Mastercard is facing pushback from retailers over its new BNPL product; & more!

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Welcome to your daily FinTech news!

NEWS HIGHLIGHT

Mastercard is facing pushback from retailers over its new BNPL product. Mastercard will charge retailers 3% of a purchase price each time a consumer agrees to use the new program. Mastercard will automatically enroll retailers in its new buy-now-pay-later service. However, retailers will have a chance to opt-out. Link here

FINTECH NEWS

#bnpl

• CEO Max Levchin says Affirm has cracked the code to underwriting more consumers than banks would. Nevertheless, investors are worried that Affirm’s borrowers will fall behind on payments. Link here

#payments

• LianLian expands operations to the UK helping ecommerce merchants and entrepreneurs sell products and services internationally with its cross-border digital payments platform. Link here

#collaborations

• Figure collaborates with Visa to provide issuing processor services through Figure’s Banking in a Box, a platform built on the Provenance Blockchain. Link here