Categories: Digital-First Banking

Today In Digital-First Banking: Tesco Bank Introduces Digital Payment Platform; Square Rolls Out On-Demand Payroll

In today’s top news in digital-first banking, Tesco Bank has introduced an online payment platform for credit card customers, and Square has rolled out on-demand payroll. Plus, Monit is rolling out its mobile finance platform for owners of small businesses.

Tesco Bank Debuts Digital Payment Platform For 2.6M Credit Card Customers

Scotland’s Tesco Bank has indicated that it is the first U.K. financial institution (FI) to unveil technology that enables its 2.6 million credit card clients to more simply control and pay their balances. The Open Banking Connect service of Mastercard will make the FI’s “Pay by Bank” platform possible.

The Pay by Bank technology lets clients view their account balances prior to determining how much to pay, while enabling them to view instant updates to their bank balances.

Square Launches On Demand Payroll

Square unveiled the rollout of two new functions that the firm says will simplify payroll for both companies and workers. Businesses can fund payroll in nearly real time with the new “Instant Payments” feature, removing the delay between when funds depart the account of a business and enter the accounts of workers. The company also unveiled an “On-Demand Pay” offering to provide workers with quicker access to wages than they have with digital payment setups.

Monit Debuts Platform For SMB Cash Flow Management

Monit is launching its mobile finance platform to help small business owners by providing them with more control over their finances. The predictive intelligence company says it uses “patent-pending” prediction technology combined with an instinctual mobile package. Its platform encompasses a “dynamic cash flow view” to create a forecast, among other features.

Apple Concludes Barclays Tie-Up Amid Focus On Apple Card Financing Plans

Apple ended its Barclays Plc card collaboration as it seeks to home in on Apple Card product financing solutions. Customers won’t have the ability to apply for the card in physical stores or on the company’s website as of Tuesday (Sept. 15). The tech firm will reportedly point clients to the Apple Card Monthly Installments plan.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.