Today In Payments: PNC Approved For Low-Fee Account; Afterpay Rolls Out In-Store Payments Via Mobile App

In today’s top news, PNC has been approved for a low-fee account for the underbanked, and Afterpay has launched a virtual card for installment payments. Plus, Peoples Bank and Premier Financial announced plans to merge in a deal valued at $292.3 million.

PNC Gets Stamp Of Approval For Low-Fee Account Aimed At ‘Underbanked’

The Cities for Financial Empowerment (CFE) Fund has granted PNC Bank certification for a second bank account that limits fees for low- to moderate-income customers. The financial institution (FI) will charge $5 a month, but the checking account will have no charges for overdrafts or insufficient funds.

Afterpay Rolls Out In-Store Digital Card For BNPL

Australia’s buy now, pay later (BNPL) startup Afterpay has introduced a virtual card solution for in-store and online payments. The Afterpay card can be created through the app and stored in a smartphone’s digital wallet.

Peoples Bank Unites With Premier Financial In All-Stock $292 Million Merger

Peoples Bancorp and Premier Financial Bancorp will join forces in an all-stock merger valued at approximately $292.3 million. Together, the newly combined company will have 136 deposit locations in Ohio, West Virginia, Kentucky, Maryland, Virginia and Washington, D.C.

COVID-19 Fuels 41 Pct Spike In Global Real-Time Payments

COVID-19 has dramatically increased reliance on real-time and digital payments. According to a new report from ACI Worldwide and GlobalData, over 70.3 billion real-time payments were processed in 2020, a 41 percent increase from 2019.

JPMorgan Uses Liink Network To Help FIs Innovate Payments Economics

J.P. Morgan has been quietly building the infrastructure of a blockchain-based network, and it is making it accessible for third parties to innovate on top of. Christine Moy, global head of the bank’s Liink and Onyx division, said modernizing payments can help banks and their corporate clients refashion their basic economic models.

Visa Direct Payouts Pushes Payments To Cards, Two Billion Bank Accounts Globally

Visa announced Tuesday (March 30) that it has launched Visa Direct Payouts, a single point of integration for domestic and cross-border B2B payouts. As Senior Vice President and Global Head of Visa Direct Bill Sheley said, this “network of networks” supports payouts to any 16-digit PAN and directly to 2 billion bank accounts across borders.

Hybrid C-Store Model Builds Neighborhood Connection With Consumers

Foxtrot Market started as an online-only retailer in Chicago, providing 60-minute deliveries of traditional convenience store merchandise with a dash of local flavor. Three years ago, it started opening brick-and-mortar locations, and as CEO Mike LaVitola said, that hybrid model has been verified by doubling its store count and securing new funding.

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