This past week, PYMNTS went deep into Amazon’s new big retail bet, the new retail mathematics of the latest Avenger movie, and also the newest merger in the worlds of payments (scoring interviews with the main executives involve for the inside story). The latest edition of the PYMNTS Weekender also features fresh and original research on AP innovation and digital platforms. Enjoy.
Big Payday for Uber Drivers?
Uber is gearing up to award drivers ahead of its initial public offering to the tune of $300 million, giving them as much as $40,00 each. Uber said in the filing it was paying a one-time cash driver-appreciation reward to “acknowledge drivers who have participated in our success.” Drivers in jurisdictions where Uber runs its own operations are eligible for the bonus, the ride-hailing company said in the filing.
Why Amazon Bet (Almost) a Billion on Certainty
Amazon announced last week that it would spend $800 million to make one-day shipping the default for Prime members. Yet, there’s an insight here that goes well beyond the number of dollars Amazon will invest, and how well the company may manage investor and analyst expectations in light of revised Q2 guidance. The question is how much should businesses invest to create certainty for their stakeholders — in Amazon’s case, for its best, most loyal customers (and those they wish to attract).
Post-Merger, NXGEN and Payscape Eye SMBs’ Digital Shifts
Via interviews with the main executives involved, PYMNTS tells the inside story of one of the latest deals in payments. The new company will process more than $10 billion in payments annually from some 20,000 merchants, and have a presence in more than 30 countries — as well as an ongoing focus on small and middle-market merchants.
Fiserv: First Data Merger On Track; 1Q Payments Grow 4 Pct
Fiserv reported results that topped expectations on the bottom line, and were very slightly below analyst expectations on the top line. But beyond March quarter numbers, management said the acquisition of First Data remains on track — and that growth it its core payments and financial businesses remains intact.
Bankable Inks Banking-As-A Service Deal With Visa
Under the partnership, Visa members will be able to access Bankable’s platform so they can launch digital banking and real-time payment services. Bankable said in the press release enabling companies to use its platform within existing operations can facilitate a short time to market. Bankable’s platform doesn’t interfere with established systems.
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Payments 2022: Why Payments is Make-or-Break For Digital Platforms
The last decade has seen the emergence of a new generation of fast-growing, multinational businesses. Digital platforms — fueled by the convergence of mobile devices, data and the cloud — have generated unprecedented value for both their stakeholders and users. However, the payment capabilities that have propelled the growth of platforms such as Uber and Airbnb, for instance, are too inefficient to support their ambitious growth plans over the next three years. This is a key takeaway from Payment 2022, a PYMNTS study in collaboration of Stripe.
Why AP Innovation Stalls
Despite the importance of accounts payment operations to keeping businesses afloat, old-school practices like physical paperwork are still the norm for many AP departments. Additionally, a significant share of invoices (43.8 percent) are still delivered via fax machine, and an even greater amount (72.4 percent) arrive via snail mail. The new edition of the Payables Friction Index: Barriers to Invoice Automation aims to get to the root of this problem.
Fun and Cool Stories
Avengers Movie Redefines Movie Theater Economics
How did a movie make $50 million more than it was mathematically possible for it to make, effectively creating the retail win of the year for theater operators?
Creative theater managers and a faulty assumption on the part of analysts.
Can Crypto Power Tourist Cities, Block by Blockchain?
Governments are betting on blockchain to power tourism in cities. China, for instance, has a plan to turn 835 acres off the shores of Malacca, Malaysia into a city built off the technology. The city’s infrastructure will be constructed reportedly through the help of blockchain, with a DMI platform and a DMI coin that will allow for payments of government services.
GM Presses the Gas Pedal on Autonomous Vehicles
The age of autonomous vehicles is appearing on the horizon, and further evidence of that comes from GM and its Cadillac automotive line. The news is just the latest effort toward self-driving cars from big players in the automotive, payments and commerce industries.