Capital One is banning BNPL payments on its credit cards

What to read today: Digital-Only Bank Account Holders Forecast: Insider Intelligence explores the key international factors expected to affect digital-only bank account holder growth across the US, the UK, and Canada between now and 2024, both those expected to drive up growth and those that may pose growth risks..

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December 12, 2020 Capital One bans buy now, pay later transactions on its credit cards. Capital One announced that it will no longer allow customers to finance installment lending purchases with its credit cards. The card issuer's move comes amid pandemic-driven spending habits leaning into BNPL services and away from credit cards. Credit card spending plunged substantially early on in the pandemic due to a combination of overall spending declines and an influx of consumers avoiding debt accrual during the crisis. Capital One is likely aiming to reduce financial risk and fend off overall BNPL competition. Business Insider Intelligence's Adriana Nunez has the full story. BRIEFING HIGHLIGHTS Stripe partnering with Goldman and Citi for business banking services Stripe is partnering with Goldman and Citi to offer an API that allows Stripe clients to offer bank accounts to their business customers. Read More → Robinhood is preparing for its 2021 IPO launch with Goldman Sachs Robinhood is reportedly working with Goldman Sachs on an IPO that could value it at more than $20 billion. Read More → Revolut headed to profitability after breaking even last month Revolut broke even following a 40% drop in revenues earlier in the pandemic—though it will need to keep up the momentum to become profitable. Read More → Apple's control of wallet tech faces more regulatory scrutiny Apple faces scrutiny from regulators in Australia and the Netherlands over its control of the NFC technology used in its mobile wallet offering. Read More → 3 mobile features banks should offer to keep customers secure Security is top of mind when it comes to mobile banking, per Insider Intelligence's US Mobile Banking Competitive Edge Study 2020. Read More → Railsbank is launching two embedded finance products Railsbank is launching two new products to capitalize on nonfinancial firms' demand for integrating financial products. Read More → Visa saw spending rise in November thanks to online holiday shopping Visa reported a 6% annual increase in US consumer spending for the month of November, mostly driven by online transactions. Read More → Nutmeg joins Starling marketplace to boost customer reach Nutmeg has joined Starling's marketplace to broaden its customer exposure amid widening losses year over year. Read More → Bank of America sees annual spending boost despite pandemic Bank of America's year-to-date spending via BofA accounts—including credit and debit cards—is higher in 2020 compared with 2019, despite the pandemic. Read More → TD Bank is using AI to boost engagement with its customers TD Bank upgraded its mobile banking app in Canada with AI-powered features that tailor users' experiences based on past behavior and transactions. Read More → RESEARCH IN FOCUS Digital-Only Bank Account Holders Forecast Insider Intelligence explores the key international factors expected to affect digital-only bank account holder growth across the US, the UK, and Canada between now and 2024, both those expected to drive up growth and those that may pose growth risks. Get the full report → US Mobile Wallets in 2020 and Beyond Report An overall uptick in US consumer time spent on smartphones is trickling down to payments and commerce and driving volume in three core categories: mobile commerce (m-commerce), mobile peer-to-peer (P2P) payments, and mobile proximity payments. This report sizes the mobile payments market and identifies what''s driving growth in these key areas. Get the full report → Global Small Business Neobanks Report Insider Intelligence explores the key factors driving an explosion of neobank activity in the SMB segment and the strategies these upstarts are leveraging to capture shares of this lucrative banking vertical. Get the full report → BECOME A SUBSCRIBER Did you know the Daily is just a preview of everything Business Insider Intelligence has to offer? Our Briefing subscriptions deliver analysis on the biggest trends and decisions shaping the future of a specific industry. Stay on top and subscribe today to receive: A cornerstone industry report Daily Morning newsletters Opportunities to join the conversation Get Started Today → FOLLOW US Email sent to: nguyenvu1187.love5@blogger.com Manage your email preferences  |  Unsubscribe  |  Terms of Service  |  Privacy Policy © 2020 Insider Inc. 1 Liberty Plaza, New York, NY 10006