Your web history could soon affect your credit score; Federal rules ahead for crypto?

Your credit score may soon depend on your web history

Lenders may soon be using data from your browsing, research, and purchase history to create a more accurate credit score. Much of this information is publicly available, while some may need to be provided to credit bureaus. Taken together, this data forms your “digital footprint”. [Yahoo Finance]

Regulators Heading For First Major Cryptocurrency Rules

After widely straying for years as cryptocurrency went from digital curiosity to a volatile but widely adopted innovation, federal regulators are rushing to address potential risks to consumers and financial markets. Now the Treasury Department and other agencies are urgently moving towards a first goal of tighter regulation: a fast growing product called stablecoins, which serves as a sort of bridge between the cryptocurrency markets and the traditional economy. [The New York Times]

Buy now, pay later Plans don’t reduce credit card loans

Borrowers who request “buy now, pay later“or other point-of-sale finance tends not to pay off their credit card debt as much as the general population, credit reporting company TransUnion said. So credit card lenders don’t may not have lost as much business as was suspected during the pandemic with the rise of “buy now, pay later” plans. TransUnion found that a smaller proportion of people who applied had reduced their card debt, 54%, compared to 60% of the general population. Some 20% increased their card debt by more than half. [Reuters]

The pandemic has plunged Americans into serious credit card debt

As the pandemic spans a second year, global debt has reached record levels, even surpassing the ravages of World War II. Experts warn that the recovery could be difficult as payments eventually fall due. As of March 2020, 45% of Americans have taken on more credit card debt. In particular, people who have monthly credit card balances are 2.2 times more likely to report having more debt now than before the pandemic. This is a reversal from the early days of the pandemic, when widespread lockdowns slashed consumer spending. Credit card debt started to rise again in August as emergency financial assistance programs ran out. [Inside 1031]

Shipt announces biggest deal to date with Visa

Shipt announced a major deal, potentially opening the business to millions of additional users through Visa. Consumer Visa cardholders can now access free, limited-time Shipt memberships with free delivery of groceries and other products on all Shipt Marketplace orders over $ 35. Visa Infinite users get up to three years of free Shipt membership. Visa Signature gets three months of free Shipt membership, then nine months of 50% off membership. All other Visa consumer credit cards get a free subscription for one month, then three months at 50% off. []

Bank of America Delivers Increase in Low-Cost Chequing Accounts to Compete with New Entrants

Bank of America’s fight against fintech challengers appears to be making headway, at least with its entry-level checking account. The bank said its Advantage SafeBalance Banking program now has more than three million accounts receivable, up from 2.1 million at the start of September 2020. It is the bank’s fastest growing current account program, aimed at customers. younger potential clients, such as students as well as those in less lucrative professions, looking to open their first bank account or repair their credit. [MarketWatch]

Mobile payments Lay Foundation for Digital Vaccine Passports

Like all restaurants in New York, 5 Napkin Burger staff are responsible for ensuring guests are vaccinated against Covid-19. He doesn’t have the right tools for the job, but he knows where he wants them to be: from his payments provider. Instead of waiting for a check at the end of a meal, many customers pay in advance through a mobile ordering app. In Australia, EML Payments introduced a vaccine verification process and incentive marketing program that instantly issues a digital prepaid card for use anywhere on the Mastercard merchant network. Vaccine verification is linked to the EML application. Mastercard has also partnered with the International Chamber of Commerce to integrate the digital ID work of the two organizations to support vaccine passports and other health passes. [American Banker]

Mastercard launches Strive initiative to accelerate economic recovery

In an effort to support more than five million micro and small businesses around the world struggling to go digital, Mastercard, through the Center for Inclusive Growth, announced the launch of Strive, a global effort to support small businesses and promote their recovery and growth. The effort will be funded by an initial volunteer contribution of $ 25 million from the Mastercard Impact Fund. [PYMNTS]

The decline of in-store gift cards

There was an almost 7% drop in in-store gift card charges in 2020. Consumers charged $ 146.4 billion on in-store gift cards in 2020, up from $ 156.8 billion in 2019. A smaller percentage of U.S. consumers purchased in-store gift cards in 2020, and annual charges were lower. Mercator believes in-store gift card loads are stagnating as consumers turn to digital channels. [Payments Journal]

Bilt Mastercard Simplifies Income on Rent Payment, Adds Dining and Travel Bonuses

Bilt Rewards introduced a revamped rewards program that now lets you earn bonus points in new expense categories and makes it easier to earn points on the most important expense for many Americans: rent. Cardholders will earn 1X points per dollar spent on rent (up to $ 50,000 annually); 2X point per dollar spent on travel; and 3X point per dollar spent on food. In many cases, landlords will charge you a processing fee if you pay your rent with a credit card, making it expensive to earn rewards. However, if you pay your rent through the Bilt app, Bilt will cover these charges in full (usually around 3%) and send a check to your landlord on your behalf. [CNBC]

Learn how to embrace your digital wallet. Here are 8 perks to love

Digital wallets, also known as mobile wallets, have grown in popularity over the years. But the freedom to leave all of your cards at home isn’t the only benefit that users will enjoy. The top three digital wallets are Apple Pay, Google Pay, and Samsung Pay. Venmo and PayPal can also function as digital wallets, both in-store and online. Once set up, a digital wallet could offer bonus rewards, reduced exposure to germs at checkout, and help you split payments with friends, among other options. [MarketWatch]

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