Chime Acquires Salt Labs Amid Global Payment Innovations
Digital banking giant Chime has acquired Salt Labs, an employee rewards startup, to establish ‘Chime Enterprise’. Salt Labs, founded by DailyPay’s creators, provides rewards akin to savings accounts, working with various industries such as transportation and hospitality. Jason Lee, CEO of Salt Labs, will lead Chime Enterprise, aiming to enhance Chime’s #EmployeeRewards and #EarnedWageAccess offerings by partnering directly with employers. This acquisition signifies Chime’s strategic move into the employer channel, reinforcing its innovative position in #Fintech.
Concurrently, the Bank for International Settlements (BIS) is set to launch Project Nexus, connecting instant payment systems in India, Malaysia, the Philippines, Singapore, and Thailand. This initiative, managed by the Nexus Scheme Organisation, aims to streamline #CrossBorderPayments, potentially benefiting 1.7 billion people. Agustín Carstens of BIS emphasised the project’s impact on global #InstantPayments.
Meanwhile, a US judge rejected a $30 billion swipe fee settlement between Visa, Mastercard, and US merchants, deeming it insufficient. The settlement, aimed at capping interchange fees, was criticised for favouring large retailers over smaller merchants. This decision highlights ongoing challenges in #PaymentProcessing and #MerchantFees. #ChimeAcquisition #ProjectNexus #VisaMastercard