Payments

As U.S. credit card balances continue to march above $1 trillion, the number of newly delinquent credit card users now exceeds the pre-pandemic average and millennials and those with student or auto loans are driving the increase in past-due payments, the New York Fed said.

The Swedish furniture giant debuts a modest U.S. buy now/pay later loan program via Afterpay, with interest-free terms that are unlikely to anger regulators.

The company says young consumers, steady credit quality and a robust travel recovery will offset a weaker economy for small businesses.

Discover Financial Services' stock tumbled after revealing a new FDIC consent order regarding consumer compliance. Separately, the financial institution also copped to misclassifying certain credit card accounts into its highest merchant-pricing tier beginning in 2007.

The Federal Reserve's instant-payments rail may cut into card issuers' credit and debit card volume over time, but it could also help smaller institutions expand their services.

JPMorgan Chase and Discover are among the firms developing new technology to allow more people to shop from behind the wheel.

The slow rollout of Apple's buy now/pay later service contrasts starkly with the aggressive moves of leading BNPL fintechs. Analysts say Apple's restraint could pay off in time.

The online lending marketplace is teaming up with Upgrade on a card that operates like a fixed-rate loan, in a move to turn around multiple quarters of disappointing financial results.

The buy now/pay later lender posted larger-than-expected losses, and following its layoffs it will deemphasize products with an uncertain short-term outlook, such as crypto trading.

The card network sees digital payment opportunities and upside from China's reopening, but inflation and the slower pace of travel spending could slow growth.