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Top News In Payments: Goldman To Launch Robo Advisor; Regulators Want Monitoring Of Big Tech Data Use

Top Payments News

In today’s top news in payments, Goldman plans to launch a robo advisor for clients with lower investment capital than traditional customers, and Apple plans to offer 0 percent installment financing on iPhones bought with the Apple Card. Also, as big tech moves into the financial services industry, regulators call for more “vigilant monitoring” of its data use.

 

Goldman Plans to Launch Robo Advisor Next Year

Goldman Sachs is planning to launch digital wealth management services in 2020 for clients with “significantly lower” investment capital than traditional customers. The robo advisor will serve clients with as little as “$5,000, $10,000 or $15,000” to invest.

Apple Updates Wallet App to Reflect iPhone Financing for Apple Card Users

Apple plans to offer 24-month, 0 percent installment financing on iPhones bought with the Apple Card. The company updated its Wallet app on iOS to reflect the new financing option. Every Apple Card owner who uses the card to buy and finance an iPhone with 0 percent interest will also get 3 percent Daily Cash on their total purchase.

UK CMA Decision Looms Over Amazon’s Quest for Deliveroo Stake

The U.K.’s Competition and Markets Authority (CMA) will decide on Dec. 10 whether Amazon can move forward with its bid for a minority stake in Deliveroo. CMA halted the $500 million deal over antitrust concerns, as tech giants attempt to extend their “tentacles” far and wide.

Regulators Call for ‘Vigilant Monitoring’ of Big Tech’s Financial Data Use

On Dec. 8, the Financial Stability Board (FSB) called for “vigilant monitoring” of Big Tech’s move into financial services. Banks and FinTechs are already required to share customer data with each other, and by moving into the industry with services like payments, asset management and lending, tech giants such as Google, Alibaba and Facebook could be forced to comply with similar rules.

PayPal’s Schulman: Why Payments’ Biggest Innovations Are Yet to Come

This is just the pre-show for payments and financial services, according to PayPal CEO Dan Schulman. The next five years could be bigger than the last 40. And the places to look for today’s big disruptors are not the technology that is making the loudest bangs. It’s the tech that’s adding the most value to users’ lives.

Why SamsClub.com CEO Says It’s a $60B Tech Startup

How can a retail giant like Sam’s Club appeal to all types of customers? By acting less like a wholesaler and more like a tech startup. The company finds inspiration from its established membership base to provide what all customers want: choice and convenience, whether that entails scan-and-pay technology, a buy online, pick up in-store program or an extensive network of physical locations for those who want to go treasure hunting.

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Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

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