That’s pretty cool, I like it.
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Not seen anything about these before, seems like a good idea.
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Great idea.
I’ve already been using that feature for a little while now. I’m working in Japan at the moment and my main bank here has the feature active, so I can just go into my banking app and swap between credit, debit, or using my rewards points to pay. Looks like this:
The big buttons switch the payment mode, and the little button up top lets me link additional cards.
The only annoying thing is that since they’re the first one to offer this, there’s some wrinkles that have to be ironed out. Not all of their co-brand cards can be linked, so I still have to carry and use my Flying Blue credit card separately. In addition, I do have to manually go in and change the payment mode when I want to make a purchase on debit instead of credit or vice versa, I can’t set any automatic rules.
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Curve USA must be just a slight bit worried about that.
https://www.fintechfutures.com/2024/06/fintechos-bags-60m-in-series-b-investment-round/
I think the gap between legacy banks and neos will start to close quickly fairly soon
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Oh yeah, I remember reading about that. It’s one of the reasons I really hope Monzo gets its own bank charter in the US soon, I think this is really going to shake the confidence people have in American fintech that isn’t directly bank-owned.
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I used to think this, but i don’t anymore. I think, personally, the fintech bubble has burst now, and what we’ll have is either later adopters or just new customers etc.
And that people will just stay where they are for the most part, meaning the urgency of updating will slow down and the gap will close, but not at the pace I thought it might’ve done a few years ago.
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Creditors of failed money transfer firm Viola seek Interpath’s removal
Viola, which processed about £2.5 billion of transactions, was placed into insolvency proceedings in December 2021 after the Financial Conduct Authority expressed “serious concerns” about its operations.
Color me shooketh
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https://www.wsj.com/finance/banking/wells-fargo-credit-card-rent-rewards-8e380852
Consumers are too savvy, or too pressed these days to save as much as possible.
Everyone in fintech has been saying that the Bilt credit card ($3.1B valuation) is too good to be true; How can you get cash back on rent payments?
Turns out they have an unsustainable deal with Wells that is losing the bank hundreds of $millions. Wells made a number of incorrect assumptions in their underwriting.
They assumed that it would be a top of wallet card for renters who carry balances. Instead, a lot of savvy consumers (myself included) use the bank for the minimum required to collect the rental points.
Wells assumed that 65% of card-purchase volume would be non-rent, generating interchange-fee revenue.
The reality is inverted… most of the volume is rent payments on which they don’t earn much.
Wells also assumed that 50-75% of the balances would be revolving, earning them interest. The reality is they mostly have cardholders like me who don’t carry a balance - only 15-25% are revolving.
Wells is paying 0.8% to Bilt on rent payments, even though the bank doesn’t get interchange on them. Wells has a massive mortgage business and thought that they’d be able to cross-sell mortgages when the renters become homeowners but that hasn’t panned out.
Kudos to Bilt for negotiating a killer contract that doesn’t expire until 2029… but I wonder what the future looks like after that. Wells says they won’t renew it as-is.
In the meantime - it’s a great card… pay your rent via the card and make 5 other transactions a month to get 1% back on your rent.
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Vietnam began requiring face scans on phone banking apps as proof of identity for all digital transactions of around $400 and above.
(Bear in mind the monthly average salary there is around $300)
US lawsuit ongoing for 19 years against Visa and MasterCard in part it’s trying to lift the rule that merchants must accept all types of MasterCards or Visas.
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19 years? One wonders at what point the costs of having the legal team deal with this outweigh what might be gained from the action itself.
Tldr
They pay people for selfie videos and sell them online, then fraudsters buy a video and create fake IDs with the person’s image using someone elses real details so it passes credit checks.
The people in the video also often hold drivers licence or passport sized pieces of paper so fraudsters can photoshop the IDs they want into the video or picture.