Member Exclusive, Payments

‘Payment companies are taking a clear political stance’: Politics and payments in the wake of the Trump administration

  • Should payments be politicized? As more than 400 people face criminal charges for the Capitol riots, we explore the repercussions on the payments industry.
  • Experts weigh in on potential polarization and regulations in the long term.
close

Email a Friend

‘Payment companies are taking a clear political stance’: Politics and payments in the wake of the Trump administration

The Capitol insurrection caused a swift public divorce between financial institutions and former president Trump along with his supporters. JPMorgan Chase, Goldman Sachs, BlackRock, Bank of America and Wells Fargo ceased their political contributions through their PACs. Payments players such as Visa, Mastercard and American Express also suspended their PAC donations to Trump and his associates.

E-commerce network Shopify closed two online stores affiliated with the ex-president, including those operated by the Trump campaign and the Trump Organization. Global payments provider Stripe declined to process payments for the Trump campaign’s website because of user policy violations regarding an incitement to violence.

PayPal blocked an account held by Joy in Liberty, a group that facilitated travel expenses for Trump supporters to gather in Washington for the riots. It also ceased operations with Christian crowdfunding site GiveSendGo which raised funds for individuals who attended the siege. 

When it’s all said and done, what does the payments blockade really mean for the payments industry at large?


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “‘Payment companies are taking a clear political stance’: Politics and payments in the wake of the Trump administration”

Outlier OpinionsMakers

Member Exclusive, Payments

Payments Briefing: B2B payments are slowly catching up with B2C

  • This week, we look at how B2B transactions are going digital.
  • Bar Geron, co-founder and CEO of payments firm Balance, says that B2B ecommerce is following the same trends as B2C – just some years later.
Ismail Umar | January 20, 2022
Payments

With $1 billion funding round, Checkout.com gears up for Web3

  • London-based Checkout.com raised $1 billion dollars in its Series D round of funding, which saw the firm valued at $40 billion.
  • The firm has three major projects following the funding: a push for Web3, expansion into the US market, and additions of new solutions to its platform.
Subboh Jaffery | January 19, 2022
Member Exclusive, Payments

Payments Briefing: Behind Papaya’s bill payment technology

  • This week, we take a look at how Papaya uses AI to simplify bill payments for consumers and merchants.
  • We also explore PayPal’s entry into the stablecoin race, and how payments are increasingly becoming “invisible”.
Ismail Umar | January 13, 2022
Payments

Marcus by Goldman Sachs adds GM as second co-branded credit card

  • GM is going all digital by partnering with Marcus by Goldman Sachs and Mastercard to launch its new rewards card and loyalty program.
  • This represents Marcus' second big retail partnership after issuing the Apple Card in 2019.
Iulia Ciutina | January 13, 2022
Member Exclusive, Payments

Payments Briefing: 8 trends that will define 2022

  • We welcome the new year with our very first weekly Payments Briefing.
  • This week, we explore the most important trends that will shape the payments industry in 2022.
Ismail Umar | January 06, 2022
More Articles