Today In Payments: Airbnb Suffers Record Losses In Q2; DoorDash Could Face Injunction Over Gig Worker Status

In today’s top news, Airbnb reports record losses in the second quarter, and DoorDash could be the next gig platform to be forced to reclassify its workers. Plus, Square’s Cash App will now offer small, short-term loans.

Airbnb Suffers Record Losses in Q2, IPO Still Planned

Airbnb Inc. took a record hit in revenues in the second quarter, and its losses continued to mount as global travel was restricted to prevent the spread of COVID-19.

DoorDash Next Gig Platform to Face Injunction in CA Over Gig Worker Status

San Francisco District Attorney Chesa Boudin has filed for a preliminary injunction against DoorDash, which would require the delivery service to reclassify its workers as employees, not independent contractors.

Square Cash Tests Small-Dollar, Short-Term Loans

Cash App, Square Inc.’s mobile payment app, has launched a pilot program to offer short-term loans of up to $200. Under the terms of the loans, payment is due within four weeks, with a one-week grace period available.

Uber Plans to Temporarily Shutter Ride-Hailing Service in California

Faced with the prospect of classifying its drivers as employees rather than independent contractors, Uber Technologies Inc. is threatening to shut down temporarily in California.

NEW DATA: The Six Reasons Why More Consumers Are Buying Directly rrom Brands

Amid the pandemic, consumers are finding new ways to track down their favorite products — some 50 percent have increased their use of direct-to-consumer channels. In D2C And The New Brand Loyalty Opportunity, PYMNTS surveyed nearly 2,200 U.S. consumers to uncover the six things brands must do to meet consumers’ growing appetite for buying direct.

Why FIs Are Taking Payments Multi-Cloud

For financial institutions using legacy systems, the thought of migrating payment processes to the cloud can seem like an overwhelming task that can saddle organizations with what NuoDB Chief Technology Officer Ariff Kassam describes as "technical debt." But he tells PYMNTS how firms can overcome the challenges to realize the value of a multi-cloud environment.

In Germany, Cold Hard Cash Is Still the Way to Pay

The global COVID-19-inspired move to digital commerce is shining the light on an unusual fact: Germans still use cash for 75 percent of all retail transactions. The German central bank surveyed citizens and found three surprising reasons why people living in this highly developed economy haven’t gone cashless – yet.  So, what will it take?



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.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.