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**PayPal and Venmo Introduce Tap to Pay for Small Businesses**

PayPal and Venmo have recently launched Tap to Pay technology, allowing small businesses in the United States to accept contactless payments directly on their mobile devices. This eliminates the need for additional hardware or upfront costs. Previously, small businesses had to invest in contactless point-of-sale systems and manage card readers. Now, they can easily accept contactless payments, including cards and digital wallets, with just their mobile devices. This move comes as nearly 80% of buyers have used contactless payments for purchases.

**Mastercard Utilizes AI Tool to Combat Payment Scams in Real-Time**

Mastercard has leveraged its AI capabilities to assist UK banks in predicting and preventing real-time payment scams. Through its ‘Consumer Fraud Risk’ technology, Mastercard utilizes large-scale payments data to identify scams before funds are transferred out of a victim’s account. By overlaying various analysis factors—including account names, payment values, payer and payee history, and links to accounts associated with scams—banks are equipped with the intelligence needed to intervene in real-time and prevent funds from being lost.

**Potential Regulation for Medical Credit Cards**

The Biden administration has indicated that credit cards and other loan products designed for medical bills could face new regulations. The Consumer Financial Protection Bureau (CFPB), the Health and Human Services Department, and the Treasury Department have launched an inquiry into medical credit cards and installment loans. This inquiry will examine interest rates, fees, collection practices, and incentives offered to healthcare providers that promote such products.

**Credit Card Market Share Statistics**

Visa currently holds the largest market share, accounting for about 48% based on the number of credit cards in circulation. Mastercard follows at roughly 36%, while Discover and American Express together hold around 16% of the credit card market. The top 10 card issuers hold approximately 82% of credit card balances outstanding, with Chase leading the market share at 17.9%, followed by Amex, Citi, and Capital One.

**CFPB Report Highlights Credit Card Late Fees**

Late fees on credit cards were not identified as a top concern in the Consumer Financial Protection Bureau’s report on consumer complaints, potentially due to banks often forgiving first-time late fees upon customer request. However, the CFPB has proposed to reduce late fees to $8, down from the current first-time maximum of $30. This proposal aims to eliminate $9 billion in consumer costs annually.

**J.D. Vance and Elizabeth Warren Team Up to Take on Wall Street**

Senator J.D. Vance is collaborating with Democrats, including Senators Elizabeth Warren and Dick Durbin, on bills aimed at cracking down on big banks. Vance, a former venture capitalist who previously supported President Trump, is using his seat on the Banking Committee to champion legislation that protects smaller banks and penalizes bank executives when their companies fail. This partnership has caused headaches for big bank lobbyists, who are preparing to fight the Vance-backed policies.

**Affirm Announces Divestment of Returnly Unit**

Buy now, pay later provider Affirm will be sunsetting its Returnly unit, which it acquired two years ago. This divestment is expected to be completed by early October, and Affirm is now increasing its collaboration with another returns management company, Loop Returns. The company did not disclose whether it will be writing off the business.

**Mobile Banking Surges in Brazil**

A survey has revealed that 77% of all banking transactions in Brazil last year were conducted through digital channels, such as smartphones or PCs. Mobile devices were responsible for 66% of these transactions, including both financial and non-financial activities.

**Citi Enhances Citi Diamond Preferred Card**

Citi has enhanced its offers platform, My Deals, for Citi Diamond Preferred cardholders. They can now access national and local coupons and discounts across different experiences through the Citi mobile app and Citi Online. The upgrade also includes Savings Spotlight, a tracker that allows cardmembers to see their total savings from interest rate promotions and My Deals offers.

**Three Out of Four Mobile Gamers Make In-App Purchases**

A significant number of mobile game users make in-app purchases within two weeks of downloading the game. As many as 77% of regular mobile game players make these purchases within the initial two-week period. If a user does not make a purchase within this timeframe, they are unlikely to make one later on.

**Score a $5 Amazon Credit Ahead of Prime Day**

Prime members can receive a $5 bonus Amazon credit by purchasing a physical or eGift card worth at least $50. However, this credit must be spent during Amazon’s Prime Day Sale, or it will be forfeited.

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Erika Escolar asume el cargo de Directora de Corporate Venture en Capital Energy, una empresa líder en EMPRESA 360.

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