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OpenAI Debuts Cheaper AI Model GPT-4o Mini
OpenAI has introduced a smaller, more affordable iteration of its artificial intelligence (AI) model ChatGPT. GPT-4o mini, announced Thursday (July 18), is available now for free users and paying ChatGPT Plus and Team subscribers, with enterprise customers getting access next week. It replaces the previous model GPT-3.5 Turbo. “GPT-4o mini...
United Airlines Hits Record High in Second-Quarter Passenger Volume
United Airlines set a record as it carried 44.4 million passengers — the highest for any second quarter in its history, the company said Thursday (July 18). “We’re running the best operation in our history,” United Airlines CEO Scott Kirby said during the earnings call for the quarter ended June 30. “We’ve now led the industry in domestic growth for three straight years. That cannot happen by accident.”
AI Money: AI Surge Spurs Tech Giants’ Expansion, Fuels Investment Frenzy
The artificial intelligence boom is reshaping the tech landscape, with industry leaders like TSMC, Microsoft, and Anthropic racing to meet soaring demand and capitalize on new opportunities. As TSMC doubles down on chip production for AI, Microsoft courts private equity with AI tools, and Anthropic launches a $100 million fund for AI startups, the sector’s rapid growth shows no signs of slowing.
Cash App Exiting UK to Increase Focus on US
Cash App says it will exit the British market as it focuses on the U.S. The mobile payments service announced Thursday (July 19) that it was shutting down Cash App UK on Sept. 15 after six years. “We do not make decisions like this lightly, as we know they impact...
Report: Meta Seeks Stake in Smart Glasses Partner EssilorLuxottica
Meta is reportedly looking to buy a stake in its smart glasses partner EssilorLuxottica. The tech company is in talks to acquire a 5% stake in the eyewear maker, which owns the Ray-Ban brand, The Wall Street Journal (WSJ) reported Thursday (July 18), citing unnamed sources. A 5% stake could...
Vera Bradley CEO: Customization and Interactive Experiences Transform In-Store Journey
As Vera Bradley transforms to meet consumers’ evolving omnichannel expectations, the brand is upgrading its stores to better fit how consumers want to shop. In an interview with PYMNTS following the accessories, fashion and home goods brand’s announcement of its refresh, CEO Jackie Ardrey shared how the company is upgrading the brick-and-mortar experience.
Worldline Partners Selfly Store on Contactless Vending Offering
Worldline has formed a partnership with intelligent vending machine company Selfly Store. The collaboration, announced Tuesday (July 16), will see Worldline work with payment expert Antenor to integrate a contactless payment solution with Selfly’s machines, which are designed to provide an autonomous meal/snack solution for hotels, offices and other venues.
Commerce Bancshares Reports 3% YOY Growth in Loan Balances
Commerce Bancshares saw its net income increase 9% year over year, driven in part by expanding net interest margin. For the quarter ended June 30, the Missouri-based regional bank holding company with 142 branches in seven states posted a net income of $139.6 million, up from $127.8 million in the same quarter last year, according to a second-quarter earnings highlights presentation issued Thursday (July 18).
Discover Financial Sees Card Spending Decline as Consumers Remain ‘Cautious’
Discover Financial Services reported second-quarter results that indicated consumers are turning to debit transactions, while the company’s card sales slipped year on year. CFO John Greene said on the Thursday (July 18) earnings call that Discover card sales were down 3% from the prior year. Supplemental materials from Discover indicate that Discover’s credit card sales volumes were $53.4 billion in the most recent quarter. The company’s PULSE volumes were up 18%, driven by an increase in debit transaction volumes.
Ripple CEO: US Crypto Rules Lag Amid ‘Interminable’ Lawsuits
Ripple’s CEO says the cryptocurrency industry is still seeking regulatory clarity from the U.S. Speaking with Bloomberg News Wednesday (July 17), Brad Garlinghouse said America lags behind other countries that have already adopted crypto regulations. “What we are seeing, where it’s the UK, Japan, Singapore … even the European...
New Data: Timing Is Key to Success of Installment Plan Offers
The popularity of pay later plans has been on the rise. Consumers are becoming more aware of options such as buy now, pay later (BNPL) and card-linked installment plans. Merchants and acquirers broadly agree that offering pay later plans can both boost sales and drive revenue growth. Merchants and acquirers...
Physical Cards: The Unexpected Frontier in Digital Security
Dr. Adam Lowe, chief product and innovation officer at CompoSecure, hears it all the time from banking executives when the topic is securing payments: “We cannot introduce friction.” But the balancing act is a tough one. Challenge a user too much and they’ll switch to a competitor. Challenge them too little, and the customer’s financial injury may be calamitous.
Visa Sees Embedded Finance as Key to B2B Commerce Evolution
As businesses of all sizes across a multitude of verticals seek more efficient ways to manage payments and working capital, embedded finance is emerging as a transformative force in B2B commerce. That’s the view of Alan Koenigsberg, senior vice president and global head of large, middle market, industry verticals and...
How the World Does Digital: Germany Lags in Digital Engagement
As the largest economy in the European Union, Germany surprisingly ranks near the bottom in digital engagement among the 11 countries studied in PYMNTS Intelligence’s “How the World Does Digital” report, which analyzes the digital behaviors of over 817 million consumers across countries such as Brazil, Singapore, the United States, Spain and Italy.
Arvo Tech Raises $2.5 Million to Expand Tax Credit Platform
Arvo Tech has raised $2.5 million in a Series A funding round to deliver its tax strategy solution to more small and medium-sized businesses (SMBs).,. The company will use the new funding to expand its strategic partner program, continue to develop its tax credit platform and help SMBs implement an overall tax strategy, Arvo Tech said in a Wednesday (July 17) press release.
European Commission Will Not Oppose Advent Acquisition of Nuvei
The European Commission will not oppose the proposed acquisition of payment technology provider Nuvei by private equity firm Advent International. European Commission Director-General Olivier Guersent notified the buyers of the decision in a Tuesday (July 16) letter, saying the deal is compatible with the internal market and with the European Economic Area (EEA) Agreement.
European Commission Asking Competitors About Effects of Google-Samsung AI Deal
The European Commission is reportedly looking into whether Google’s generative artificial intelligence (AI) deal with Samsung keeps other companies’ chatbots off Samsung smartphones. The antitrust regulator is asking industry participants about the deal and could use what it learns to build a case against the companies, Reuters reported...
Report: State Street Considering Several Blockchain-Based Projects
State Street is reportedly looking at a number of options for settling payments on blockchain. The financial services and banking firm is considering creating its own stablecoin, creating its own deposit token, joining digital-cash consortium efforts, and developing settlement options through blockchain payment startup Fnality, in which it has an investment, Bloomberg reported Wednesday (July 17), citing an unnamed source.
Google’s AI Video Creator Aims to Streamline Production Time, Costs
Google’s new artificial intelligence (AI) video tool Vids, launched Monday (July 15) to select users, could dramatically reduce video production costs and time for businesses, potentially upending traditional content creation processes across industries. Vids, powered by Google’s Gemini AI, can produce videos up to 10 minutes long and offers...
OCC Comptroller Hsu: Political Polarization Poses Long-Term Risk to Banking
Political polarization presents a long-term risk to banking, Acting Comptroller of the Currency Michael J. Hsu said Wednesday (July 17). The Office of the Comptroller of the Currency (OCC) has seen a risk of fragmentation as it monitors banking law developments at the state and local level, Hsu said in written remarks delivered at the Exchequer Club.
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