Consumer demand for credit cards soars in April

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In today’s top digital banking news, U.S. consumers appear to be regaining their appetites for auto loans and rentals, while SWIFT has rolled out a service that allows banks to verify prepayment information from account of a beneficiary. Additionally, the Visa US Spending Momentum (SMI) index recorded a reading of 111.7 in June 2021.

Consumer demand for auto loans and credit cards increased 39% in April

American consumers seem to be regaining their appetites for auto loans and rentals, personal loans and credit cards. Demand for these offers climbed 39% year-over-year in April, and 11% from April 2019, according to a published report that cites data from Equifax. By comparison, consumers overall were not interested in personal loans or credit cards in 2020.

Swift Mitigates Friction at the X Frontier by Enabling FIs to Verify Recipient Information

SWIFT has launched a service that allows banks to verify the prepayment of a recipient’s account data, eliminating a sticking point in international transactions. The Belgium-based entity says the payment pre-validation offering is a critical part of its plan to generate “instant and frictionless transactions” around the world.

Visa: growth in consumer spending slows slightly but remains strong

The Visa US Spending Momentum (SMI) index recorded a reading of 111.7 for June 2021, which signifies a slight decline from the reading of 123.3 for May. “Consumer spending continues to hold up well,” Visa chief economist Wayne Best said in a press release. “Although there remains a lot of inequality between regions, the good reading of the SMI in June again reflects a continued widening of the spending recovery in the regions of the country.”

Square Construction Hardware Wallet for Cryptocurrencies

Square is reportedly at work on a hardware wallet for digital currency and is assembling a collection of engineers to start the process. “Our next step is to build a small cross-functional team,” Jesse Dorogusker, Square’s hardware manager, tweeted in a question-and-answer session. The Q&A was a follow-up tweet from Square CEO Jack Dorsey, who pioneered the concept of a hardware wallet.

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NEW PYMNTS DATA: STUDY PUTTING LOYALTY AT THE SERVICE OF SMALL BUSINESSES – UNITED KINGDOM EDITION

About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.

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