News

Today In Payments: Cash App Drives Square's Strong Q2 Results; Study: COVID-19 Fraud Reaches $100M

In today’s top news, Square reported strong second-quarter results, and COVID-19-related fraud has reached $100 million in the U.S. Plus, Walmart’s Sean Slovenski is stepping down.

Cash App Drives Square's Strong Q2 Results

Square saw its shares skyrocket on Tuesday (Aug. 4) after the San Francisco-based financial services company posted better-than-expected quarterly results for its mobile payment app.

Study: COVID-19 Fraud Reaches $100M

SocialCatfish.com, the identity verification nonprofit, reported that losses from COVID-19 fraud and ID theft have reached nearly $100 million in the U.S. since the pandemic emerged in March. The California-based agency reported that the number of complaints about coronavirus scams has doubled in most states.

Walmart Exec Who Led Push For Health Clinic To Exit

Sean Slovenski will step down from his position as senior vice president and president of health and wellness of Walmart. Slovenski joined Walmart in 2018 and worked to expand the company’s healthcare market, including opening clinics.

LendingClub Says Investor Demand Shows Early Signs of Recovery

LendingClub posted second-quarter results on Tuesday (Aug. 4) that showed a drop in origination volume as anticipated, while loan investor demand displayed early indications of recovery.

Coinstar CEO on the Ongoing Journey to Digitize Cash

The great digital shift has brought all manner of activities into the virtual realm, which would seem like bad news for Coinstar and its ubiquitous machines that allow consumers to turn their pocket change into gift cards. But CEO Jim Gaherity tells PYMNTS that the stage is set for turning physical currency into bits, bytes and cryptocurrency — a great application for his company’s kiosks.

Report: Skillz Takes Bowling Online — and Strikes out Bad Actors

Not many consumers are making their way to bowling alleys these days, so some operators see the chance to strike it big by taking bowling online. In this month’s Digital Identity Tracker, Vikram Rao, director of financial planning and analysis at the mobile gaming platform Skillz, explains how bowling apps are using novel digital ID tech to strike out the bad guys and spare legitimate consumers.

US Liquor Sales Rise, But Not Enough to Offset COVID-Related Global Revenue Decline

Diageo – the world’s largest spirits maker – has taken a 1.3 billion pound ($1.7 billion) write-down as a result of a bigger-than-expected decline in sales.

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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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