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Archive · July 7, 2026

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The Lead

Story 01

Klarna Applies for US Banking License, Eyes Full-Service Expansion

Klarna has submitted an application for a US banking license, seeking to launch Klarna Bank USA and expand beyond buy now, pay later into deposits, lending, and payments. If regulators approve, Klarna could introduce new products that challenge both incumbent banks and US fintechs, potentially intensifying competition for consumer deposits and payment flows. US banks and neobanks may need to respond with product innovation or pricing adjustments to defend their market share.

Source: Finextra
Also Worth Knowing
№02

Big US Banks Plot Debit Card Fee Overhaul, Threatening Smaller Issuers’ Margins

Major US banks, including JPMorgan Chase, are negotiating a deal to bypass federal debit fee caps, which could allow them to recover lost interchange revenue. Smaller banks and fintechs may face higher network costs and reduced competitiveness, while merchants could see changes in routing options and fee structures. The move could prompt regulatory scrutiny and force smaller issuers to revisit their debit card offerings.

Source: PYMNTS
№03

Ripple Secures EU Crypto Asset License, Unlocking Broader Blockchain Payments Rollout

Ripple has received a Crypto Asset Service Provider license from Luxembourg’s CSSF, enabling it to expand regulated blockchain-based payment services across Europe. This approval under MiCA strengthens Ripple’s ability to serve institutional and cross-border payment clients. Competing crypto firms may accelerate their own licensing efforts to maintain access to the EU market.

Source: Finextra
№04

Standard Chartered Launches USDC Minting and Redemption for Institutional Clients

Standard Chartered now enables institutional clients to mint and redeem USDC through a partnership with Circle, embedding stablecoin rails into its treasury and cross-border services. This gives corporates and fintechs new options for instant settlement, and may prompt other banks to accelerate stablecoin integrations to retain institutional payment flows.

Source: Finextra
№05

PayPal Joins European Payments Council, Gaining Influence Over EU Payment Standards

PayPal has joined the European Payments Council, giving it a direct role in shaping payment standards and regulatory frameworks across the EU. This move positions PayPal to influence the evolution of digital wallet acceptance and integration with European payment rails. Competing wallet providers and banks may need to adapt as PayPal gains early insight into regulatory changes.

Source: Finextra
The Long Memory
“The first real-time gross settlement system, launched in the UK in 1984, paved the way for today’s instant payment networks used by banks worldwide.

Filed under: Payments History · The Long Memory

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