In today’s top news in digital-first banking, N26 has joined forces with Dosh on cash-back perks, while SoFi is purchasing a community bank. Plus, J.P. Morgan Chase is closing down its Chase Pay digital wallet.
N26 Partners With Dosh To Offer Customers New Cash-Back Perks
N26, the mobile banking platform, has teamed with cash-back app Dosh to let users earn money on everyday purchases with their N26 debit cards. N26 unveiled the new collaboration on Tuesday (March 9), referring to it as an expanded version of its “Perks” program. Clients can use the program to receive cash back on purchases from local firms and countrywide retailers.
SoFi Signs $22.3 Million Acquisition Deal For Golden Pacific Bank
Social Finance (SoFi), the financial technology upstart, is buying a community bank, Golden Pacific Bancorp (GPB), for $22.3 million. Golden Pacific has three branches — in Live Oak, Yuba City and Sacramento — and roughly $150 million in assets. The news comes as SoFi bought payments firm Galileo for $1.2 billion earlier in 2021.
JPMorgan To Close Down Digital Wallet
J.P. Morgan Chase is shuttering its Chase Pay digital wallet. “You can always add your Chase cards individually to your favorite shopping sites and apps,” said a notice on the bank’s website. A spokesperson said that the bank is “incorporating the most popular features directly into the Chase mobile app and Chase.com.” In 2019, J.P. Morgan announced it would close its Chase Pay app, which allowed users to make payments using their smartphones at physical retail stores.
JPMorgan Taps HSBC Innovation Head To Lead FinTech Division
J.P. Morgan Chase has hired former HSBC executive Jeremy Balkin as the head of FinTech and Innovation for Wholesale Payments. The executive will be involved in the financial institution’s decisions to invest in or team with firms in his new position beyond supervising FinTech and innovation for wholesale payments.
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