Credit card

How to Get Free Amazon Money; Young adults are ditching physical wallets

Kids are ditching their physical wallets in favor of mobile payments

Young people increasingly prefer mobile payment apps to traditional payment methods. Marqeta surveyed 4,000 consumers on three continents, including 1,000 UK respondents, and found that 61% feel confident enough with contactless payments to leave their wallet at home and just pick up their phone, a figure that reaches over three quarters for UK Gen Z respondents. Almost all (96%) UK consumers surveyed have used contactless in the past year. Additionally, 42% of UK respondents say it’s been so long since they’ve used anything other than contactless that they can’t even remember their PIN, a figure that rises to 54% for under 24 years old. [Tech Radar]

How to Get Free Amazon Money Before Prime Day With Amazon’s Gift Card Offer

Amazon Prime Day 2022 is scheduled for July, but one of Amazon’s best deals is already live. Right now through Friday, June 24, if you’re a first-time Amazon Gift Card buyer and spend $50 on Amazon Gift Cards, you’ll get a free $10 Amazon promotional credit with the code USEGC222 at the register. Then, if you top up the gift card with $100 or more, you can earn an additional $10. [ET Online]

Remote biometric mobile payments will reach $1.2 trillion globally by 2027

The total value of transactions for remote mobile payments authorized using biometric authentication technologies such as facial or fingerprint recognition worldwide will reach $1.2 trillion by 2027, up from $332 billion. dollars in 2022, according to forecasts from Juniper Research. The researchers also predict that transaction volumes for biometrically authenticated remote mobile payments worldwide will increase by 383% over the next five years to reach 39.5 billion by 2027. Implementing strong authentication customers and the European Union’s Payment Services Directive II, as well as mobile payment services provided by smartphone manufacturers and other original equipment manufacturers such as Apple Pay, will be key drivers in the adoption of biometric mobile payments. [NFCW]

Missed Payments and Rising Interest Rates Test the “Buy Now, Pay Later” Principle

“Buy now, pay later” companies promised a credit revolution that would change the way people pay for their purchases. Rising delinquencies and a slowing economy are clouding this outlook. Payment plans that let shoppers spread the cost of things like clothes, makeup and appliances were all the rage last year. The companies behind the plans have seen their valuations soar. Dozens of retailers rushed to add them to checkout. [The Wall Street Journal]

Affirm partners with Stripe as BNPL wars escalate

Two fintech giants are teaming up. Affirm is buying now, pay later technology available to businesses using Stripe’s payment technology. This means that a large number of companies that were unable to offer their customers the possibility of paying in installments now can. The deal is important for Affirm because Stripe has “millions” of customers. It processes hundreds of billions of dollars each year for “every size of business, from startups to Fortune 500”. And that gives Affirm the opportunity to generate more revenue because it makes money partly on interest charges. For its part, Stripe is able to offer potential and current customers greater payment flexibility. [Tech Crunch]

Inflation is pushing Americans to turn to loans and credit cards to cope. Is it a big risk?

Consumer borrowing is rising as inflation nears 40-year highs and Americans resume pre-pandemic activities like travel and restaurants, posing risks for low-income borrowers. A growing share of these cash-strapped households are falling behind on car loan, credit card and personal loan payments, a development that intensifies their anxiety and could prompt lenders to extend fewer loans to this group. In April, bank credit card balances rose 14.2% from a year earlier, auto loans rose 7.5% and other consumer loans climbed 19%. The most worrying development is that low-income Americans are relying on credit cards and personal loans to make ends meet now that inflation has soared and Covid-related government aid has run out.. This is happening just as the Fed is aggressively raising interest rates for these loans to temper price increases. [USA Today]

71% say rising costs have affected summer holiday plans

A recent US News & World Report survey shows that nearly three-quarters of Americans, ready to travel again but faced with a shaky economy and high prices, have changed either their behavior or their travel budget to take a summer vacation. been a reality. About 22% have reduced their vacation budget and nearly 21% of survey respondents say they are reducing the number of vacations they take this year. And a further 16.9% say they are cutting back on spending in other areas to fund summer vacation plans. It is somewhat alarming that almost one in four intend to borrow money for a holiday, for example by using a credit card and carrying a balance. [US News & World Report]

Google-backed startup launches credit card with Merchant Rewards

Tandym, a private-label digital credit card issuer, launched Wednesday with $60 million in venture capital funding, aimed at helping retailers recoup the cost of accepting credit cards by funding credit card programs. merchant loyalty. The Chicago-based startup enables online merchants to instantly issue virtual credit cards to customers who can earn 5% rewards on future purchases. The concept addresses the common complaint from merchants that interchange fees collected by credit card networks are typically used to fund banks’ card rewards programs instead of retailers’ own rewards program. [American Banker]

United Airlines no longer accepts credit or debit cards on board

I recently flew on United Airlines and was shocked to learn that they no longer accept credit or debit cards on board. They don’t take money either, but that’s not particularly surprising. But United takes the concept to the next level by refusing to accept cards or mobile payments for onboard purchases such as drinks and snacks. The only way to purchase these items on most United flights is to preload a credit or debit card into your account. There is also a trial program involving a PayPal QR code on select United flights. [Bankrate]

Chipotle now accepts cryptocurrency payments in the United States

Fast food chain Chipotle Mexican Grill has started accepting cryptocurrency payments through Flexa, a digital payment platform. Customers can pay for their burritos and other Tex-Mex favorites using Flexa at any Chipotle restaurant across the United States. The Flexa platform supports 98 digital currencies, including bitcoin, ether, and Solana’s SOL. Customers must download the Gemini or SPEDN app, which stores digital assets, to use Flexa for in-store purchases. To celebrate its new payment options, Chipotle is offering 10% off customers who make their next purchase with any digital currency in a Flexa-enabled app. [Coin Desk]

Marqeta partners with Klarna for a seamless alternative to traditional credit cards

Marqeta will work with Klarna, a global retail banking, payment and shopping service, to power its new Klarna Card which will bring the company’s popular “Pay in 4” service to a physical Visa card. It will allow consumers to pay over time in four equal, interest-free installments for any in-store or online purchase. The Klarna card is now available to US consumers and it began using Marqeta’s modern card issuance platform in the US in 2018, to power virtual cards across multiple product offerings. This comes as Marqeta and Klarna expand their partnership into 13 new European markets in December 2021. [Seeking Alpha]

Interested in a Crypto credit card? Here’s what you’ll miss

Crypto credit cards are rapidly becoming available to US consumers, and their easy access to crypto may appeal to both existing crypto enthusiasts and curious crypto investors looking to enter the market. But even though these cards are becoming more common, they leave a lot to be desired when it comes to reward value. Many only offer lukewarm rewards rates, and with the volatility of cryptocurrency, there is a large potential opportunity cost in forgoing the guaranteed points or cashback redemptions that come with older rewards cards. regular. Before you decide to open a crypto credit card, make sure you understand how crypto credit cards work and the risks you may be exposing your wallet to. [NextAdvisor]

Protecting bank customers from themselves

Social engineering scams around the world are on the rise. Most of these scams are carried out over the phone, with losses for US consumers estimated at nearly $30 billion. A significant percentage of account takeover incidents involved some form of social engineering voice scam. According to the Federal Trade Commission, impostor scams were the top type of fraud reported by consumers in 2020. Behavioral biometrics play a crucial role in helping financial institutions identify and stop social engineering scams. Even when a genuine user makes payment, subtle changes in digital behavior while acting under the influence of a cybercriminal may suggest that a social engineering scam may be in play. Behavioral insights obtained from data collected can help build a picture of a user’s typical online habits to help financial institutions detect unusual behavior when responding to a challenge or request during a digital session. [BAI]