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Today In Payments: Airbnb Drops Internal Valuation 16 Pct; Gig Workers’ Unemployment Benefits In Question

In today’s top news, Airbnb has lowered its internal valuation 16 percent as lockdowns continue to hammer business, and gig workers face uncertainty over how they will get any money from the government’s relief package. Plus, the Congressional Budget Office is expecting GDP to fall 7 percent in Q2 2020.

Airbnb Drops Internal Valuation 16 Pct Amid Pandemic

Short-term rental site Airbnb has lowered its internal valuation to $26 billion, a 16 percent drop, as businesses continue to be hammered by lockdowns. At its most recent funding round of $1 billion in September 2017, Airbnb had a valuation of $31 billion.

Gig Workers’ Unemployment Benefits a Question Mark

Gig economy workers, despite being included in the federal stimulus for economic recovery from the coronavirus, now face uncertainty over what kinds of documents they will have to submit to prove their income to get any money from the stimulus program.

CBO Expects GDP to Fall 7 Pct. in Q2

The Congressional Budget Office is expecting GDP to drop more than 7 percent in the second quarter of 2020, as the economy sputters amid coronavirus-related layoffs and business closures.

Facebook Launches Desktop Messenger Video Chat

The desktop version of the popular app Facebook Messenger has arrived on Mac and Windows computers. Video chat and other similar modes of connection have become a lifeline for millions as the coronavirus’ high contagion rate has forced everyone to work and interact socially from home.

Installment Payments Push Sports Equipment Sales Over the Finish Line

The COVID-19 outbreak and resulting social distancing are forcing gyms to close and consumers to exercise at home. But with unemployment skyrocketing, financing options for workout equipment can go a long way toward reducing the burden on consumers’ wallets. In this month’s Buy Now Pay Later Tracker, Jessica Thompson, founder of yoga mat producer YOGO, discusses how flexible payment solutions are gaining traction and continuing to drive sales in the sports equipment industry.

Ericsson NA COO on Fast-Tracking 5G

As the world works, shops and attends school from home, broadband and networks are critical – which could accelerate the 5G movement. In an interview with Karen Webster, Amy McCune, VP and COO of Ericsson North America, details the “mission-critical” industries that need speedy and secure data transmissions most urgently, and gives insight into what the consumer’s 5G experience will look like on the other side of the pandemic.

Why Main Street’s SMBs Can’t Wait (Much Longer) for the SBA’s PPP Calvary

The SBA’s lifeline for the small businesses that are the backbone of the U.S. economy is now available. But is the $350 billion enough – or is it too little, too late?

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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