Today in the payments news roundup, Olo is integrating its rails platform with Google so customers can order directly from restaurant brands across Maps, Google Assistant and Google Search. Also, Revolut reported that its losses doubled last year as a consequence of its aggressive push for global reach. And the Libra project might see more turbulence as key backers reconsider their support.
As robots and other tech bring about the “greatest transfer from labor to capital” the industry has witnessed, U.S. banks will cut more than 200,000 jobs, per a report by Wells Fargo analysts. Veteran Wall Street Analyst Mike Mayo noted that cuts of such magnitude would make up over 10 percent of total bank jobs and make way for a “golden age of banking efficiency.”
Revolut reported that its losses doubled in 2018 as a consequence of its aggressive push for global reach after starting out the week with a bang. The company officially recorded a net loss of $40.3 million (£32.8 million) on revenues of £58.2 million for 2018; in 2017, the firm posted a £14.8 million loss.
The Libra project might see more than turbulence as key backers reconsider their support. According to reports, marquee names are mulling their ties to the digital currency effort that would see the rollout of a payments network targeted for next year.
Olo is integrating its rails platform with Google so customers can order directly from restaurant brands across Google Search, Google Assistant and Maps. The integration enables Olo’s network of over 70,000 restaurant brand locations on Google’s platforms, so diners can order on Google from Maps and Search.
While consumers are beginning to expect to see instant payments in all areas of daily life, older payment methods aren’t entirely obsolete yet. Paper checks still play a big role in the online rebate world, according to Craig Cassata, president of online shopping and rebate site Mr. Rebates, and Kristen Gall, general manager of cash-back platform Rakuten Rewards.
Instant payments have not caught on as quickly in the United States as in other countries. Manish Kohli, global head of payments and receivables at Citi, told Karen Webster in a recent podcast that instant payments — with a few exceptions — haven’t yet really become entrenched here due to a number of factors.