Top News In Payments: Lyft’s Revenue Rises In Q3; Apple Embraces Installment Payments

Top News In Payments

In today’s top payment news, Lyft announced third-quarter earnings results that illustrated a rise in ridership and revenue. Also, Apple will be embracing paying for Apple products on installment. And Facebook’s third-quarter results came out ahead of expectations on the heels of advertising growth.


Lyft’s Q3 Sees Boost In Revenue, Riders

Lyft announced its third-quarter earnings results, which illustrated a rise in revenue and ridership. The ride-hailing firm reported revenue of $955.6 million versus $585 million in Q3 2018, an increase of 63 percent year over year. It also reported 22.3 million “active riders” in Q3, compared to estimates of 22.1 million. 

Kroger Now Accepts Visa Cards (Again) At All Locations 

Kroger has begun taking Visa credit cards again at all of its stores after having previously banned the payment method at its Foods Co. as well as Smith’s Food and Drug stores. It did not provide a reason for reversing the decision. In April, Kroger stopped taking Visa credit cards at Smith’s, and the firm stopped accepting Visa cards at Foods Co. even earlier.

Apple Embraces Paying On Installment

Apple plans to be working hard going forward to make both its iPhone products and its wearables more accessible to its shoppers — if they happen to have received the new Apple credit card. It will not be lowering prices or offering a discount; instead, CEO Tim Cook explained, it will be embracing paying for Apple products on installment.

Facebook’s MAUs Top 2 Billion, Eyes Q4 Deceleration 

Facebook’s third-quarter results came out ahead of expectations on the heels of advertising growth, adding tens of millions of new users in the period through all regions. The social media company pointed to a deceleration in the current quarter amid what it said would be ad targeting headwinds and said, too, that commerce initiatives remain an important strategy going forward. 

Visa: How Mass Transit Is Driving Contactless Payments’ Global Future

Seven years ago, when Visa first started working on bringing contactless payments to the mass transit system of London, the landscape for tap and go cards looked very different. The technology, Visa’s Global Head of Urban Mobility Nick Mackie told Karen Webster in a recent conversation, was still in its most early stages of deployment.  

The landscape has shifted seven years down the line. In Europe, contactless card-based payments have come to dominate face-to-face payments. Mackie said, “In London, you will see consumers standing at terminals and tapping even when they know the merchant doesn’t take contactless because it has just become that ingrained a habit.”

When AR Meets Social Networking

Accounts receivable (AR) departments suffer from overreliance on paper-based invoices, which can make complications when buyers, as well as sellers, need to reach out to clarify invoice details or dispute payment records.

But Digital AR platforms that have communication tools can help, according to FinTech VersaPay CEO Craig O’Neill. In a feature story, O’Neill explains how a social network-inspired approach to AR platforms can bolster transparency as well as communication.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.