In today’s top payments news, Moody’s predicts department stores will be “among the worst performers of retail” in 2020. Also, SoftBank sells back its 50 percent stake in Wag, and Visa direct partners with TransferWise to bring real-time push payments to a global level.
Moody’s and Goldman Sachs predict a weak outlook for department stores. Moody’s anticipates that department stores will be “among the worst performers of retail” in 2020, as consumers look to stores that offer better sales and discounts.
SoftBank is selling its 50 percent stake back to Wag, the dog-walking startup in which it invested $300 million two years ago. Once considered the next big thing in tech, the company has proceeded with a layoff of dozens of employees and is downsizing much of its remaining workforce.
Visa’s real-time push payments program Visa Direct announced today (Dec. 10) that it will be collaborating with global payment technology firm TransferWise. The partnership, which will first launch in Spain, will expand Visa Direct’s services of quickly and securely moving money to debit cards in real time to a global level.
Researchers at Deutsche Bank project that, despite obstacles and regulations over the years, there will be 200 million blockchain wallet users in 2030. The report predicts that the “fragile” fiat money system will cause an increased demand for alternative currencies over the next decade.
B2B payments too often still rely on paper checks, and corporate treasurers have to manually pull data from multiple banking portals. But accounts payable professionals are betting that API digitization will overhaul the B2B space so that financial institutions can deliver the most compelling payment solutions for their clients.
Figure Technologies CEO Mike Cagney explains how blockchain has transformed the lending arena for borrowers and creditors. Where before it was treated with trepidation, blockchain technology should now be considered the answer to monetizing home equity, according to Cagney, for its ability to cut costs and inefficiencies, and help homeowners get their money fast — and for cheaper.