent debt and hoard billions to prevent more losses later on.

EU Antitrust Probe Includes Apple Pay

The European Union (EU) has launched antitrust investigations into potential violations by Apple of competition laws in its Apple Pay service and App Store. If found guilty, Apple could face a fine of up to 10 percent of its annual revenue and be forced to amend its business practices.

New Report: How Flexible-Payment Options Are Giving DIY Projects An Assist

Many consumers confined to their houses are using the time to tackle longstanding home-improvement projects. But economic worries and debt wariness can often keep them from completing DIY projects, says David Sasson, CEO of online art retailer OverstockArt. In the latest Buy Now Pay Later Tracker®, Sasson discusses how flexible-payment options can help resolve consumers’ financial concerns.

Fixing Banks’ AML Achilles’ Heel — Before The Fraudsters Pounce

Fraudsters get away with breaches, phishing schemes and ill-gotten gains when bank standards are lax. In an interview with Karen Webster, Stephen Taylor, general manager of anti-money laundering at NICE Actimize, details how corporate culture — from people to technology — is a critical component of compliance success.

Mastercard And Visa Lose Legal Round In Europe Over Swipe Fees

On Wednesday (June 17), the highest court in the U.K. upheld a 2018 ruling by a lower court, the Court of Appeal, that payments firms Visa and Mastercard had restricted competition for retailers by levying fees on transactions, known as multilateral interchange fees (MIF). The U.K. high court’s dismissal of Visa and Mastercard’s appeal paves the way for retailers in the interchange fee case to seek compensation.