Bad Credit Cards – Biometric Credit Cards; Will Bitcoin Become the Currency of Choice for Global Commerce? | Zoom Fintech

Bad Credit Cards – Biometric Credit Cards; Will Bitcoin Become the Currency of Choice for Global Commerce?

Samsung and Mastercard team up on a biometric credit card

Samsung and Mastercard officially team up on a credit card with a built-in fingerprint scanner. These so-called “biometric cards” will be equipped with “multiple key discrete chips” on Samsung’s side and should be compatible with any point-of-sale terminal or terminal currently accepting Mastercard chip payments. The new Samsung collaboration plans to completely remove PIN codes. All someone will need to do to authenticate a payment is place their thumb on one of the chips built into the card. [Gizmodo]

Mastercard and Samsung to introduce biometric credit card with integrated fingerprint reader


Bitcoin is at a point of no return and could become a ‘currency of choice’ for global commerce, Citi says

Citi believes bitcoin is at a “tipping point” and may one day “become the currency of choice for international trade” like companies like Tesla

and PayPal are listening and central banks are considering issuing their own digital currencies. Many banks have historically avoided the digital asset, arguing that it has no intrinsic value and that the hype surrounding it is akin to the 17th-century tulip mania. But the savage rise of bitcoin in recent months has forced the big players on Wall Street to reassess the cryptocurrency. [CNBC]

Be careful, PayPal. Square has just launched its own bank

Square has launched an in-house bank which it says will allow it to “operate more nimbly” in an increasingly crowded fintech market. The bank began operations after completing the charter approval process with the FDIC and the Utah Department of Financial Institutions. Square Financial Services will provide business loans and deposit products to sellers who use its card reader and other point-of-sale services. The fintech industry has received a boost during the pandemic as consumers and businesses turn to contactless and remote financial transactions. [CNN]

Biden’s CFPB candidate warns loan departments and credit bureaus

Rohit Chopra, President Biden’s candidate for head of the CFPB, has promised the office will come to the aid of student loan borrowers, consumers trying to correct inaccurate credit reports, and homeowners hard hit by the coronavirus pandemic. Democrats have raised concerns about the CFPB’s lack of monitoring of student loans during Trump’s time, as well as issues with consumer credit reports and questions about mortgage rules. [American Banker]

Mobile wallet use increases at the expense of cash and credit cards

Cash purchases fell to all-time lows in 2020 as consumers shifted their payment preferences to contactless technologies like mobile wallets, according to a new report from FIS Inc. 5% of global point-of-sale volume in 2020, up from 30.2% in 2019. In North America, cash transactions totaled 11.4% of point-of-sale transactions in 2020, up from 14.6% in 2019 Mobile wallets and prepaid cards were the main beneficiaries of the cash decline. The use of mobile point-of-sale wallets totaled 9.6% of point-of-sale transactions in 2020, up from 6% in 2019, an increase of 60%. By 2024, the use of mobile wallets is expected to reach 15.5% of POS transactions. [Digital Transactions]

President Powell says Federal Reserve in no rush to raise interest rates

Federal Reserve Chairman Jerome Powell told Congress that the central bank will not start raising interest rates until it feels that its maximum employment and inflation targets have been met. achieved. Powell said the Fed sees no indication that inflation could get out of hand. While price increases may accelerate in the coming months, Powell said those increases should be temporary and not a sign of long-term inflation threats. [Associated Press]

As Online Shopping Rises, Amazon Planned Its New York Takeover

When the pandemic gripped New York City, it propelled a huge surge in online shopping that has not abated. Amazon spent the pandemic embarking on a New York warehouse shopping spree, dramatically expanding its footprint in the nation’s largest and most lucrative market. It has taken over at least nine new warehouses in the city and today has at least 12 warehouses in the five arrondissements. No other major competitor has a single warehouse in the city, and Amazon has largely left behind most of its major rivals, like Walmart and Target. [The New York Times]

Advantages, disadvantages of credit card supplements

Credit card processing is expensive. “Overbilling” allows merchants to recover part of the costs by passing charges on to customers at the point of sale. Some US states, however, prohibit the surcharge. One of them was Kansas before a U.S. District Court recently overturned the Kansas state ban. Colorado, Massachusetts and Connecticut are now the only states to ban surcharges. Here is an overview of the surcharge rules as well as the pros and cons for merchants wishing to apply surcharges to recover credit card processing fees. [Practical Ecommerce]

Chase launches new bonus offers on four United credit cards

Chase has released large new welcome bonuses on four co-branded United cards, with offers worth up to 75,000 bonus miles to help frequent travelers accumulate miles. The new offers are available on three consumer cards and one business card: United Gateway Card, United Explorer Card, United Club Infinite Card and United Business Card. [CNBC]

Nike executive quits after son used his credit card to buy sneakers worth $ 200,000 for his sneaker resale business

A Nike vice president, who served as general manager for his North America region, left the sportswear giant after 25 years, after a Bloomberg report from Feb. 25 detailed his business relationships. son, a sneaker dealer. Bloomberg reported that a 19-year-old son used one of his mother’s credit cards – his American Express business card – to buy more than $ 200,000 worth of shoes in order to resell them for a profit. Sneaker dealers buy shoes from manufacturers for resale in the aftermarket on sites like Facebook, eBay, and StockX. The global sneaker reseller market was worth $ 6 billion in 2019. [MarketWatch]

Jack Dorsey’s Square buys controlling stake in Jay-Z Tidal streaming service

Square, the financial services company founded by Twitter

CEO Jack Dorsey acquires a controlling stake in Tidal, the high-fidelity audio and video streaming service run by Jay-Z. Square is paying $ 297 million in cash and stock for a large controlling stake. Just as Square has given sellers new tools to make money, Dorsey says the company’s stake in Tidal will help artists find similar support in the new digital ecosystem. [The Verge]

Fidelity eliminates two major advantages of credit cards

While this 2% unlimited cash back policy remains intact for Fidelity Rewards Visa cardholders who are also Fidelity Investments account holders, users have recently received some bad news regarding some of the key benefits of the card. Car rental and extended warranty benefits will soon be removed from this card and replaced with a NortonLifeLock

advantage. []

Bad Credit Cards – Biometric Credit Cards; Will Bitcoin Become the Currency of Choice for Global Commerce?

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Coy Lewallen

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