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The US Congress recently passed versions of the Common Cents Act in both chambers, aiming to provide a rounding framework for penny-free cash transactions and allow the Treasury to explore replacing copper with zinc to reduce nickel minting costs. The coin's production cost in fiscal year 2025 was 13.3 cents, exceeding its face value for 20 consecutive years. However, changing the coin's specifications could affect approximately 2.9 million vending machines, with industry update costs potentially reaching $1.45 billion.
The Clearing House is preparing to extend its real-time payment network RTP to international cross-border payments, aiming to launch a pilot in the first half of 2027, with BNY Mellon confirmed to participate. This move will compete with the cross-border expansion of the Federal Reserve's FedNow system.
Priority Technology Holdings announced on Wednesday the acquisition of IntelliPay for $11.5 million, including a two-year performance-based earnout clause of up to $3.5 million. The acquisition will help Priority expand into the government payment vertical market and add approximately $4 million in revenue.
Findustry AI founder and CEO Jonathan Razi launches a generative AI-based chargeback automation agent to help merchants improve chargeback dispute win rates and reduce labor costs. Razi previously founded CardX and sold it to Stax Payments in 2021. The new tool has been adopted by two clients and is embedded in their payment portals. Razi also shared views on agentic commerce, new Visa regulations, and fragmented state-level regulation.
Block announced on Tuesday that its local business network, Neighborhoods, has added 30,000 new Square restaurant merchants, enabling Cash App users to order more local dining options. The company did not disclose the total number of merchants on the network or total payment volume, but stated that Cash App users account for approximately 10% of merchants' total payment volume. The program is seen as a low-cost alternative to delivery platforms like DoorDash, with plans to increase investment in the second half of 2026.
Leveraging its closed-loop network structure and AI technology, American Express has recorded the lowest fraud rate among major U.S. card networks for 19 consecutive years. Its dual role as issuer and acquirer gives it a unique data perspective on both ends of transactions, but experts caution that directly comparing fraud rates with Visa and Mastercard requires care due to fundamental differences in business models.
Retail giant Walmart announced the launch of contactless payment services, allowing customers to pay via mobile phones, smartwatches, or bank cards (including digital wallets). The service will first be piloted at select Walmart and Sam's Club stores, with an expected rollout to approximately 4,600 stores nationwide by the end of the year, and coverage of gas stations by 2027. This move aims to reduce credit and debit card transaction costs and diversify payment options.
Stripe executives said in a letter to investors that remaining a private company has "growing advantages" and called this year a "major inflection point" in AI-driven long-term trends. The company also announced the acquisition of OpenRouter on the same day, with the deal reportedly valued at $7.5 billion.
PayPal and Venmo announced integrations with three campus payment technology companies—Illumia, Nelnet Campus Commerce, and TouchNet Information Systems—enabling students and parents to pay tuition directly through these platforms using PayPal or Venmo. This move marks a significant step for PayPal in the higher education payment sector, with the first participating institutions including Butler University, Kansas State University, and Michigan State University.
On Tuesday, the SEC proposed the new "Regulation Crypto Assets" rule, aiming to provide an annual financing exemption of up to $75 million for crypto asset investment contracts; FASB simultaneously issued a proposal to treat qualifying stablecoins as cash equivalents, with public comments open until November 19. Both measures are seen as part of the Trump administration's push to "formalize" crypto assets, but have also been criticized by accounting scholars as "circumventing legislative processes through rulemaking."