Payment Trends September 2023 | Biz To Biz Podcast

Congress – Senate Committee voted to advance a cannabis bill – The Secure and Fair Enforcement Regulation Banking Act – SAFER Bill – Now this bill moves to the Senate Floor House committees have voted on Safe Banking Act – and was never given a vote on the house floor. This announcement had some cannabis stocks rise 1-3% Next this has to go to the Senate Floor and Pass – then the house and pass and then would go to the white house for Biden to sign. There have been other bills – safe banking and others – and none went to a vote on the floor. Durbin and the Credit Card Competition Act – MasterCard finally spoke up and sent a letter to Senators and Representatives. Electronic Payments coalition – has been in the battle – with Keep your hands off our rewards and getting consumers and businesses to oppose the CCCA – Visa and Mastercard both spoke Wednesday on the Senate Floor. This bill makes no sense – Durbin has had since 2010 to get a 3rd network and no business has stepped up to be the 3rd network – this action failed in Europe and Australia The result of passing credit card caps on interchange had done away with rewards, cash back etc in Canada, EU and Australia Now in Canada most people pay with Debit – same In EU and AU – Credit cards are impossible to get – and buy now pay later was born in Austraiia as a word around to the public having the lack of credit card options In the EU – there are a few companies that offer buy now pay later to help businesses – because of the lack of credit there as well. Square had an outage that lasted almost 2 days Jack Dorsey is taking the company back over – and restructuring sales And adding more services to the Square – Block offering They want to focus on larger clients – the issue they will face is that there will be margin compression Because larger companies will want cost plus pricing not the usual pricing from Square – X is trying to be a payment app – Elon Musk going out and getting money service license in a few states in preparation for this – paypal like service Chase Bank – Banning Crypt payments in EU and its rumored to be coming to the usa as well Binance shut down it’s crypto payment services FTC going after Amazon – saying they have a monopoly on how people pay during checkout. Amazon is going to fight this - Paze a service by Zelle to help make e-commerce payments more secure – by using texts to confirm the card holder has delayed the launch until 2024 – maybe quarter 2