Sending Cash Securely In Greeting Cards TipTechBlog


- Advertisement -
Sending Cash Securely In Greeting Cards TipTechBlog

Growing Number of ID Theft Victims Mulling Suicide

A growing number of identity theft victims are having thoughts of suicide. In its annual Consumer Impact Report, the Identity Theft Resource Center noted that 16% of victims seeking support from the organization in 2023 acknowledged they had contemplated suicide after having their identity compromised, a substantial increase compared to 2022, when 10% had such thoughts. The suicide question has been part of the Consumer Impact Report for 20 years, and until recently, responses have hovered between 2% and 4%. [Tech News World]

Hallmark and Venmo Will Let People Send Cash with Greeting Cards

Hallmark is partnering with payments platform Venmo to let people send money with physical greeting cards securely. Hallmark launched Hallmark Plus Venmo Cards as a way for relatives to send each other birthday money, for example, among other reasons. Anyone who wants to send money can choose a card from the company’s Hallmark Plus Venmo line to celebrate the occasion, scan a QR code, and set the amount they want to give. Once the recipient gets the card, they must scan the code to access the money in their Venmo account. The company said this method eliminates the need to send unsecured gift cards, checks, or cash because those tend to get stolen. [The Verge]

Visa, Mastercard Prepare to Raise Credit Card Fees

Visa and Mastercard are planning to increase fees that many merchants pay when they accept customers’ credit cards. The fee increases are scheduled to start in October and April. Many of the increases are for online purchases. The changes could result in merchants paying an additional $502 million annually in fees, according to CMSPI, a consulting company that works with merchants. Increases in network fees will make up a little more than half of that revenue, CMSPI estimated. The rest will come from increases in interchange fees, also called swipe fees. Merchants pay these fees when shoppers pay via credit card. [The Wall Street Journal]

Delinquencies Rise for Credit Cards and Auto Loans, and It Could Get Worse

More Americans are falling behind on their car loan and credit card payments than at any time in more than a decade, a troubling signal of consumer stress as higher prices and rising borrowing costs are squeezing household budgets. The pain is most acute for lower-income earners, who have largely used whatever they managed to save during the pandemic with the help of government stimulus checks and breaks on obligations such as rent and student loans. Now, as the economy finds its post-pandemic footing, there are signs the hardship for millions of consumers will get worse before it improves. The average credit card interest rate, already at a record high 20.6%, according to Bankrate, appears likely to keep climbing, as the Federal Reserve indicated it could continue raising interest rates to get inflation under control. Student loan payments that were paused for more than three years are poised to resume in October. And banks and other lenders have been clamping down on credit for months, a process that accelerated after the spring banking crisis sent shock waves through the industry. [The Washington Post]

Why Verizon, AT&T and T-Mobile Want to Access Your Bank Account

Wireless carriers want to give you a monthly discount. You just have to pay them with your bank account. Some already offered $5 or $10 monthly discounts for setting up automatic payments. Over the past few months, these companies have shifted their offers to require customers to link a debit card or bank account, specifically not a credit card, to get the discount. Credit card transaction fees have risen over the past few years, and Visa and Mastercard plan to increase fees again starting in October and April. These businesses are looking for ways to avoid them by getting payments straight from bank accounts. Customers pay promptly and are less likely to switch providers, the carriers say. Customers might also find it harder to protest charges. [The Wall Street Journal]

Federal Reserve Chair Jerome Powell Hints at More Bad News for Borrowers

Additional interest rate hikes are still on the table and rates could remain elevated for longer than expected, Federal Reserve Chair Jerome Powell said. Powell again stressed that the Fed will pay close attention to economic growth and the state of the labor market when making policy decisions. “Although inflation has moved down from its peak, a welcome development, it remains too high,” Powell said. “We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.” [CNN]

Card Losses at Credit Unions Exceed Those at Banks

For the first time since the 1990s, losses on credit cards at credit unions are now higher than those at banks. That’s concerning because it signals a shift in the credit card war between big and small issuers, giving the big shops an even greater competitive advantage, according to Tim Kolk, principal at TRK Advisors. The scenario also places credit union card portfolios at greater risk of losing cardholders to banks, said Kolk, who explained the lower loss ratios have traditionally given CUs the funds needed to compete against big banks by adding value to keep accounts. [CU Today]

Over 42% of College Students Have Credit Card Debt

In a mid-August survey from U.S. News & World Report of undergraduate students, over four in 10 say they currently have credit card debt. Nearly 53% of respondents say they have a credit card account in their own name. And 19% report having access to a credit card as an authorized user. About 28% say their credit card debt exceeds $2,000. 46% say they got into credit card debt by using their cards on nonessential purchases, such as dining, shopping and impulsive buying. [U.S. News & World Report]

U.S. Mobile Wallet Users Prefer PayPal, Especially for Online Purchases

U.S. adults are fairly evenly split on using mobile payment apps online versus in-store, except with PayPal, where 36% of users use the platform online most often, compared with 29% of users who use the app in-store. Smartphones are driving the expansion of online sales, with purchases from smartphones making up nearly 90% of mcommerce sales. Smartphones will account for close to half of US ecommerce sales by 2027. [Insider Intelligence]

Buy Now, Pay Later Firm Klarna Reports First Month of Profit in Three Years

Klarna, a buy now, pay later firm, has reported a profitable month for the first time in three years. The Swedish company, which allows shoppers to defer and split the cost of items but has been accused of tipping people into debt, has struggled to make money in recent years amid rising bad debts and weak consumer confidence. Campaigners have called for tougher protections for customers from buy now, pay later lenders. Klarna makes its money by charging the retailer rather than the customer. However, people have increasingly been using BNPL to cover day-to-day essentials including food. [The Guardian]

Mastercard, Binance to End Crypto Card Partnership

Mastercard and crypto exchange Binance will end their four crypto card programs in Argentina, Brazil, Colombia and Bahrain as of Sept. 22. The Binance cards allow users to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange. Binance is facing legal and regulatory challenges. U.S. regulators sued the crypto exchange and its CEO Changpeng Zhao in June for allegedly operating a “web of deception.” Binance has said it would defend itself “vigorously.” [Reuters]

- Advertisement -


Please enter your comment!
Please enter your name here

Share post:



More like this

No posts to display