A map made from a Boeing 747; PayPal takes BNPL to another level

These Amex credit cards were made from a retired Boeing 747

In 2018, Delta Air Lines retired the last of its Boeing 747s, the iconic jumbo jets that, from their first flights in 1969, forever changed the scale and scope of commercial air travel. The airline has sent most of its decommissioned fleet to boneyards in Arizona, California and New Mexico, except for ship 6301, the first Delta 747-400 to ever take flight, which today includes the immersion 747 Experience at the Delta Flight Museum in Atlanta. For aircraft enthusiasts still nostalgic for the “Queen of the Skies”, the airline, in partnership with American Express, today announces a limited run of credit cards made from metal cut from the Delta 6307 ship, the very first recycled credit card. of a decommissioned 747. [Fast Company]

PayPal will allow users to spread the cost of purchases over 24 months

PayPal is expanding its buy now, pay later options with a longer term payment plan. The company allowed users to cover the cost of a purchase in a few interest-free payments and also offers credit cards. Pay Monthly, which is issued by WebBank, is another option for people in the United States. It is valid for purchases between $199 and $10,000. The cost will be spread over monthly installments between 6 and 24 months. If you select the Monthly payment option at checkout, then you will need to complete an application. If approved, you will be able to choose from three payment options with different timeframes. The APR is calculated on a risk basis and will range from zero to 29.99%. The first payment is due one month after purchase. [Engadget]

Fed tackles inflation with biggest rate hike since 1994

On Wednesday, the Federal Reserve stepped up its efforts to rein in high inflation by raising its key interest rate by three-quarters of a point — its biggest hike in nearly three decades — and signaling more rate hikes to come. which would increase the risk of another recession. The central bank is stepping up efforts to tighten credit and slow growth as inflation hit a four-decade high of 8.6%, spreading to more parts of the economy and showing no signs of slowing. Americans are also starting to expect high inflation to last longer than before. This sentiment could embed an inflationary psychology in the economy that would make it more difficult for inflation to return to the Fed’s 2% target. [Associated Press]

US banks are finally seeing a recovery in credit card borrowing

Big U.S. banks look poised to boost profits on a recovery in the struggling credit card industry, but a possible recession will set consumers back and lead to losses on outstanding loans. In times of economic stability, cards are one of the most profitable businesses for banks, and analysts say a continued recovery in card borrowing would bring relief to banks. Now, overall balances on credit cards and similar loans at U.S. banks are up 15%, as of May 25, from a year earlier, and are back near pre-pandemic levels, according to data. Federal Reserve data. Even better for banks, cardholders are now allowing more of those balances to roll over and incur interest charges instead of paying them off monthly. [Reuters]

American Express Launches First Crypto Product: A Card That Lets Users Earn Crypto Rewards

While American Express dashed hopes of a cryptocurrency-linked credit card in the near future, the card giant confirmed hints made earlier this year that it would offer crypto rewards, saying partnering with leading digital asset service Abra. The Abra Crypto Card will allow users to redeem crypto on any purchase, regardless of amount or category. Cardholders can choose from over 100 supported cryptocurrencies on the Abra platform, with no annual or foreign transaction fees. The card will also come with Amex offers for shopping, travel, dining and services, as well as pre-sale ticket access and purchase protections. [Fortune]

India lifts Mastercard ban

India lifted restrictions on Mastercard after the payments giant demonstrated “satisfactory compliance” with local South Asian market data storage rules. In a series of measures last year, the Reserve Bank of India indefinitely banned Mastercard, American Express and Diners Club from issuing new debit, credit or prepaid cards to customers over failure to comply with local rules data storage. Trade restrictions on American Express and Diners Club remain in place in the country, although they are allowed to continue serving their existing customer base. Unveiled in 2018, local data storage rules require payment companies to store all Indian transaction data on servers in the country. Mastercard has identified India as a key growth market and has invested over $2 billion in the country over the past decade. [Tech Crunch]

Samsung launches a new digital wallet

In an effort to streamline and provide access to the digital information people access every day, Samsung has unveiled its new wallet, which combines the existing Samsung Pay and Samsung Pass platforms into one. The new platform will store and allow users to access digital IDs, payment and loyalty cards, keys, boarding passes and more. Samsung Wallet uses Samsung Knox for military-grade security. Protections include fingerprint recognition and encryption to help protect sensitive user data. In addition to Samsung Knox, certain key sensitive elements of the wallet are stored in Secure Element, an isolated environment designed to help protect against digital and physical hacking. [Tech Republic]

Capital One Travel credit cards get expanded access to airport lounges

Capital One announced on Tuesday that Capital One Venture X, Venture and Spark Miles credit cards are getting better access to airport lounges around the world. Additionally, for a limited time, the cards will earn rewards for booking a rental car through the Turo app or the Turo website. The Venture X, Capital One’s highest travel card, will now offer unlimited access to more than 100 Plaza Premium lounges worldwide. This extends to the card’s Priority Pass membership, meaning cardholders can access more than 1,400 airport lounges worldwide through both memberships. And through May 16, 2023, the Venture X will earn 10x the miles on the dollar for rental cars booked on Turo.com or the Turo app. [ZD Net]

Grubhub adds instant payment option for delivery drivers

Grubhub has launched a new feature, called Instant Cashout via Direct to Debit, which gives its drivers immediate access to their earnings. The offer is enabled by Paypal’s payment management platform, Hyperwallet, which then uses Visa Direct to deposit the funds to a bank debit card. Instant Cashout is designed to give drivers more flexibility when it comes to accessing their payment securely and reliably. This payment option, which will be available to drivers this month, builds on Grubhub’s recent driver pay-per-mile increase to help offset high fuel costs and retain drivers. [Restaurant Dive]

How JPMorgan Chase is using payment data to appeal to fintech merchants

To help merchants improve their marketing, pricing and staffing strategies in a tightening economy, Chase this week began sharing in-depth insights into shopper habits gleaned from two feeds: its huge base US consumer card spend data center and its huge domestic card processing operations. The new resource, called Chase Customer Insights, was rolled out this week after months of testing with Chase small business customers and users of QuickAccept, the latest version of its small business card acceptance service. The bank is offering the product as fears of an economic downturn grow among small businesses. 57% of small business owners in May predicted the economy would deteriorate next year, down from 42% in April. This fear could cause small businesses to become more cautious in their marketing and operating decisions. [American Banker]

Use of gift cards is on the rise

According to Fiserv’s Q2 Gift Card Gauge, 37% of consumers have already taken advantage of a gift card promotion in 2022, and 58% say gift card promotions will motivate them to purchase more gift cards during this period of inflation. Consumers find the most value in gift card promotions that offer bonuses (eg, buy a $50 gift card and get a bonus $10 gift card as an incentive). While 51% of consumers are dramatically reducing their personal shopping habits due to inflation, only 23% of consumers are buying fewer gift cards. [CU Today]

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