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Top News In Payments: Bleak Outlook For Department Stores; SoftBank Parts With Startup Wag

PYMNTS Top News in Payments

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 Predicts Bleak Outlook For Department Stores

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 Parts Ways With Dog-Walking Startup Wag

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 Direct To Power TransferWise Real-Time Global P2P

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.

Deutsche Bank Predicts Weak Fiat System Will Fuel Demand For Crypto

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.

Fifth Third’s Two Cents On Treasury APIs

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’s Mike Cagney On How Blockchain Is Reinventing Lending

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.

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Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

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