‘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.
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.
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