Latest news with #debitcard
The Independent
a day ago
- Business
- The Independent
I'm a business journalist – here's why I'll never activate my debit card
I have a confession. This is something that, for many years, only my wife has known: I am a lifelong bank-phobe. At this point, anyone who has read my work might very well ask, what the hell? I am, after all, a former banking correspondent. A former financial correspondent. At one point, I had the grandiose title of financial services editor. This means that I've spent a good chunk of my career in and around banks, speaking to bankers and bank CEOs, spending time in their august company, breaking bread and sharing drinks with them. I've also taken them on and criticised them in print, harshly, without fear or favour. I've had rows with their PR people who don't like this. Water off a duck's back. But we separate the professional from the personal, don't we? Well, most of us do. Crime correspondents don't tend to participate in armed robbery. Political writers don't become MPs, with one or two notable exceptions which, let's be honest, haven't worked out too well. In my case, this means I should always deal with my financial admin. Instead, bank statements always, but always, got put on the mail pile until my long-suffering wife would roll her eyes and do the necessary. Over the years, this avoidance has reached quite ridiculous levels, but whoever said phobias make sense? Irrational is part of the definition. An example: we switched banks a while back, and I still haven't activated my debit card. How do I pay for stuff? I have a credit card that I've used for so long that I'm almost comfortable with it. Almost. Paying the bill still requires me to psych myself up first. That's not because I'm a profligate spender – beyond an addiction to vinyl records, which I'm starting to have doubts about, given the way prices have been going. It is the process of paying the bill that causes me the problem, not the bill itself. I know, I know. I've written columns urging people who do get into trouble with their cards – and this is very easy if your provider keeps increasing your limit without being asked, as mine does – or other borrowings to contact their bank. It is the smart move, and they have got a lot better at helping distressed borrowers, largely as a result of pressure from politicians and regulators. You can always call Citizens Advice first. However, I also understand and empathise with people who resist. It's the fear. The sheer abject terror these institutions instil. In my case, this partly stems from the periods of relative poverty I endured while growing up in a single-parent household; living in social housing, qualifying for free school meals, wearing hand-me-downs and suchlike. The school meals were particularly nasty because we were quite literally singled out, so everyone knew exactly who the poor kids were. A lack of money leaves a mark. The second reason is running out of money while studying. This wasn't uncommon. I had friends in the same boat, but they had more sympathetic banks. My branch had Ms Nice and Ms Not-so-nice. I happened upon Ms Not-so-nice on the day of my appointment. She said 'No' to giving me an overdraft. On balance, this was probably a good thing, and I ultimately found a way through because necessity is the mother of invention. I didn't commit crime, but I did get a part-time job. However, the stress of those days spent working out how I was going to eat has stayed with me. The final problem is that most banks are huge bureaucracies that can be horribly difficult to deal with, especially if you catch someone like my 'computer says no' person at university. My family has been dealing with state bureaucracies of one kind or another for many years because of the disabilities my son and I deal with. Needless to say, this is like pulling out your teeth with a pair of rusty pliers. It is a Sisyphean exercise to get them to so much as lift a finger. Local councils, the various branches of the NHS, you name it. The same rot afflicts them all. Note to politicians: if you want to rescue your miserable reputation, do something about the fact that the word 'service' has all but vanished from public services. They spend more time, energy, and even money on saying 'no' than they do on doing their jobs. I once damaged my wrist punching a wall because I'd got so wired while interacting with a hospital, one boasting of its inclusive patient-centred approach, whose procedures seemed designed to prevent anyone with disabilities from accessing care. Then you have the banks with all those frustrating security hoops, phone menus and hours wasted hanging on the telephone before you speak to someone. And when you do get through, banks often aren't any more helpful than the NHS at its worst. The prospect of speaking to mine makes my brain shut down. No, no. It melts down. It feels like trying to climb the Matterhorn in shorts, a Metallica T-shirt and a pair of Crocs. My wife tells me that our new bank is quite good – I did my homework when choosing it – and writing this has me thinking: perhaps it's time to scale that mountain and to apply some of the techniques taught to me by my therapist for dealing with my post-road-accident episodes of PTSD to finances. But I confess, I'll probably put it off until tomorrow. If you do that too - and I get the impression that I'm far from alone - I'm not going to judge. I know where you're coming from.
TechCrunch
3 days ago
- Business
- TechCrunch
X app code points to a physical card coming to X Money
X's plans for a payments service may extend beyond the digital realm, new data suggests. According to findings from mobile app intelligence firm App Sensa, the X app has been updated over the past few weeks with several references related to a physical debit card, which can be customized with your X username. Dozens of new strings of code in the X app reference various actions you can take with the new debit card, including checking its shipping status, activating your card after it arrives, reporting your card lost or stolen, locking the card, setting a PIN, and more. Multiple strings also include the terms 'physical_card_option' as well as just 'physical,' the data indicates. Image Credits:App Sensa The news follows X CEO Linda Yaccarino's January announcement that Visa would be the company's first partner for the X Money service, which will allow users to instantly fund their X Wallet accounts via Visa Direct. She explained that the new service would enable peer-to-peer (P2P) payments by connecting with users' debit cards and would offer the option to instantly transfer funds to your bank account. Yaccarino also noted that this would be the 'first of many' big announcements about X Money arriving this year. This suggests that X is on a path that will see it more broadly competing with other digital banks and payment services in the near future. Image Credits:App Sensa To support its venture into payments, X has been registering for money transmitter licenses across the U.S. for over a year. As of December 2023, the company was licensed for payment processing in a dozen states. It has since increased its registrations to include 40 states, plus Washington, D.C. There are other references in the X app's code that tell us more about how this new payment card may work. For instance, some strings refer to 'cashback' and others to 'deferred debit.' It also appears you may be able to cancel your virtual card independently of the physical card and vice versa. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW Plus, the code suggests X could be pursuing relationships with other partners, as both MasterCard and Amex are listed as supported payment card brands. Image Credits:App Sensa X owner Elon Musk has long envisioned the app formerly known as Twitter as more than a social network. In November 2022, he shared his plans to turn X into an 'everything app' that would include things like payments and banking, as well as better support for videos and creator content. Last year, X was spotted working on the addition of a Payments button that would be added to the site's main navigation bar. X has not shared when specifically it plans to announce X Money besides sometime 'later this year,' per Yaccarino's earlier post. X did not respond to a request for comment.
Finextra
12-06-2025
- Business
- Finextra
Marqeta to be issuer processor for new Klarna card
Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world's innovators, today announced it is working with Klarna, the global digital bank and flexible payments provider, to enable the Klarna Card: a new debit card powered by Visa Flexible Credential (VFC) that allows access to built-in flexible payment options. 0 In July 2024, Marqeta became the first issuer processor in the U.S. certified for Visa Flexible Credential. With VFC, Marqeta will enable Klarna customers to pay immediately or pay later when needed, all on the same card. This milestone builds on years of collaboration between Marqeta and Klarna, including powering Klarna's virtual cards in the U.S. since 2018. The card is currently in a trial phase in the U.S., with a broader rollout in the U.S. expected later this year. 'The future of payments is flexible, and we're proud to enable this new offering together with Visa,' said Rahul Shah, Chief Product and Engineering Officer, Marqeta. 'Our ongoing partnership with Klarna is a true testament to what's possible with Marqeta's platform and how we enable our customers to grow and innovate at global scale.' With its modern, flexible card issuing platform, Marqeta makes it possible for global leaders like Klarna to expand to new markets and offer innovative payment options tailored to evolving customer needs. Marqeta currently supports Klarna in six countries, helping to drive global growth and deliver seamless, consumer-first experiences. "Through our continued partnership with Marqeta and Visa, we're evolving the Klarna Card into a truly dynamic and versatile payment experience,' said David Sandström, Chief Marketing Officer, Klarna. 'We're excited to continue innovating alongside Marqeta as we scale the Klarna Card to provide smart, seamless payments that empower smarter, more informed shoppers everywhere."
CNET
06-06-2025
- Business
- CNET
Klarna's New BNPL Debit Card Provides Quick Access to Financing Plans. Is It Better Than a Credit Card?
Getty Images/CNET Klarna, a financial service best known for its buy now, pay later app, announced on Tuesday it's launching a new debit card with BNPL features. The new debit card lets people load funds onto the card and use it like a debit card, or access a buy now, pay later plan. BNPL plans are typically popular as an alternative to credit cards, but the Klarna Card seems to be combining debit, credit and payment plans into a single card. However, the paid features likely aren't worth it, and it lacks some key protections that credit cards offer. This isn't the BNPL service's first foray into the cards territory. Klarna launched the Klarna Credit Card, a no-annual-fee card that works more like a charge card, in 2022 and issued a US version in 2024. The company said it's currently testing the debit card in the US with plans for a wider rollout in the US and Europe later this year. Here's what we know about it so far. How the Klarna debit card works The new product will offer a mix of features similar to those of both a credit card and a debit card. You can load funds onto the Klarna Card and use it like you would a standard debit card, but you're able to select if you want to finance a purchase at the point of sale by using either Klarna's Pay-in-4 or Pay Later plans. Klarna told CNET that using Pay-in-4 will incur a charge of $1 to $3, which will be added to the down payment. Pay Later allows people to pay off a purchase up to 30 days after it's made. If you're going to use BNPL, I'd recommend not opting for the Pay-in-4 option with the Klarna card, since others like Afterpay, Affirm and even Klarna itself don't charge you money to initiate a BNPL installment plan that's paid off in four payments. Anyone can be approved for the Klarna Card and use it as a debit card without any credit check required. However, if you want to finance a purchase with a BNPL plan, you'll undergo a soft credit check at the time of purchase. That may cause a slowdown at the register, but we'll see. Klarna also confirmed your activity won't be reported to credit bureaus at this time. The Klarna Card will work with Visa's Flexible Credential program, which allows you to save multiple forms of payment behind one credential, locked with your biometric. It acts like a payment hub with all of your eligible payment methods. Wait, isn't that how a credit card works? You might be thinking, isn't that just a credit card with extra steps? In terms of not having to pay right away, yes. However, the Klarna Card differs from credit cards because it doesn't charge interest, nor does it report activity -- either positive or negative -- to the credit bureaus. You're also limited to extending how long you have to pay off a purchase by a month. There are typically restrictions on which purchase types and merchants you're able to use Klarna's BNPL plans, whereas a credit card typically offers unfettered access to the kinds of purchases you're able to finance. If you choose to use the Klarna Card's debit payment, you may have fewer restrictions than you would when using Klarna's BNPL plans. Are Klarna's cash-back rewards worth it? Once the card is fully released, it will offer a free tier and two paid tiers, according to the press release. The paid tiers -- Member and Plus -- will cost $3.49 and $7.99 monthly, respectively, and will include merchant discounts and cash-back rewards. Member 2.82% APY on Klarna account balance. 1% cash back when you pay in full with your Klarna Card. 2x rewards on Pay-in-4 at non-integrated partners. Plus 3.22% APY on Klarna balance. 2% cash back when you pay in full with your Klarna balance. 10x rewards on Pay-in-4 at non-integrated partners. If you're after cash-back rewards, you don't have to pay for them. Many credit cards offer cash-back rewards for free -- as long as you pay your bill in full each month -- and some debit cards like the Discover Cashback Debit card also come with rewards for no monthly fee. However, depending on the cash-back rate, the tier's fees might wipe out any value you'd get from them. It's nice that Klarna lets you earn a fairly competitive APY on your balance -- the 3.22% APY the Plus tier offers is similar to many top high-yield savings accounts right now -- but having to pay $7.99 a month for this APY is a steep price. For reference, if you deposited $250 a month onto your Klarna card and didn't spend it, you'd have $3,000 at the end of the year. You'd earn approximately $44 in interest (depending on how often it's compounded), but you'd have paid nearly $96 a year for this card. Should you use this card over a standard credit card? There are some purchase types you shouldn't finance with BNPL, like food or your bills, especially if you'll accrue interest by doing so. The same could be said for credit cards, but as long as you pay off the balance right away, you won't have to worry about interest charges. Neither of Klarna's financing options linked to its new card charges interest. If you're looking for extra time to pay off a purchase but aren't interested in using credit, this is one alternative. However, a standard rewards credit card does everything the Klarna Card can, only better. The Klarna card's fees to unlock rewards aren't really worth it, and you'd end up paying more than you'd earn from the card's APY. "I'm much more in favor of using a credit card for purchases than debit cards or BNPL short-term loans," said John Ulzheimer, a credit expert formerly of FICO, Equifax and and founder of "Using a debit card-based BNPL isn't 'credit,' so there are no credit-building or credit-rehabilitation benefits." Ulzheimer said that debit cards lack fraud protections, like liability protections for unauthorized purchases, making them less secure. The Klarna Card's connected wallet is FDIC-insured, but that covers bank failure and not fraudulent charges. How to sign up for the Klarna debit card The company is currently testing the Klarna debit card in the US. Once it's available, Klarna said there will be no wait list, so you'll be able to sign up to use it immediately.
Finextra
06-06-2025
- Business
- Finextra
Zen.com partners Episode Six for Asia expansion
Episode Six, a leading global provider of enterprise-grade card issuing and ledger infrastructure, has been selected as the strategic technology partner by the European fintech redefining how people and businesses manage money globally, to power the launch of new debit card programs across Europe and Asia as part of international expansion. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The partnership marks a significant milestone for both companies: is entering the Asian market, while simultaneously launching new ZEN card programs in Europe. Episode Six will provide the infrastructure to support both efforts, enabling to deliver modern, flexible card experiences at speed. chose Episode Six for its strong, established presence in Asia to support its launch into the region, and for its proven ability to deliver rapid go-to-market timelines globally—capabilities unmatched by legacy providers. The collaboration adopts a cooperative authorization model, allowing to retain control of its ledger while using Episode Six's powerful card issuing and transaction processing capabilities. ' is entering a pivotal growth phase, and we're proud to support their journey,' said John Mitchell, CEO and Co-Founder of Episode Six. 'This partnership underscores what we hear from our clients everywhere—they're looking for speed, configurability, and control. Our infrastructure delivers all three.' 'As we expand our footprint across Europe and launch in Asia, we need partners who can move with the same agility and ambition that defines said Michal Boguslawski, CEO, Europe of 'Episode Six stood out for its proven ability to deliver fast, flexible, and scalable infrastructure. This collaboration gives us the freedom to build differentiated card experiences on our terms.' Beyond its strategic importance for the partnership reflects a broader shift in the market. Even established fintechs are moving away from legacy providers in favor of platforms that offer greater agility, faster deployment, and global scalability. Episode Six's modular architecture is proving especially valuable to companies seeking modern infrastructure without overhauling their core systems. provides innovative services like multi-currency IBAN accounts, fast money transfers, multiple methods of account top-ups (including cash), instant cashback, and ZEN payment cards – making flexibility and user-centric financial tools a core part of its value proposition. With this expansion, joins a growing list of fintechs and financial institutions choosing Episode Six to break away from the constraints of legacy issuing technology and deliver differentiated customer experiences at pace.
