On April 28, 2022, financial services and payments industry leaders met with U.S. government officials in Washington, D.C., to discuss the future of banking. The hybrid hearing, held at the Rayburn House Office on Capitol Hill and live-streamed on Cisco WebEx, was titled "What's in Your Digital Wallet? A Review of Recent Trends in Mobile Banking and Payments" and hosted by the Task Force on Financial Technology with a number of private-sector invitees.

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Senator Dick Durbin, the Illinois Democrat who authored 2010 legislation that led to debit card interchange caps, wants to take a fresh look at interchange and competition in card payments. This week he announced a fact-finding hearing for May 4, 2022, before the Senate Judiciary Committee, which he chairs.

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Surveys by Goldman Sachs and StoreConnect, published April 25, 2022, suggest small and midsize businesses (SMBs) are facing economic challenges on multiple fronts. The Goldman Sachs survey, conducted by 10,000 Small Business Voices, found 91 percent of SMBs dealing with inflation, supply chain issues and workforce shortages, all of which are negatively impacting their businesses. Researchers also found 73 percent of business owners struggle to meet rising energy prices.

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An independent study by the Equipment Leasing and Finance Foundation paints the post-pandemic retail landscape in contrasting colors, with near-term opportunities and challenges. Published in March 2022, Vertical Market Outlook Series: Retail provides an outlook on the U.S. retail sector demographic, spending trends and anticipated market developments in the next one to two years.  

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Washington is turning up the heat on the card brands. In a letter to the CEOs of Mastercard and Visa, a bipartisan group of congressmen and senators accused the two companies of operating like a duopoly, and they pressed the card brands to scrap interchange increases slated for this month.

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Momentum is building for Hot Sale, Mexico's biggest ecommerce event, set to return to small screens around the world on May 23, 2022. Now in its ninth year, the nine-day event, hosted by the Mexican Association of Online Sales (AMVO), will offer "breathtaking discounts and exclusive promotions" from leading retail brands, AMVO representatives stated.

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In case you missed it, buy now pay later is having a moment. "As demand for BNPL solutions continues to grow, consumers have made it clear they want greater choice, flexibility and control in how they pay—wherever they shop," said Linda Kirkpatrick, president of North America at Mastercard.

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Identity Management Day, taking place today, April 12, 2022, has garnered strong responses from security leaders worldwide, many of whom are sounding the bell for stronger authentication methods. The international event is designed to educate business leaders, IT decision makers, and the general public about the importance of managing and securing digital identities.

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The city of brotherly love was a fitting backdrop for the 36th annual Northeast Acquirers Association conference, held April 6 and 7, 2022, at the Sheraton Philadelphia Downtown. After a two-year hiatus due to COVID-related shutdowns and travel restrictions, the annual on-site conference returned with a packed exhibit hall and diverse conference agenda reflecting the trade association's heritage of serving and educating payments professionals since 1985.

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On April 4, 2022, the Electronic Transaction Association unveiled this year's Forty Under 40 honorees, congratulating the 2022 class of leaders who have made a measurable impact on the payments technology ecosystem. With jubilant messages circulating across social media, the ETA characterized this year's honorees as trailblazers who are modeling the way to the future of payments.

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Consumers are amping up gift card purchases as issuers expand promotions and supply chain issues continue to thwart gifting of physical items. "It's hard to believe that after 27 years the trajectory for gift cards continues to grow," said Tom Niedbalski, vice president for gift card solutions at Fiserv. "Evolving use cases and the convenience factor continue to drive adoption."

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Future financial services will be inclusive, agile and digitized, according to separate reports by Nexi Group and LexisNexis Risk Solutions. Researchers from both companies expect merchants to increasingly leverage advanced processing technologies to deliver secure, seamless in-store, in-app and online commerce.

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