The U.S. government will shortly funnel trillions of dollars into the economy to soften the coronavirus’ impact on a variety of industries and small businesses. Payment companies that are also lenders will soon find out if it’s enough to save the market.
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Arizent, the parent company of PaymentsSource, has released a broad industry survey on both the impact of the crisis and emerging responses. Many companies are now managing remote workforces, either by choice or government mandate. Certain industries such as financial services, which are built on face-to-face interaction, are now living in an environment devoid of any human touch.
Canada’s small businesses have lagged behind the U.S. in adopting digital commerce for a variety of reasons, but coronavirus might send things in a new direction.
Mastercard is part of an expanding trend toward easing restrictions to entice consumers to choose contactless payments over cash and plastic during the coronavirus.
Alliance Data Systems, which has substantial exposure to the mall-based retail sector, sought Tuesday to assuage investors' fears about the impact of the COVID-19 outbreak.
For a growing number of people, the coronavirus has disrupted their daily lives in how they work, where they eat and how they spend their money. This drastic change has caused a boom in some sectors of the economy and a bust in other areas.
It's still unclear how the coronavirus pandemic will alter payment habits over time — will consumers avoid cash out of fear of germs, or will they favor it as the one payment option that nearly all merchants accept? An impending change in interchange rates may tip the scales in cash's favor.
The coronavirus stimulus package has resurrected calls for the U.S. government to offer a central bank digital currency, public mobile wallets and postal banking—controversial ideas that are hard to pull off, but exist outside the U.S. and could dent interchange fees and private stablecoin projects like Facebook’s Libra.
As coronavirus forces most shopping to occur online, merchants will likely see their product return policies tested by both good customers and the unsavory ones who abuse those policies for profit.
The coronavirus has forced shutdowns and closures of over 90% of U.S. casino properties halting annualized payments of $74 billion in wages and $41 billion in tax revenues.
Growing recognition that coronavirus can survive on hard surfaces for up to 72 hours — making it riskier to use PIN pads and touchscreens at the point of sale — is causing merchants around the world to rethink payment technology, especially at supermarkets.
Vice president of fintech strategynbkc bankMarch 26
Global payments ambassadorIcon SolutionsMarch 26
Arizent, the parent company of PaymentsSource, has released a broad industry survey on both the impact of the crisis and emerging responses. The survey found the pandemic has forced many companies to implement new or modified business continuity plans, appoint executive response teams and invest in new technologies to enable a remote workforce. The pandemic is also expected to lead to a greater investment in technologies that reduce the reliance on face-to-face interactions for both coworkers and clients.
Cash use will suffer because of this outbreak, and there are factors other than germs contributing to this trend. A growing work-from-home workforce will funnel more shoppers into digital channels, including ones they may have never tried before.
If a checking account doesn’t come with checks anymore, can it still be called a checking account? It’s a valid question that the financial services industry should be asking itself.
Coronavirus, also called Covid-19, is wreaking havoc on the stock market, with a heightened effect on the travel industry. It could also cause a drastic change in payment habits, as consumers shift to digital channels to reduce their risk of infection from handling cash.
With the world gripped in panic over the rapid spread of the coronavirus — and the stock market falling in response — payments companies have been left to speculate on what it all means to their operations in an increasingly global economy.
Ally Financial's recently announced $2.65 billion cash-and-stock deal for CardWorks, which offers unsecured credit cards among other products, places a high price tag on a traditionally risky product.
When established card networks such as Visa, American Express and Mastercard start investing in fintech lending platforms such as Divido and ChargeAfter — as well as in the fintech lenders themselves such as Klarna and Vyze — it’s a clear signal that the future of unsecured personal loans may not be delivered by banks.
The U.S. telco sector has worked hard to control the mobile wallets developed on its phones. While its earliest efforts didn't last long, companies like T-Mobile and Sprint took decidedly different paths to reach where they are now.
The companies on our third annual list of Best Fintechs to Work For (a ranking compiled by our parent company, Arizent) share an ability to create personal connections with employees, and offer top-tier benefits like generous sabbaticals, fully paid insurance, and parental leave on day one.
Former Walmart payments executive Reed Luhtanen has been named the new executive director of the U.S. Faster Payments Council, an organization created a year ago to guide American faster payments initiatives.March 25
Former NetSpend CEO Dan Henry has been named as the CEO of Green Dot, the Pasadena, Calif.-based prepaid card issuer and banking company.March 25
Citi is beefing up leadership in its consumer card lending operations by recruiting Chase exec Pam Habner — credited with engineering the success of Chase’s Sapphire Reserve card — and former Citi exec Chris Fred, who will return after several months of working at Goldman Sachs on Apple Card products.March 24
The coronavirus is hitting small businesses hard, slamming one of Square’s core markets just as the payments company got a long-awaited industrial banking license.March 23
Even for companies that support remote work, having an entire staff working from home on short notice opens new complications for B2B payments and accounts receivable.March 20
While the global coronavirus outbreak may be grounding corporate travel to a near standstill, leading travel companies and fintechs are continuing to hone AI-based payments platforms to reduce the problem of corporate travel fraud.March 20
Challenger bank bunq has expanded its card partnership with Mastercard to cover 30 European countries as it grows its mobile only footprint coupled with its Green Card.March 19
Over the past year, buy now, pay later schemes have risen to become the trendiest method of retail payments in the U.K.March 19
In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.March 18
The South African Reserve Bank is warning the public of a scam currently underway in the country where fraudsters are collecting banknotes and coins because they claim they may be infected with the coronavirus.March 18