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The move would reduce the fees that banks receive when consumers shop with debit cards. 
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BENTONVILLE, Ark., and PASADENA, Calif., June 24, 2021 — Walmart (NYSE: WMT) and Green Dot (NYSE: GDOT) today announced the Walmart MoneyCard issued by Green Dot Bank is now offered as a demand deposit account (“DDA”) better equipped to help Walmart customers save money and live better. New and existing Walmart MoneyCard account holders may now…
Vineet Anand's insight:
Walmart MoneyCard converts from pre-paid to DDA with GreenDot powering the services with 1MM plus customers
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Looking to make debit cards more attractive to consumers by offering incentives that rival those fou
Vineet Anand's insight:
Driving loyalty programs to debit card holders.
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Japanese buy now, pay later (BNPL) outfit Paidy has raised US$120 million in a Series D funding round.
Vineet Anand's insight:
Paidy with its 5MM users and 700k websites (merchants) raises $120MM. BNPL on a tear globally in acceptance, usage, and transaction growth!Â
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Max Levchin's BNPL outfit Affirm is launching a debit card that lets users pay for purchases over time.
Vineet Anand's insight:
Debit card to allow post-purchase conversion of eligible transaction to BNPL - post-purchase might need merchant fee refresh depending on fee model.Â
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When Leondra Garrett wanted to stock up on three new pairs of shoes early last year, the North Carolina resident split a $161 online purchase into four installments through a "buy now, pay later" service, in what seemed like a convenient deal.
Vineet Anand's insight:
BNPL has taken roots in a big way post the pandemic driven by the rise in digital commerce. And while this survey lends to 40% users having missed payments, it needs more persona driven insights with a much larger base. Today the US market is estimated at around $25 billion in transactions - a larger number of users are millennials that are debit conscious that like the choice of deferred debit with prudence to manage their debt effectively. The article interviews could be credit users that leveraged BNPL - fiscal conscious millennials very likely do not fall in that category. I believe this survey understates the growing BNPL choice for consumers and does not differentiate between fiscal conscious personas that are large users of BNPL. The article does warrant the growing demand for regulation in US in BNPL from a CSFB perspective to preserve consumers that are impacted with lack of transparency by some providers and build awareness on the different BNPL monetization models.Â
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When you buy cryptocurrencies on Coinbase, many users simply don’t know what to do with them. Customers in the U.K. can now get a good old plastic card and spend cryptocurrencies in-store and on any online website. This is a Visa card, so it should work with any merchant on the Visa network. The co…
Vineet Anand's insight:
Per the article, ordering a card costs ÂŁ4.95 ($6.50) — the first 1,000 customers can get it for free. Each transaction costs 2.49 percent in fees — 1.49 percent in conversion fee and 1 percent in transaction fee. If you spend money in other European countries, it costs 2.69 percent in fee. Outside of Europe, it costs 5.49 percent per transaction One very expensive debit card to use unless you making good bucks on crypto rates!!Â
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Micro-investing app Stash is to introduce traditional banking services and 'Stock-Back' rewards on customers spending for its three million users on the back of a $65 million capital raise.
Vineet Anand's insight:
Stash steps into banking services with $65 million funding. Introduces debit card with rewards using Green Dot platform. The rewards will allow for fraction of stock corresponding to merchant spending!Â
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Mastercard continues its spending spree, agreeing to buy Ethoca, a firm that helps merchants and card issuers collaborate in real-time to identify and resolve fraud in digital commerce. Financial terms were not disclosed.
Vineet Anand's insight:
Ethoca to be acquired by MasterCard! MC eager to make investments with the recent acquisition of Transfast.Â
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US mobile banking startup Chime has raised $200 million at a $1.5 billion valuation in a Series D funding round led by DST Global.
Vineet Anand's insight:
Chime's recent funding Series D round values company at $1.5 billion!Â
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The UK's GoCardless, which helps businesses collect recurring payments online, has secured $75 million in Series E funding as it aims to build a global bank debit network.
Vineet Anand's insight:
GoCardless raises $75 million in Series E funding for international expansion!
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Consumer champion Which? is calling on the Government to appoint a regulator to protect access to cash, as a combination of bank branch and cashpoint closures dries up the supply of notes and coins in small communities.
Vineet Anand's insight:
Access to cash and usage is being championed now in consumer group in UK. Similar bill has been raised by the NY regulator to allow cash usage at card acceptance merchants raising eyebrows at pilot locations like Amazon Go!Â
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The European Central Bank is floating the idea of using instant payment rails to link up national card schemes as a means to break the duopoly enjoyed by Visa and Mastercard, who between them account for over 80% of all EU card transactions.
Vineet Anand's insight:
Will instant payments lead to the fall of V/MC powerhouse? Connecting the different EU based country payment systems can breed a new scheme that is cheaper and faster, however it needs a lot of collaboration between banks across countries and merchants.Â
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Visa reported strong earnings driven by growth in payments volume as more consumers use cards to make purchases, but warned that political uncertainties could affect consumer spending.
Vineet Anand's insight:
Payments volume neared $2.3 trillion, with 11 percent growth year over year,. Credit was $1.2 trillion up 9 percent, and debit, the remainder, up 13 percent. U.S. credit transactions  at $498 billion, and $446 billion for debit. B2B acquisition of earth-port loss to MC leaves open the door for other buy options to drive B2B capability. Contactless card roll-out in US by JPM and with WF and BAM to follow suit.Â
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Payments company Square Inc is launching a free debit card for small businesses aimed at helping them better manage their cash flows, the company said on Thursday.
Vineet Anand's insight:
Square launches debit cards for small business merchants allowing ease of access to funds, withdrawals and savings on usage with other Square small business.Â
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In December banks, credit unions, fintech businesses, retailers, and technology providers submitted comments to the Federal Reserve regarding their proposal
Vineet Anand's insight:
Should the Fed provide Faster Payments in US? There are learnings from emerging and advanced payments markets including India, Malaysia, Singapore, Australia that have been effective in demonstrating success. TCH cannot be the only solution?Â
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Vineet Anand's insight:
Fuze cards being used by fraudsters to store up to 30 debit and credit cards thereby reducing the number of cards to carry on their unscrupulous fraud with ease.Â
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Finextra: Brits will make 120 million payments a day by 2024, as a steep decline in the use of cash is offset by the rise of contactless cards and the Faster Payments service, predicts an industry trade association.
Vineet Anand's insight:
'Cash is King' will be relegated from its position in 10 years with a decline of 30% forecasted. Cash represents 53% of total transactions will fall to 33% by 2024. Debit from increasing contactless use, e-commerce, and faster payments will rise to 42% from current 26% levels. Credit to have moderate growth!
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Available today, American Express announced Serve Cash Back, a new prepaid debit Account option that will earn Accountholders 1% cash back on purchase
Vineet Anand's insight:
Amex prepaid debit option allows cardmembers to earn 1% cash back on gas, groceries and clothes with a fee of $5.95 per month. Amex looking at extending its Serve platform to drive more transactions and potentially acquire new ones.
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Finextra: Toronto's new financial technology cluster has signed up one of the country's biggest fintech players, debit payment group Interac, as a strategic partner.
Vineet Anand's insight:
Interac joins Mars innovation hub - a big move on part of a switch to associate with rapidly changing landscape of payment technology.
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A bad economy and dismal job prospects have prompted millennials to find alternatives to credit cards.
Vineet Anand's insight:
Attracting millennials to own and use a credit card will be a challenge! Mobile payments are more appealing and debit usage is higher; stark differences along ethnic and economic lines.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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"Higher for longer?" - merchants complaints have hit a chord for Fed to consider stepping in towards reducing Debit card fees for 21C + 0.05% that generate ~$17b in fees each year! Next week Fed meeting to potentially reflect some of their thinking to reduce or retain caps.Â