Things got a little hot in the fintech space in February, meaning you may have missed some of the biggest stories. Here are some of the top stories we saw in January 2024.
Google Pay is being phased out in the US in favor of Google Wallet
Google has announced that it will be eliminating Google Pay in the US as the app will no longer be available from June 4th.
Going forward, Americans will still be able to use the tap-to-pay feature through Google Wallet.
This came after Google Wallet launched globally in 2022, but in the US they had retained both apps so far.
EU adopts rules for instant payments
The European Council has adopted instant payment rules allowing consumers and businesses in the EU and EEA countries to make 10-second payments in euros.
The rules were agreed by the Council and the European Parliament last year.
The entry into force of the rules will take place in two phases, with a shorter period for the Eurozone and a longer period for EEA countries.
Capital One acquires Discover
In a potential move into the card world, Capital One made a $35 billion offer to acquire Discover Financial Services.
The combined strength of these two platforms could allow them to compete with payments giants Mastercard and Visa.
The deal faced some opposition from lawmakers Elizabeth Warren about its potential to “threaten financial stability.”
American Express is adding the “Plan It” BNPL offer to credit cards.
American Expressed has launched its new Plan It feature in the UK market. This allows credit card holders to pay off purchases on their statement or part of their monthly bill in installments using the Buy Now Pay Later (BNPL) principle.
Under the agreement, customers with a credit card can choose any transaction over £100 or an amount from their most recent statement and pay it into a 3, 6 or 12 month installment plan.
Users will be charged a fixed monthly fee for using this feature, but will not be charged interest on the remaining balance of their installment plan.
TCS could take over the management of Faster Payments
Tata Consultancy Services (TCS) has emerged as a leading contender to take over the reins of the UK’s Faster Payments Service, Sky News reports.
Pay.UK is running the process as part of the UK’s new payments architecture, which will replace the current Faster Payments and Bacs retail interbank payment system, with clearing and settlement taking place via a single, purpose-built centralized infrastructure.
Faster Payments is currently operated by Vocalink, which is owned by Mastercard.