Columbus
PYMNTS
Data: Consumers Are Using Digital Wallets for More Than Payments — Here’s How
Consumers’ use of digital wallets is evolving beyond just making purchases, and younger generations are showing the way forward. The PYMNTS Intelligence report “Digital Wallets Beyond Financial Transactions: A Global Perspective,” created in collaboration with Google Wallet, drew from a survey of more than 12,000 consumers across the United States, the United Kingdom, Brazil, France and Germany. The study examined how consumers use their digital wallets beyond making payments and how they intend to use them in the future.
Uber Invites Consumers to Give up Car, Try Alternative Transportation
Uber is inviting consumers to give up their personal car for five weeks and adopt a “car-light lifestyle.”. The ride-hailing company will select up to 175 people in seven cities across the United States and Canada to participate in its One Less Car trial, Uber said in a Thursday (June 27) press release.
Exclusive: Amazon Canada Taps Visa for Installment Plans
Some of the seven new product and feature announcements Visa announced at its May 15 user conference are starting to gain traction. Case in point: Flexible Credentials and installments. When it was first announced, Mark Nelsen, senior vice president and global head of consumer payments at Visa, told PYMNTS’ CEO...
Goodbye Checks, Hello Progress: AR Automation Unlocks Growth Potential
Commercial payments are never just payments. More than the money movement itself, business payments comprise the workflows and data surrounding and supporting them. Ultimately, commercial payments help define and dictate the end-to-end experience a business can provide its customers. “Helping our customers move to a more automated payment transaction and...
What Core Banking’s 40-Year Evolution Says About What’s Next for Banking
There’s a misperception about bankers and banking. That misperception is that money — in all its forms — is the most important asset. The reality is that customers are the most important asset, because if there are no customers there is no money. And financial services executives who understand the connection also understand the importance of technology as it serves those two assets: customers and their money.
Crypto Firm Abra Settles States’ Charges of Operating Without Licenses
Cryptocurrency firm Abra and its CEO and largest equity owner Bill Barhydt have reached a settlement with 25 state regulators. The settlement follows the states’ finding that Abra and Barhydt operated a mobile app for buying, selling, trading and investing in crypto without receiving the required state licenses, the Conference of State Bank Supervisors (CSBS) said in a Wednesday (June 26) press release.
Experts Expect Spinoff as FedEx Considers Future of Freight Unit
FedEx is reportedly expected to spin off its Freight unit after it conducts an assessment of the future of that business unit. The company’s Freight unit, which is the largest operator in the less-than-truckload (LTL) sector, could bring a windfall to FedEx shareholders if it were spun off as a separate publicly traded company, The Wall Street Journal (WSJ) reported Wednesday (June 26).
Southwest Expects Lower Pricing Power as Airlines Add Capacity
Southwest Airlines is experiencing reduced pricing power because airlines have added flights and seats. The company said in a Wednesday (June 26) filing with the Securities and Exchange Commission (SEC) that it has changed its outlook for revenue per available seat mile (RASM) in the current quarter from its previous estimate of a year-over-year drop of 1.5% to 3.5% to its current estimate of a drop of 4.0% to 4.5%.
Google Testing Facial Recognition-Based Security System for Offices
Google is reportedly testing a facial recognition-based security system at one of its offices. The company is using the technology to spot unauthorized visitors and keep them from entering the office, CNBC reported Wednesday (June 26). “For many years our security team has been testing and implementing new systems and...
AI Leading to New Tools, Job Cuts in Creative Industries
Artificial intelligence (AI) has the potential to expand human creativity and enhance collaboration, but it may also lead to the disappearance of certain creative jobs. The future impact of AI on creativity and job security remains uncertain, CNBC reported Wednesday (June 26). Mira Murati, chief technology officer of OpenAI, said...
Nvidia Targets Partnerships, Value to Retain AI Chip Market Share
Nvidia has taken a number of steps to maintain its dominant position in the field of artificial intelligence (AI) chips, Nvidia CEO Jensen Huang said Wednesday (June 26). Speaking during the company’s shareholder meeting, Huang said the firm has already “transformed” from a gaming-focused company to a data center-focused one; is partnering with computer makers and cloud providers to create new markets for its AI; and is offering chips whose performance and operating costs make them a better value than others that may be cheaper to buy, CNBC reported Wednesday.
BIS: Financial Sector Among ‘Most Exposed’ to AI Benefits, Risks
The financial sector is among the “most exposed” to both the benefits and the risks of artificial intelligence (AI), the Bank for International Settlements (BIS) said Tuesday (June 24). The benefits of AI for the sector include improvements for lending and payments, while the risks include more sophisticated...
Amazon Takes On Temu and Shein With China-Direct Discount Section
Amazon will reportedly add a section to its shopping site that aims to compete with Temu and Shein, featuring items that are cheap and are shipped from China to overseas consumers. The new marketplace will offer apparel, home goods and consumer goods, along with delivery in nine to 11 days,...
Citi Head of Risk Data Peter Cai Leaves Bank
Citigroup’s head of risk data, analytics, reporting and tech Peter Cai has reportedly become the latest senior executive to leave the bank. Cai’s departure was announced internally on Tuesday (June 25) and a Citigroup spokesman confirmed the move Wednesday (June 26), Reuters reported Wednesday. The executive had recently...
Algorand Debuts LiquidAuth for More Secure Crypto Communications
Blockchain builder Algorand has debuted a tool for decentralized authentication and communication called LiquidAuth. As the company said in a news release Wednesday (June 26), LiquidAuth is an open-source solution for “authenticated peer-to-peer communication between wallets and apps/dApps,” designed to end the “overreliance” on centralized wallet communication provider WalletConnect.
eCommerce Leads Levi’s D2C Growth as Online Shoppers Splurge
Levi Strauss & Co. is seeing its digital channels drive direct-to-consumer (D2C) growth, with eCommerce customers proving willing to pay full price and to spring for premium products. The apparel company shared in its second-quarter fiscal 2024 financial results, reported Wednesday (June 26), that it saw 8% revenue growth, with...
Motive Debuts ‘Missed Savings’ to Help Fleets Cut Fuel Costs
Fleet management platform Motive is offering its card customers a new way to cut fuel costs. Missed Savings for Motive Card customers is what the company described as an “industry-first” feature that lets users reduce fuel costs by 5% or more, according to a Wednesday (June 26) press release.
AI Regulation: Google Backs Bills as EPIC Releases Evaluation Tool
Artificial intelligence (AI) regulation takes center stage as tech giants, researchers and watchdogs join the fray, pushing for smart governance of a technology with the potential to reshape our world. Google Exec Supports AI Regulation. In a move signaling Big Tech’s stance on artificial intelligence governance, Kent Walker, president of...
Amazon Market Valuation Tops $2 Trillion for First Time
Amazon’s market valuation topped $2 trillion for the first time Wednesday (June 26), driven in part by investor interest in artificial intelligence (AI). The company became the fifth U.S. firm to reach that milestone, with the others being Microsoft, Apple, Nvidia and Alphabet, Reuters reported Wednesday. Together with investor...
25% of High-Income Consumers Work Side Hustles
Amid news that the U.S. job market is cooling, first-time unemployment claims are up and 64% of Americans now live paycheck to paycheck, comes this finding: One-quarter of those Americans earning more than six figures a year work side hustles to generate extra income. But it’s not just high earners...
PYMNTS
44K+
Posts
91M+
Views
Online coverage of payments news and top industry trends. Insight and reporting on payments, commerce, FinTech and innovation.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.