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Visa and Mastercard have agreed to a $30 billion settlement with US merchants, capping a long-running dispute over credit card swipe fees. The agreement will lower interchange rates for five years and allow merchants to steer customers toward cheaper payment methods. Retailers may see reduced payment acceptance costs and greater flexibility in pricing strategies.
The FDIC is establishing an independent standards committee to certify fintech partners of banks, aiming to formalize trust and compliance requirements. Certification could become a key differentiator, shaping which fintechs banks are willing to onboard and accelerating vendor due diligence. Fintechs may face higher compliance costs but gain a clearer path to bank partnerships if certified.
Source: FinextraDigital wallet provider Wero has postponed its Luxembourg launch to September 2026, citing the need for regional alignment. The delay gives competitors extra time to deepen merchant and consumer relationships in Luxembourg before Wero’s entry. Wero’s market share ambitions may be challenged if rivals accelerate local integrations or incentives.
Source: FinextraBitcoin and Ether ETFs saw $1.1 billion in inflows last week, the strongest since April, even as overall trading volumes remained muted. The surge in ETF demand could reinforce institutional confidence in crypto as an asset class and prompt issuers to expand product offerings. Asset managers may accelerate ETF launches to capture growing investor interest.
Source: The BlockSenate Majority Leader Thune has set a September 15 vote for the Clarity Act, which would require bipartisan support and could overhaul US crypto regulation. The pending legislation has triggered renewed lobbying from crypto firms and may introduce new compliance requirements for exchanges and issuers. Market participants should prepare for potential volatility as the vote approaches.
Source: The Block“The first credit card transaction took place in 1950, when Frank McNamara used a Diners Club card to pay for dinner in New York City.
Filed under: Payments History · The Long Memory
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