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Bank fraud in India nearly tripled during 2024, according to the country’s central bank.
In its annual report Thursday (May 29), the Reserve Bank of India (RBI) recorded 360 billion rupees ($4.2 billion) in fraud for the year that ended on March 31, up from 122.3 billion for the same period last year.
“Frauds have occurred predominantly in the category of digital payments (card/internet) in terms...
A federal court has largely blocked White House tariffs following a lawsuit by Democrat-led states.
The ruling, handed down by the U.S. Court of International Trade Wednesday (May 28), suspends the bulk of the tariffs, including the fentanyl-related tariffs on Canada, China and Mexico, the higher duties on goods from China and other countries, and the global flat tariff.
In making this ruling,...
In an age where consumer expectations evolve at the speed of a TikTok trend, financial institutions and payment providers face an increasingly complex question: how do they build systems, strategies and experiences for a generation that hasn’t even fully formed its preferences yet?
“At the center of everything we’re doing — financial or otherwise — it’s a person. A human, attached to a household...
No matter what ultimately happens with the Consumer Financial Protection Bureau’s Rule 1033 (also known as the open banking rule), pay by bank is here to stay.
Matt Janiga, director of regulatory affairs at Trustly, has had a front-row seat to the evolution of open banking, data sharing, and the legislation and lawmaking that has been in flux over the past few years.
The bureau’s general counsel...
Executives at financial institutions large and small know that faster payments are becoming a part of their strategic and competitive roadmaps. If they don’t offer instant fund flows, retail and commercial clients will vote with their feet and move their accounts to a competitor.
But for banks, and particularly smaller financial institutions (FIs), the move into real-time capabilities has been a...
A shift is underway in how consumers in the United States manage their finances, and high earners are increasingly exhibiting reactive money habits.
The PYMNTS Intelligence report “The Financial Management Divide: Planners vs. Reactors” surveyed 2,878 U.S. consumers between Jan. 8 and Jan. 20 to examine distinct financial management behaviors. The report identified two primary personal finance...
The intense rivalry between eCommerce titan Amazon and brick-and-mortar giant Walmart has long pitted the two companies against each other. Now, both retailers have a new challenge: Shoppers themselves.
Recent earnings reports have delivered a warning shot for both industry heavyweights. After years of riding the tailwinds of a pandemic-induced shift to digital shopping, both companies now face a...
Apple reportedly plans to change how it names its operating systems, identifying them by a year rather than a version number.
The new names will be based on the upcoming year, rather than the current year, Bloomberg reported Wednesday (May 28), citing unnamed sources.
This naming system will begin with the companies’ next operating systems, so the updates will include iOS 26, iPad OS 26, macOS 26...
Nvidia CEO Jensen Huang told analysts Wednesday (May 28) that recent U.S. export-control changes are reshaping the company’s growth plans in China even as global demand for artificial intelligence (AI) infrastructure accelerates.
The new rules require U.S. chipmakers to secure licenses before shipping certain advanced devices to China. Huang said the restrictions effectively remove a market he...
Debit turns into credit as buy now pay later business models continue to evolve.
As the new year dawned, PYMNTS Intelligence detailed that debit was the payment of choice for everyday spending for items such as groceries. Bank earnings indicated that card spend, though slowing, was still intact. And during the latest earnings from the likes of Visa, debit volumes outpaced credit volumes....