This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Plaid Pushes Into Payments Business After Scuttled Visa Deal
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > Plaid Pushes Into Payments Business After Scuttled Visa Deal
Markets

Plaid Pushes Into Payments Business After Scuttled Visa Deal

Editorial Board Published October 21, 2021
Share
Plaid Pushes Into Payments Business After Scuttled Visa Deal
SHARE

Plaid Chief Executive Zach Perret

Photo: George Frey/Bloomberg News

By

Peter Rudegeair

Oct. 21, 2021 5:30 am ET

Financial-technology startup Plaid Inc. 4165 -3.70% is making a move into the payments business, less than a year after an antitrust lawsuit scuttled its high-price sale to Visa Inc.

Plaid makes software that allows banks and other fintech companies to plug into their users’ financial accounts, with their permission, and access their financial data to look up account balances or authenticate personal financial details. Plaid plans to unveil a new program Thursday that will use the software to make it easier and cheaper for consumers and businesses to make digital payments funded by their bank accounts.

Plaid won’t be directly involved in moving money as part of the new endeavor. For that, the company signed up dozens of payment processors and tech companies in North America and Europe, including Square Inc., SQ 0.37% Stripe Inc., Silicon Valley Bank and SoFi Technologies Inc.’s SOFI 4.10% Galileo unit. Those companies would then give their customers a pay-by-bank option alongside other payment methods, such as credit or debit cards.

The payments push is one of Plaid’s bigger bets since its $5.3 billion sale to Visa was called off in January. The Justice Department intervened to prevent the acquisition from moving ahead. Prosecutors learned that Plaid planned to launch a payments service by the end of 2021 and argued in a lawsuit that Visa was buying the company to extinguish a would-be rival to its online debit service. The companies disagreed with the Justice Department’s analysis of the deal, but both Visa Chief Executive Al Kelly and Plaid Chief Executive Zach Perret said they wanted to avoid a lengthy court battle.

Plaid views its new program as a complement rather than a competitor to credit- and debit-card networks like Visa, said Paul Williamson, Plaid’s head of revenue. Through Plaid and its partners, consumers and businesses could use their bank accounts for transactions that don’t typically involve credit or debit cards, such as remittances or invoice payments.


Newsletter Sign-up

Markets Alert

Major financial-market and trading news.


“What we’ve been hearing from all of our clients is, ‘We want to have a more diversified payment capability that Plaid can be an enabler for,’ ” Mr. Williamson said.

Write to Peter Rudegeair at [email protected]

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Barclays Profit Rises on Investment Banking Barclays Profit Rises on Investment Banking
Next Article Crypto Miners Struggle to Cut Carbon Emissions Crypto Miners Struggle to Cut Carbon Emissions

Editor's Pick

Google commits B to coach US school college students in synthetic intelligence over three years

Google commits $1B to coach US school college students in synthetic intelligence over three years

NVIDIA CEO and co-founder Jensen Huang commends President Donald Trump’s A.I. agenda and descriptions what the nation's job future will…

By Editorial Board 7 Min Read
TMC MP Mahua Moitra, Pinaki Misra Host Wedding ceremony Reception At Delhi’s Resort Lalit | Pics | Politics Information
TMC MP Mahua Moitra, Pinaki Misra Host Wedding ceremony Reception At Delhi’s Resort Lalit | Pics | Politics Information

Final Up to date:August 06, 2025, 08:52 IST TMC MP Mahua Moitra…

2 Min Read
This 5-Ingredient Honeydew Slushie Is the Frozen Drink You will Crave All Summer season
This 5-Ingredient Honeydew Slushie Is the Frozen Drink You will Crave All Summer season

When folks speak in regards to the magic of summer season produce,…

5 Min Read

Oponion

Bay FC’s large, late collapse results in 5-1 loss to NJ/NY Gotham FC

Bay FC’s large, late collapse results in 5-1 loss to NJ/NY Gotham FC

Esther Gonzalez scored twice as NJ/NY Gotham FC erupted for…

October 6, 2024

Berkshire Hathaway Will Host Annual Meeting in Person

Warren Buffett’s “Woodstock for Capitalists” event…

January 25, 2022

US tells Qatar to kick Hamas in a foreign country after terror group rejects hostage deal

The US demanded Qatar shutter Hamas’ political…

November 9, 2024

5 issues to observe for on immigration and border safety in 2025

Immigration and border safety had been…

November 30, 2024

The highest West Coast prospects for the 2026 NFL Draft, from Fano and Leavitt to Sadiq and Boston

Predicting the highest prospects within the…

April 28, 2025

You Might Also Like

GM restarts driverless automotive program greater than a 12 months after Cruise robotaxi incident
Markets

GM restarts driverless automotive program greater than a 12 months after Cruise robotaxi incident

Evercore ISI head of web analysis Mark Mahaney discusses the AI and tech sectors on 'The Claman Countdown.' Common Motors…

4 Min Read
Gold costs soar to document excessive as Trump tariffs threaten bullion commerce
Markets

Gold costs soar to document excessive as Trump tariffs threaten bullion commerce

West Level Gold CEO Quentin Mai discusses the record-setting gold costs and the energy of the U.S. Greenback on ‘Varney…

3 Min Read
Trump’s tariff menace places semiconductors on show
Markets

Trump’s tariff menace places semiconductors on show

Evans Could Wealth managing companion Elizabeth Evans makes the case that company earnings proceed to be 'resilient' and divulges which…

3 Min Read
White Home says Apple to announce 0B US funding dedication for manufacturing
Markets

White Home says Apple to announce $100B US funding dedication for manufacturing

CFRA Senior Vice President Angelo Zino shares his optimistic outlook on the A.I. funding market and extra on Making Cash.…

2 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?