News

Top News In Payments: Facebook Expenses Rise 51 Pct; Goldman Targets $125B In Consumer Deposits

In today’s top news, Facebook reports a 51 percent increase in expenses for 2019 in its Q4 earnings release, Goldman focuses on expanding its digital consumer bank and Airbnb hires former Disney President Catherine Powell to head its Experiences division.

Facebook Expenses Rise 51 Pct as Regulatory Pressure Increases

In its Q4 2019 earnings release, Facebook reported a 51 percent spike in expenses for 2019, as the social media platform faces more questions from regulators and policymakers. The tech giant’s revenue also increased 25 percent from last year.

Goldman Targets $125B in Consumer Deposit Balances in Five Years

Digital banking efforts took center stage at Goldman’s Investor Day on Wednesday (Jan. 29). Eric Lane, global co-head of the Consumer and Investment Management Division, said the company will debut a digital wealth management offering in 2020 and digital checking accounts in 2021.

Airbnb Taps Former Disney President to Head up Airbnb Experiences

Catherine Powell, former president of Disney Parks, Western region, is joining Airbnb to head up its Experiences division, which handles things like tours and other activities, such as cooking classes for guests.

MoviePass, Parent Helios Seek Bankruptcy Protection

Helios and Matheson Analytics, parent company of MoviePass, filed for Chapter 7 bankruptcy on Wednesday (Jan. 29). The company shuttered MoviePass in September, after struggling with technical issues, changes in pricing and competition. The company could owe refunds to 12,000 subscribers, totaling about $1.2 million.

FICO’s Take on Debit Security

As fraud evolves, old forms of cybersecurity are not enough to keep up criminals’ increasingly innovative attacks. In the inaugural Next-Gen Debit Tracker, FICO VP Doug Clare discusses how FIs must examine the behavioral patterns of all parties engaged in the transactions — even the ATMs.

Unbundling the Travel Bundle

Nearly all travel companies offer mobile payment options and rewards programs to entice customers, but it’s not always enough. In this month’s Payments and the Platform Economy Playbook, Eran Shust, CEO of travel platform Splitty, says that breaking up reservations to make room for other offers and perks can better meet customers’ needs and keep companies ahead of the competition.

GDP Data May Hint at Consumer Spending Slowdown

Data from the U.S. Department of Commerce shows that gross domestic product grew by 2.1 percent in the fourth quarter, the slowest pace in three years. A slowdown in spending and real income may be a double-barreled challenge for merchants across the spectrum.

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New PYMNTS Study: Subscription Commerce Conversion Index – July 2020 

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.

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