Today In Payments: US Consumers’ FICO Scores Reach Record High; British Airways Hit With $25.8B Penalty For Data Breach
In today’s top news, consumer credit scores have reached a milestone high, while British Airlines has to pay a $25.8 million penalty over a data breach. Plus, Paytm users will reportedly now face new 2 percent fees for utilizing the credit card linked to their digital wallets.
Consumer credit scores have advanced in recent months to attain a new record peak. The average U.S. score in July was reportedly 711, which marked an increase from 708 in April and 706 in July of last year. The broadly used FICO score can be between 300 and 850.
British Airlines has to pay a penalty of $25.8 million for not having the correct security procedures that might have stopped a hacker in 2018 from making the financial details of over 400,000 customers known, the U.K.’s Information Commissioner’s Office said on Friday (Oct. 16).
Paytm users will reportedly now encounter new 2 percent charges for utilizing the credit card linked to their eWallets. Users previously had to pay the 2 percent charge only if they loaded more than Rs 10,000 (approximately $136) on their digital wallets from a credit card monthly.
Payments issuer processor Global Processing Services (GPS) has a new strategic investment from Visa to help GPS roll out new offerings and keep growing. The news comes on the heels of recent GPS rollouts in South East Asia and Europe.
To receive the social proof and the vibe that made Main Streets successful, those Streets will have to change. Main Streets will require a collection of shops that provide the social proof and the vibe that made them a fun place to spend a Saturday.
The migration from legacy payments processes was well underway prior to the coronavirus, but the pandemic is making fresh urgency to transition to transition to cloud-based digitized systems. Firms are more and more automating keying in invoices, printing hardcopy checks and other formerly manual jobs as a way of survival as staffers telecommute.