Facebook's Libra, Uber Losses, Instant Deposits Top Week's News

PYMNTS Weekender

It’s never quite a slow week in the world of payments and commerce, and the newest edition of the PYMNTS Weekender is proof of that. This week’s coverage includes a deep dive into lessons learned from Libra, Uber's losses, and the launch of instant deposit for small to medium-sized businesses (SMBs) from Visa as well as Intuit.

Top Stories

Uber Losses Trigger $228M Write-Off At PayPal

PayPal lost $228 million in 3Q reportedly partially because of Uber’s failure to make money. The payment firm’s $500 million investment in Uber just before its initial public offering (IPO) dropped 34 percent. And its investment in MercadoLibre, a Latin American retailer, dropped 10 percent.

What We’ve Learned From Libra

PayPal officially pulled its support of Facebook’s Libra initiative after being a no-show at the Libra Association meeting in Washington, D.C. last week. Here is what we’ve learned from the Libra experience that may be helpful to other innovators who have large plans to change the world.

Visa, Intuit Launch Instant Deposit For SMBs

Cash flow is that thing that can keep a business owner or executive up at night. It’s a problem that Bill Sheley, senior vice president and global head of Visa Direct, and Rishav Chopra, head of strategy, operations and revenue optimization for QuickBooks owner Intuit, recently told Karen Webster during a PYMNTS interview that digital tech is making big strides to help overcome.

Upgrade Card Combines Credit Card Acceptance With Installment Payments Flexibility

LendingClub Founder Renaud Laplanche built a business to help consumers manage the $800 million in outstanding credit card debt twelve years ago. That offering was an unsecured personal loan that consolidated the debt into a lower interest option with fixed monthly payment.

With the rollout of the Upgrade Card that is issued by Upgrade, which Laplanche founded in 2017, the founder has his sights on disrupting the industry that LendingClub reshaped more than a decade ago. The Upgrade Card is tied to a line of credit that can be used everywhere that Visa cards are accepted.

Max Levchin On The Future-Present Of Everywhere POS Lending

The Affirm customer gets the product as well as likes the value proposition, and, according to Affirm CEO and Co-founder Max Levchin, mostly has had just a single question in recent memory: “How can I use this in more places?”

As of Oct. 8, Levchin told Karen Webster, Affirm can give an entirely new answer to that question as it has rolled out a new app that will allow customers to use the service to pay almost anywhere online or (with an assist from Google Pay and Apple Pay) in the real world.

Trackers and Reports

Subscription Payments Meet Emerging Markets (GoCardless Global Recurring Payments Tracker)

Subscription-based offerings can be essential with helping business-to-consumer (B2C) companies create long-running relationships and lock down more predictable streams of revenue. Effective subscription offerings require careful strategizing around payments, however, according to the PYMNTS Global Recurring Payments Tracker.

Inside UMB Bank’s AP Automation Agenda (Bottomline Next Gen AP Automation Tracker)

Accounts payable (AP) departments all too often have inefficient processes that decelerate workflows and delay supplier payments. Reliance on outdated practices creates major speed bumps and brings about opportunities for human error. Delays related to these practices can make for interruptions in cash flow and strained relationships with vendors. Automated AP solutions, per the PYMNTS Next-Gen AP Automation Tracker, can smooth away such frictions.

Trending: How EU Regulators Are Complicating SCA Compliance (Ekata PSDS Tracker)

While Strong Customer Authentication (SCA) is only weeks old, it is mired in controversy. According to the PYMNTS PSD2 Tracker, merchants in the European Union (EU) are still wondering what changes the regulation will bring about for their relationships with customers. At the same time, payment service providers (PSPs) are scrambling to find ways to authenticate these customers without bringing about more friction to online transactions.

Inside Synchrony Financials’ AML Playbook (Feedzai Digital Banking Tracker)

Consumers have noticed the rising levels of fraud in digital banking, while fraudsters are relying on technologies such as machine learning (ML) and artificial intelligence (AI). Banks are innovating their strategies for fraud protection and anti-money laundering (AML), according to the PYMNTS Digital Banking Tracker, while making sure that legitimate customers remain satisfied with a quick and convenient online banking experience.

What Parking Marketplaces Can Learn From Airbnb (Yapstone Payments And The Platform Economy Playbook)

The value of online payments for all transactions is set to move past $6 trillion by 2024, per PYMNTS And The Platform Economy Playbook, and much of this money will be spent via person-to-person (P2P) marketplaces. The more comfortable consumers grow with marketplaces and online payments, however, the harder it becomes for platforms to keep them satisfied.

Fun, Cool, and Otherwise Interesting

Healthcare Looks To 5G For Cost Control

The new 5G mobile network technology has started to make its initial foray into healthcare as the issues of cost, efficiency and accessibility are gaining even more focus than was the case before. While various deployments might take years to play out, 5G promises to have an impact in different, if not most, areas of healthcare.

Why Migrant Workers Need Financial Service Offerings All Their Own 

No matter where they are from, where they work or how much they make, migrant workers all face a common problem in the United States: Financial services are not always easy to secure. Majority CEO Magnus Larsson told PYMNTS in an interview that almost 51 percent of the millions of unbanked or underbanked households consist of migrant workers.

Domino’s Supreme Court Decision Spotlights Online Web Accessibility

The U.S. Supreme Court decided it would not hear a case brought against Domino’s by Guillermo Robles, who filed the suit three years ago. The suit accused the company of going against the Americans with Disabilities Act (ADA) as its website lacked the software that would enable a blind consumer to order.

Levi’s Talks Up Its Big Digital Game — Including In China

Levi Strauss & Co. is putting more of its hopes into digital and mobile channels to grow revenue as well as its brand profile and make up for declining wholesale sales. The success of that ongoing effort could provide lessons or warning for other venerable clothing brands as all types of shoppers increase their use of the web to purchase apparel.

What’s The Future For NBA-Related Retail In China? 

There’s reportedly a little less NBA available today for online shoppers in that country. That’s because China eCommerce company Alibaba apparently has removed any products related to the Houston Rockets from its search results.



Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.