Our bi-weekly news roundup collects some of the headlines in payments and fintech to watch, giving leaders across industries (or fintech enthusiasts) a quick glance at some of the news in the space. In Flywire’s 10+ years in delivering the most complex, high value payments, we’ve had a unique opportunity to work with many different organizations in the fintech and payments ecosystem. We’ve seen changes in how clients get paid, how their customers want to pay and how central the payments experience has become – not just across the industries we focus on, but every industry.
Here are some of the payments and fintech headlines from July 27-August 10.
Headlines
Visa, Mastercard see cross-border uplift in Q2 22 - FXCintelligence
Both Mastercard and Visa benefited from increased cross-border travel, according to recent earnings reports from the two companies. Visa saw travel-related cross-border volumes surpass 2019 levels for the first time since the pandemic, and Mastercard saw volume up 58% for the quarter and reaching 118% of 2019 levels.
Senate Bill Takes Aim at Visa, Mastercard Credit-Card Fees - TheWall Street Journal
The so-called Credit Card Competition Act of 2022, bi-partisan legislation introduced in the Senate last week, aims to create more competition among U.S. credit card networks and give merchants more power over fees.
Marriott hotel revenue surges: "The shift in spending towards experiences"- Axios
Marriott’s CEO said that the company is closely monitoring consumer and macroeconomic trends, but has “yet to see signs of a slowdown in global lodging demand.” Luxury travel continues to lead the recovery, with luxury hotels in the U.S. and Canada recording a 76.2% increase in revenue per available room on a constant currency basis.
Major Credit-Score Provider to Exclude Medical Debts- The Wall Street Journal
By October, millions of people with medical debt could see credit scores increase by as much as 20 points, The Wall Street Journal reports, as credit score provider VantageScore moves to stop factoring medical debt into credit scores.
Europe is on sale. Why the dollar-euro exchange rate is a win for Americans - NPR
For the first time in two decades, the dollar and euro have reached parity, and that’s good news for Americans looking to vacation in the Eurozone.
JPMorgan Takes Connected Commerce to Travel - PYMNTS.com
Seizing on the opportunity presented by travel commerce, JPMorgan is putting together a full-service travel business. Over the past 18 months, it has purchased a booking system, restaurant review company and luxury travel agent, according to The Wall Street Journal, and will launch its website in the coming months.
From Flywire
International expansion in 2022: Finance and payment considerations, challenges and country-specific information
There’s no one blueprint to follow for international expansion, but there are some common considerations, challenges and questions to ask that apply across industries, business models and geographies. In this guide, we take a look at some of the major opportunities and concerns.
Livensa welcomes surging demand for its student housing with Flywire
Livensa picked Flywire over Worldpay for receivables processes because Flywire combined market-leading functionality for multi-currency payments and flexible payment methods with competitive pricing, along with a client-centric approach that was apparent from the start.
Seeing cross-border payment success, Basis Technologies looks to Flywire for domestic, B2B credit card payments
Basis Technologies integrated Flywire with NetSuite to ease cross-border payments as well as domestic credit card processing. Watch this interview with their controller to learn more.
Inside Flywire: How FlyMates used their Digital Disconnect Days
At Flywire, triple D means Digital Disconnect Days, paid time off Flywire affords to employees to disconnect from devices and enjoy time with their family and friends.
Flywire Reports Second Quarter 2022 Financial Results
We announced second quarter earnings Tuesday, and we delivered strong revenue and adjusted gross profit and better-than-expected adjusted EBITDA, all reflecting strong execution of our growth strategies.
Stat of the week
60% - the percentage of patients surveyed by PYMNTS who are “very” or “extremely” interested in switching healthcare providers for a better payment experience, after receiving either an inaccurate cost estimate or an unexpected bill and paying out-of-pocket healthcare costs
- Inaccurate Cost Estimates Could Push 60% of Patients to Switch Providers (PYMNTS.com)
Report of the week
The Five Most Significant Ten Year Trends in College Majors - Forbes
Forbes contributor and former university president Michael Nietzal pulls together and reflects upon research to uncover the major trends in college majors – including what’s gaining in popularity, what’s slipping and more.
Conversation starter
Food Stamp-Focused Fintech Raises 22 Million - Forbes
Online grocery ordering and delivery can be a challenge for recipients of SNAP benefits – because only about 100 retailers have the capability to accept EBT payments online. Enter Forage, a third-party payment processor seeking to enable online EBT payments for SNAP benefits at scale. The 17-person startup, based in San Francisco, has raised $22 million in Series A funding.