The Week in Review

Friday June 29, 2018 –

Here are the new and noteworthy stories we have been following this week.

Wells Fargo and American Express Introduce New Propel Card With Triple Points and $0 Annual Fee¹

Wells Fargo makes renewed commitment to credit cards with enhanced rewards package for new Propel card.

https://www.businesswire.com/news/home/20180625005305/en/Wells-Fargo-American-Express-Introduce-New-Propel

Ant Financial’s Hong Kong venture launches blockchain-based remittance service

AlipayHK launches real-time transfers of cash between individuals in Hong Kong and the Philippines.

https://www.reuters.com/article/us-ant-financial-strategy/ant-financials-hong-kong-venture-launches-blockchain-based-remittance-service-idUSKBN1JL143

Supreme Court backs American Express in credit card fee case

The Supreme Court said Amex rules regarding its services for merchants don’t violate federal antitrust law.

https://www.cnbc.com/2018/06/25/supreme-court-backs-amex-in-credit-card-fee-case-shares-pop.html

Venmo officially launches its own MasterCard-branded debit card

Venmo launches its own debit card allowing for e-commerce and POS payments.

https://techcrunch.com/2018/06/25/venmo-officially-launches-its-own-mastercard-branded-debit-card/

SWIFT extends gpi to all cross border payments

SWIFT moves to universal adoption of gpi for all its 10,000 member banks.

http://markets.businessinsider.com/news/stocks/swift-extends-gpi-to-all-cross-border-payments-1027316384

American Express has a deal with Amazon for card aimed at small businesses

Amex wins new co-brand card deal and launches small business credit card with Amazon.

https://www.cnbc.com/2018/06/26/general-breaking-news.html

Deutsche Bank Fails ‘Stress Test’ as Goldman, Morgan Stanley Face Curbs

Deutsche Bank’s US subsidiary fails Fed’s stress test.

https://www.thestreet.com/markets/deutsche-bank-fails-stress-test-as-morgan-stanley-goldman-face-curbs-14637660

JPMorgan Chase takes smartphone account ‘Finn’ nationwide

Chase launches its digital bank account across the country.

https://www.reuters.com/article/us-jpmorgan-accounts-finn/jpmorgan-chase-takes-smartphone-account-finn-nationwide-idUSKBN1JO1MI

Visa, Mastercard Are Close to Swipe-Fee Agreement

Visa, Mastercard and a set of banks are close to a $6.5 billion settlement with merchants over an interchange fee lawsuit.

https://www.bloomberg.com/news/articles/2018-06-28/visa-mastercard-are-close-to-swipe-fee-settlement-wsj-reports

PayPal Checkout can now be personalized to each shopper

PayPal is introducing new checkout technology for e-commerce sites that will dynamically present the most relevant payment method for each customer, including local payment options.

https://techcrunch.com/2018/06/28/paypal-checkout-can-now-be-personalized-to-each-shopper/

Union Square Ventures is investing in crypto for the long haul, but won’t start a dedicated fund

Union Square Ventures is making a long-term bet on cryptocurrencies.

https://www.cnbc.com/2018/06/29/union-square-ventures-is-doubling-down-on-crypto.html