Welcome to Five at Five, your late look at some of the freshest payments news of the day — news you might have missed. Today’s stories include a discussion on why Macy’s eCommerce success does not impress Morgan Stanley and the details behind the joint pursuit of payments by Apple and Goldman Sachs. Google is drawing criticism for robots — specifically, their interactions with humans — and there is a fresh measure of Americans’ debt burdens. Finally, you can read about the latest retailer to offer click-and-collect for shoppers.
Macy’s stock is still up 15 percent this year as the retailer has stepped up its eCommerce efforts, closed some stores and sold some real estate. But Morgan Stanley Analyst Kimberly Greenberger believes the market is focusing on quick fixes: She thinks Macy’s still needs to shutter more underperforming stores.
Apple and Goldman Sachs are in the midst of bringing a joint credit card to market. The move by Goldman and Apple has a cross-pollination effect of sorts. For Apple, there’s the chance to “deepen” a “push into its customers’ wallets,” according to the WSJ, while Goldman now comes to market with its first credit card.
The company’s most futuristic product, Duplex, is drawing heavy criticism from those who question the ethics of placing robots in conversations with humans, without the other parties realizing it.
Over the past five years, Americans have been accumulating debt. Total non-housing debt is at 26 percent of Disposable Personal Income — higher than during the credit boom in the mid-2000s. And for nearly two years, consumer credit has grown at a steady rate of 5 to 6 percent annually.
The service, dubbed “Shop BJs.com — Pick Up in Club,” allows shoppers to pick up their online orders as soon as two hours after placing them. With the service rollout, BJ’s has also added the ability for shoppers to automatically add select coupons to their online orders through its “Add-to-Card” functionality.