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Top News In Payments: House Raises Antitrust Concerns Over Google’s Internet Plans, Nasdaq Moves To Limit Chinese IPOs

House Raises Antitrust Concerns Over Google’s New Internet Plans

Congressional antitrust investigators are concerned over Google’s new plan to use a new internet protocol. On Sept. 13, investigators for the House Judiciary Committee requested information about Google’s “decision regarding whether to adopt or promote the adoption” of the protocol, which will reportedly encrypt traffic.

 

Nasdaq Moves To Limit Chinese SMB IPOs

The Nasdaq stock exchange is tightening restrictions and making approvals more difficult for Chinese companies. This move comes as many initial public offerings (IPOs) are raising money from Chinese outfits over U.S. investors.

Study: More People Fall Prey To Fraudsters Online Than By Phone

A new study shows that social media and online marketplace scams are much more successful than phone scams. Scammers net an average of $600 on platforms like Craigslist and eBay with offers of fake concert tickets or used cars. 

Goldman’s Marcus Has Lost $1.3B Since 2016

Marcus, a consumer bank launched in 2016 and run by Goldman Sachs, has lost a total of $1.3 billion so far. The company said it will continue and wants to get consumer banking right. 

Apple – Phone Home

PYMNTS CEO Karen Webster takes a deep dive into Apple’s new streaming service and its broader financial implications. 

“Consumers will ultimately slim down the number of subscription services to only those that offer the best mix of content — movies, sports, original programming, old favorites, etc.,” she writes. “Apple is investing heavily to make sure they stay on that list.”

Visa Powers Revolut’s Global Expansion Into 24 New Markets

Visa said it is expanding its partnership with London-based FinTech Revolut to include five new regions reaching 24 markets — bringing Revolut’s total global footprint to 56 markets.

“Visa is taking an active role in working with FinTechs and emerging players who are entering the payments ecosystem at a rapid pace,” Visa Chief Product Officer Jack Forestell told PYMNTS of the news.

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PYMNTS STUDY: THE CROSS-BORDER MERCHANT FRICTION INDEX – JUNE 2020

The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.

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