Today in FinTech: Boston Red Sox Drop Cash; JPMorgan Signals Pain Ahead

In today’s FinTech news, for the first time ever, the Boston Red Sox are not taking cash for hot dogs, beer, shirts and other concession items. Plus, J.P. Morgan’s first-quarter earnings sock away $902 million for reserves, and Twitter throws down a roadblock to stop Elon Musk from snapping up more shares.

Boston Red Sox Go Cashless

Baseball fans attending the home opener at Fenway Park as the Boston Red Sox and the Minnesota Twins took the field Friday (April 15) had to have a credit card, debit or smartphone to buy concession snacks. For the first time in its 110-year history, the Boston Red Sox did not accept cash for food, drinks and souvenirs. The decision was made to speed up service and offer convenience.

JPMorgan’s $1B Loss Reserve Signals Souring Loans and ‘Pain’ Ahead for FinTechs

JPMorgan reported first-quarter earnings with $902 million built in for reserves — a move that signals a tough credit environment is in the cards. Building reserves means that loans may go sour, even if credit quality remains strong for now. i2c President Jim McCarthy told PYMNTS in a Quick Take interview that FinTechs have never operated in an environment like this and will also be feeling the pain.

Twitter Seeks to Block Elon Musk From Upping Stake

Twitter has taken action to keep Elon Musk from significantly increasing his stake in the microblogging service following the Telsa CEO’s $43 billion unsolicited takeover bid for the social media company. Twitter has worked to make it hard for Musk to increase his stake beyond 15%. Earlier this month, he revealed in a Securities and Exchange Commission (SEC) filing that he holds a more than 9% investment in the social media network.

Stripe Reports Strong 2021 Growth, Warns It Won’t Be Repeated

Stripe’s founders, brothers John and Patrick Collison, wrote in an open letter to the company’s community that this year won’t match the growth that came from the one-time behavioral adjustments caused by the pandemic. Last year’s growth was due in part to the average daily addition of 1,400 companies and nonprofits as customers.

CEO Greg Carmichael Stepping Down From Fifth Third Bancorp

Fifth Third Bancorp CEO Greg Carmichael is retiring from his role effective July 5 and will hand the leadership baton to his successor, Tim Spence. Spence joined Fifth Third in 2015 as chief strategy officer and more recently was named president in 2020. In that role, he was in charge of consumer banking, payments and strategy. He was also instrumental in helping the bank move forward in offering digital-first capabilities.

FTC Issues $4.8M in Refunds to Debt Collector Victims

The Federal Trade Commission (FTC) issued more than $4.8 million in refunds to victims of unlawful debt collection practices last year, and several actions have been initiated against those collectors. These include resolving a trio of Federal Debt Collection Practices Act (FDCPA) cases against 17 defendants and banning all 17 companies and individuals who engaged in serious and repeated violations.