Payments News Update – August 7, 2026
Legal and Regulatory Developments
SPOTLIGHT: Trump Backs Card Bill, Again
Payments Dive – August 4, 2026
President Donald Trump on Monday reiterated his support for a bill that aims to spur more competition for the dominant card networks Visa and Mastercard with respect to fees they impose on credit card transactions.
Trump referenced the Credit Card Competition Act in a post endorsing Kansas Sen. Roger Marshall’s bid for a second Senate term. Marshall faces a challenger in the state’s Aug. 4 Republican primary election.
“Roger is working tirelessly to pass the Credit Card Competition Act, in order to stop the out of control Swipe Fee ripoff!” Trump posted Monday evening on his Truth Social account. . . .
CFPB Readies Changes to Open Banking Rule
PYMNTS – August 5, 2026
The Consumer Financial Protection Bureau (CFPB) plans to reconsider a final rule on personal financial data rights that became effective in January 2025, according to a rulemaking update posted in a pending regulatory review notice by the Office of Information and Regulatory Affairs.
The final rule that is being reconsidered related to section 1033 of the Consumer Protection Act, was published by the CFPB in November 2024 and became effective on Jan. 17, 2025, according to the post.
“The CFPB plans to issue a proposed rule to reconsider the November 2024 final rule,” according to a statement of need posted by the Office of Information and Regulatory Affairs. . . .
Industry Developments
SPOTLIGHT: Apps and Digital Wallets Outpace Other Payment Methods
Digital Transactions News – July 31, 2026
More evidence has emerged that consumers are wholeheartedly embracing payment apps and digital wallets as these two payment methods are used by most consumers, finds the WSFS Bank 2026 Money Trends Survey.
Among the 1,022 respondents, 73% regularly use a payment app in 2026, up from 67% in 2023, and 64% regularly use a digital wallet, up from 54% in 2023, says the report. Cash or check was the next regularly used media, at 47%, though that’s a decrease from 50% in 2023.
Broader payment options are heavily card-based, too. . . .
Visa, Mastercard Join Another Stablecoin Group
Payments Dive – August 5, 2026
While stablecoin ventures race to roll out digital currencies to consumers and businesses, Visa and Mastercard are adding up opportunities to collaborate.
The ascent of digital currencies, particularly the steadier stablecoin variety, has raised concerns among some backers of the traditional card networks that their businesses were threatened by the new age alternatives. But that’s not how it’s playing out, at least at the moment.
Visa, the largest U.S. card network, and its smaller rival Mastercard have become eager to join in the evolving stablecoin enterprises. . . .