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Today In Payments: Amazon Will Lower Affiliate Commissions; Agricultural Bank Of China Pilots App That Supports CBDC

Today In Payments

In today’s top news, Amazon will lower commission rates for the Amazon Associates program, while one of China’s state-owned banks has a mobile pilot app that supports central bank digital currency. Also, St. Louis Federal Reserve President James Bullard estimated that the quarantine is costing the U.S. economy $25 billion each day.

Amazon Cuts Affiliate Commissions

Amazon will reduce commission rates for members of its Amazon Associates program. The overture, which is reportedly not directly connected to the COVID-19 pandemic, will extend through a number of verticals with the inclusion of grocery, home and furniture, and more. 

Agricultural Bank of China Tests App for Country’s Digital Currency

One of the state-owned banks in China has a mobile test app that supports the central bank digital currency of the country. Screenshots of an app that the Agricultural Bank of China (ABC) developed for mobile phones was seen on WeChat on Tuesday (April 14).

St. Louis Fed Pushes for Mass Testing Over Quarantine

St. Louis Federal Reserve President James Bullard estimated that the quarantine is coming at the cost of $25 billion daily to the U.S. economy and, even though the lockdown was necessary “initially,” it’s not efficient. Bullard believes it’s now time to test everyone throughout the country. 

JPMorgan Says It’s Processing 300,000 PPP Loans

JPMorgan Chase reported results that showed the coronavirus’ impact, particularly toward the end of the quarter showing declines in consumer spending – and expectations that a sizable number of loans and credit loans will sour. Management said on the call that, when it comes to the Paycheck Protection Program (PPP), as many as 300,000 loans are in some part of the application process.

Travel’s Long Journey Back to Normal

Very few industries have been spared from some sort of effect from the coronavirus, but travel has been particularly impacted. Consumers everywhere are following #stayathome edicts, which is putting almost all travel to a halt. 

Social Distancing and Account Takeovers — COVID-19’s Impact on QSRs

The coronavirus pandemic has brought about difficulty for all eateries, but none more so than small chains and independent restaurants that don’t have the resources to ride out the storm. Another threat besides the lack of business is the heightened use of account takeovers (ATOs). In a feature story, PYMNTS speaks with Gail Taggart, CEO of LYFE Kitchen, about how the company is countering these two threats via strong fraud prevention efforts and creative promotions. 

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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