Today In Payments: Banks Spend More To Fight FinTechs; Mastercard Intros Real-Time Payments Gateway PayPort+

In today’s top news, banks forecast spending more to fight off FinTechs and Mastercard launched PayPort+, a real-time payments gateway. Plus, the U.S. Consumer Financial Protection Bureau warned consumers to take care when using buy now, pay later (BNPL) products.

Banks Spend More To Fend Off FinTechs

While analysts had anticipated lower expenses for banks post-pandemic, the biggest financial institutions (FIs) in the U.S. are forecasting an increase in expenses and decrease in revenue as they rush to fend off FinTech rivals and stay ahead on technology.

Mastercard Introduces Real-Time Payments Gateway PayPort+

Mastercard is rolling out PayPort+, a next-generation real-time payments gateway that provides easy entry into the U.K.’s real-time payments infrastructure for FIs and payment service providers (PSP). The gateway is powered by Vocalink and technology partner Form3.

CFPB Blog Warns Consumers Biggest Risk Of BNPL Is Themselves

It seems everyone is getting interested in BNPL these days — Apple, Discover … the Consumer Financial Protection Bureau. That last one might be a worry for the industry, however, as its early messages are more warning than encouraging. It begs the question — does the CFPB get what it is consumers actually like about the product?

China Evaluating Use Of Digital Yuan For Cross-Border Payments

The People’s Bank of China (PBOC) is evaluating the use of the digital yuan for cross-border payments and plans to enhance its security and privacy measures. The central bank indicated that is open to discussions about developing worldwide principles with the international monetary system.

Apple Pay Later Could Pose Larger Threat To Card Issuers Than To BNPL Players

BNPL providers saw their stocks take a drubbing last week on news that Apple and Goldman were poised to unveil Apple Pay Later the tech giant’s answer to BNPL. Although details are rife with speculation and rumor, the newest installment plan player appears to pose a larger threat to card issuers than to BNPL startups. PYMNTS’ Karen Webster explains.

Western Union CEO: Bringing Global Citizens Into The Connected Economy

Migrant workers don’t get the respect they deserve for their contributions to the global economy, Western Union President and CEO Hikmet Ersek told Karen Webster — nor do they have the access they need to the emerging Connected Economy. Ersek previews Western Union’s plan to leverage its global remittance network to create new financial services ecosystems for these global citizens.

Revolut’s $33B Valuation Rivals UK Banks Decades Older

Revolut’s latest funding round implies a lofty valuation — and a proof point for the prospects for open banking and challenger banks. Revolut, with the aid of application programming interfaces (APIs) and with designs on building a super app, is now suddenly “shoulder to shoulder” with big banks decades older in the U.K.