All articles tagged with #payment system
The Federal Reserve Board is seeking public input on a new 'payment account' designed for eligible financial institutions to facilitate payment clearing and settling, aiming to support innovation while maintaining system safety. This account would differ from a master account, offering limited features without interest or Fed credit access, and the comment period lasts 45 days.
A cyberattack has paralyzed the largest U.S. health care payment system, operated by Change Healthcare, causing financial chaos for medical care providers across the country. The attack has left hospitals and doctors unable to obtain insurance approval for services or receive payment, leading to severe cash squeezes and potential disruptions in patient care. The U.S. government has announced measures to alleviate financial pressures on affected providers, including allowing them to apply for accelerated Medicare payments. However, the response has been criticized as inadequate, and the incident has drawn attention to the consolidation of medical companies under UnitedHealth Group.
PayPal's stock declined as Amazon announced that it will no longer accept Venmo, which is owned by PayPal, as a payment method for purchases. Customers who currently have Venmo enabled in their Amazon wallet will be able to use it until January 10. Amazon and PayPal had previously agreed to enable the Venmo payment option in October 2022. PayPal shares closed 1.8% lower, while Amazon shares gained 1.6% on Thursday.
The European Central Bank (ECB) has announced the start of the preparation phase for the digital euro project, following the conclusion of a two-year investigation phase. The preparation phase will focus on finalizing the rulebook and selecting providers to develop the platform and infrastructure for a potential digital euro. The ECB envisions the digital euro as a widely accessible form of digital cash that offers high privacy, instant settlement, and can be used for various transactions. The preparation phase will last for two years, after which the Governing Council will decide whether to proceed with the issuance and roll-out of a digital euro. The launch of the preparation phase does not guarantee the issuance of a digital euro, as the decision will depend on the completion of the European Union's legislative process.
DoorDash is introducing a new payment option for its gig workers outside of California, Seattle, and New York City, allowing them to choose between time-based earnings or upfront total payments. The time rate option will show workers their hourly rate from accepting a delivery to dropping it off, with pay allocated based on the duration. This change aims to assist drivers who accept lower-value orders. However, gig workers will still not be compensated for waiting time between orders. DoorDash has no plans to implement this feature in areas with minimum earning standards, like California. The company also announced new search tools and the launch of SNAP payments for select grocery chains.
JPMorgan Chase is working to reverse double payments made on its digital payment system, Zelle. The bank is investigating the issue and implementing measures to prevent fraud, including limiting the amount of money that can be sent through Zelle and adding additional security features.
Amazon One, the palm-based payment system, will now allow users to purchase alcohol by uploading a government-issued ID on the Amazon One website. Bartenders can verify the user's age through a "21+" message and a visual match of the user with a user-uploaded photo. The Coors Field baseball stadium in Denver will be the first to let attendees use Amazon One to purchase alcohol. The system has faced pushback from privacy advocates, but Amazon argues that palm recognition is more private than other biometric systems.
Apple has launched its pay-over-time system, Apple Pay Later, in a "prerelease" version for US customers, which requires an invitation. The feature allows users to split their online Apple Pay purchases into as many as four payments spread over six weeks, with no fees or interest payments. The loans are limited to $1,000, and users must link a debit card. Apple Pay Later is part of the Wallet app in iOS 16.4 and iPadOS 16.4 and includes a calendar to help track payments. The feature should reach every eligible user in the "coming months," and Apple will report Pay Later loans to American credit bureaus starting in the fall.