In today’s top payments news, American Express is reportedly offering large cash incentives to companies to boost acceptance. Also, Chinese ride-hailing leader Didi Chuxing is planning to bring a robo-taxi service to Shanghai, and WeWork is under investigation by the New York State Attorney General.
American Express, which has long lagged behind rivals such as Mastercard and Visa when it comes to business acceptance, has been aggressively pushing to close the gap. It is offering some companies thousands of dollars in sign-up bonuses and other incentives. Some payments reportedly approach the half-a-million-dollar range.
WeWork is reportedly under investigation by the New York State Attorney General. A spokesperson for the company said, per reports, “We received an inquiry from the office of the New York State Attorney General and are cooperating in the matter.” This news comes as reports surfaced that WeWork is preparing to cut at least 4,000 jobs, with the announcement coming as early as this week.
Didi Chuxing, the Chinese ride-hailing leader, is planning to bring a robo-taxi service to Shanghai. An autonomous fleet would help Didi meet the increasing demands for its ride-hailing services. It currently fills just 65 percent of requests. The robo-taxi addition would be a complement to its service, not a replacement.
Google relocated its Japanese head office to the trendy Shibuya neighborhood of Tokyo, taking up much of the 35th floor of the Shibuya Stream skyscraper. Google’s CEO Sundar Pichai was in Tokyo on Tuesday for the grand opening of the new office. The location will also house the company’s second Google for Startups Campus in Asia.
Protecting customer data takes more than financial institutions (FIs) having access to the latest technologies. Fraud strategies need to be innovative as well as mobile, which takes an innovative team. Recruiting expert talent can be competitive, however, said Rania Llewellyn, executive vice president of global business payments for Scotiabank. The company takes a three-pronged approach to the challenges of AI innovation and talent management.
If customers needed financial services of any kind, once upon a (very recent) time, they went to their bank. From investing to making payments to storing funds, the bank offered the total financial services bundle. And that was by design, as Ingo Money CEO Drew Edwards told PYMNTS in a recent conversation. The rise of FinTechs over the last decade or so, however, has changed the game. Collectively, they’ve broken the bundle.