Interest Rate Caps Shift Credit Access, the Fed Finds
What would happen if President Trump’s proposed 10% cap on credit card interest rates were enacted nationwide? The New York Fed recently examined the effects of interest rate caps imposed by several states—albeit at much higher levels—and found that credit wasn’t so much reduced as it was reallocated. That said, the comparison isn’t entirely apples […]
Klarna and OnePay Test Post-Purchase BNPL Conversion Model
Consumers increasingly value flexibility, a dynamic that has helped buy now, pay later products become a fixture in retail payments. A new feature from Klarna and Walmart-backed fintech OnePay adds a new wrinkle to the model. The companies are teaming up to let OnePay customers convert debit card purchases into installment loans after a transaction […]
Getting Out in Front of Instant Payments—Before It’s Too Late
In today’s world, nearly anything a business or individual desires is available instantly. Yet, for most, receiving a payment still takes two to three days to clear, despite the availability of instant payments networks such as FedNow. What will it take for instant payments to reach a tipping point and become a standard expectation? In […]