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JULY 7, 2026 |
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Over the past year, how much did unexpected expenses cost for cash-poor consumers in the US? |
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A) $821 B) $966 C) $1,089 D) $1,457 |
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FINTECH |
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JPMorgan CEO Jamie Dimon’s admission that he's "jealous" of fintech rival Revolut, per Bloomberg, highlights a broader shift among incumbent banks. |
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Rather than relying on scale alone, JPMorgan is adapting its retail banking strategy to emulate the speed, digital experiences, and customer engagement that have fueled fintech growth across Europe. |
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Chase UK has amassed roughly 3 million customers and nearly £30 billion ($39.7 billion) in assets since launching in 2021, per Bloomberg, but it still trails digital-first rivals in customer scale. Monzo, for example, has more than 15 million customers, while Revolut had almost 70 million by the end of 2025. |
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CREDIT CARDS |
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Credit card payment volume growth outstripped debit for the first time since 2000, per the Federal Reserve Payment Study. |
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Credit card payments grew to 67.1 billion, up 16.2 billion since 2021.
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General-purpose credit cards drove these gains, commanding 96% of all credit card payments, up from 94% in 2021.
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In contrast, private-label card volume fell from 3.1 billion in 2021 to 2.9 billion in 2024. |
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LOYALTY & REWARDS |
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American Express members can now pay with points, cash back, or miles through Apple Pay, per a press release. |
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Eligible card members can select Use Membership Rewards points within their Apple Pay checkout experience to complete ecommerce purchases. |
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Redeeming points through Apple Pay increases flexibility of how cardholders can use rewards. The ubiquity of Apple Pay across online checkout greatly increases Amex users’ ability to shop at the store of their choice with points. |
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REPORT |
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Buy now, pay later’s (BNPL) next growth phase will depend on deeper engagement as user acquisition plateaus. Providers are driving spend from loyal users, but they must balance rising demand for budgeting tools with intensifying competition across wallets, installments, and high-ticket purchases. |
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Key question: How will BNPL players position themselves for growth post-maturity? |
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Key stat: By 2029, BNPL payment value growth will hit the single digits, forcing providers to look to existing users to drive spending. Key strategies will include expanding into higher-ticket categories, growing BNPL-enabled card adoption, and deepening mobile wallet integration. |
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(EMARKETER subscription required to read the full report) |
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CHART OF THE WEEK |
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Key stat: Over 80% of senior banking executives worldwide say their organizations are using generative AI, predictive AI, and agentic AI, found April data from Ncino. | | | |
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