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Five At Five: New Swipe Fee Settlement Worth $6.2B

Welcome to Five at Five, your late look at the day’s payments and commerce news. Today’s coverage includes details of the Visa and Mastercard swipe fee case, along with Facebook’s attempt to obtain financial data. Google OS has scored a big win, an on-demand delivery service wins a big investment and a major beverage maker seems ready to consider a big move with cannabis.

$6.2B Settlement Reached on Visa, Mastercard Swipe Fees

The settlement that was announced — which still must be approved by a court — comes on the heels of one that had been worth as much as $7.3 billion in the same case. That earlier, larger settlement was struck down by an appeals court two years ago, and then in 2017, the Supreme Court refused to hear it.

Facebook Has Been Trying to Obtain Financial Information for Years

As late as 2017, Facebook urged financial firms to let them use customer data that comes from its Messenger platform for advertising and other initiatives.

Google OS to Run Renault, Nissan, Mitsubishi Infotainment Systems

The car makers that are part of the alliance sell more vehicles than any other manufacturer. The choice of Google to provide the OS for a new crop of infotainment systems is viewed as a big win for Google, and a good way to further its push into the automotive market.

Postmates Raises $300M in Venture Funding; Gives Tiger Global Management Seat on Board

The funding round for the on-demand delivery company comes on the back of a record year of growth, market expansion and adoption of a subscription service.

Coca-Cola Exploring Cannabis-Based Drinks

The company has allegedly met with Canada’s Aurora Cannabis to develop beverages, with one source saying these talks are “preliminary,” and that Coca-Cola is also speaking to other companies.

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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.

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