In today’s payments news, Mastercard is rolling out Mastercard Bill Pay Exchange with the help of several new partners. Also, card member spending, among other factors, helped to produce a revenue gain for the global consumer services group of American Express in Q3 2019. And SoftBank is reportedly aiming to become the majority owner of WeWork, sans liabilities.
SoftBank is reportedly aiming to become the majority owner of WeWork without getting into long-term lease obligations. The firm has delivered a $5 billion financing rescue that The We Company — parent of New York-based WeWork — is considering alongside one from JPMorgan Chase. A special board committee formed by The We Company to evaluate financing proposals had been “working around the clock” with advisers to reach an agreement, per a report.
Mastercard is launching Mastercard Bill Pay Exchange with the help of several new partners, with the inclusion of Avidia Bank, ConEd, OSG Billing Services, Aliaswire Inc. and Transactis. The new offering will make it easier for consumers to view, manage and pay utility, telecom, credit card, rent, mortgage and other bills without needing to set up different accounts, track multiple passwords, and log in to multiple websites.
Higher-net interest income, cardmember spending and card fees combined to produce an 11 percent year-over-year revenue gain for the global consumer services group of American Express in Q3 2019. Revenue for that unit hit $6 billion, the company said in its latest financial report, released on Friday (Oct. 18).
David Cicilline (RI-D), the chair of the U.S. House Antitrust Subcommittee, said he anticipates having a final report early next year about and any breaches of antitrust law among big technology companies. Cicilline said to reporters at a Washington, D.C. hearing, “Our hope is to conclude our evidence collection [by the] end of this year, beginning of next year, with the idea that we will have a final report instead of recommendations in the first part of next year.”
Apple Pay went live on Oct. 20, 2014. Five years later, there are more consumers with iPhones and Apple Pay wallets and more stores that can enable Apple Pay transactions. Although there are more transactions, as there are more phones and more places to use Apple Pay, the rate of use has remained small and steady.
Over the past 10 years of payments innovation and reinvention, what has mattered most, what were the biggest changes, what scored and what soured? PYMNTS has the end-to-end guide — and the lessons learned during the ride by the innovators who had a front-row vantage point.