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Today In Payments: Grubhub Says No Deal, But Negotiations Continue; SoftBank Posts $18B Loss As Jack Ma Exits Board

In today’s top news, Grubhub says “no deal” to Uber, but negotiations continue. Meanwhile, SoftBank posts $18 billion in losses after Jack Ma resigns, and the Federal Reserve’s Jerome Powell says economic recovery could take a year and a half.

Grubhub Tells Uber No Deal, But Negotiations Still at Play

Uber’s Sunday (May 17) acquisition offer of 1.9 of its shares for each Grubhub share is not enough to close a deal, as Grubhub’s asking price is 2.15 Uber shares per Grubhub share. Discussions are still ongoing, but it’s unlikely the two food delivery powerhouses will close a deal in the coming days, sources said.

SoftBank Posts $18B Loss as Jack Ma Exits Board

SoftBank Group posted a record-breaking $18 billion operating loss right after Alibaba Co-founder Jack Ma announced he was stepping down from the board. Ma’s resignation will be effective on June 25, when new appointments will be made at the 40th annual general meeting of shareholders.

Fed’s Powell: US Economic Recovery Could Stretch to End of 2021

Federal Reserve Chairman Jerome Powell, speaking on “60 Minutes,” said an economic recovery could take as long as another year and a half, but he believes the economy could begin recovering as early as the second half of this year.

SMBs Could Get More Flexibility to Use PPP Loans

The rules surrounding small business loans from the Paycheck Protection Program (PPP) are being overhauled as demand cools and small and medium-sized business (SMBs) owners complain that the money is hard to get. Some of the changes would allow SMBs to use the funds in more ways and for a longer timeframe than originally conceived.

Green Dot’s Dan Henry And Daniel Eckert on Building a Bank for the Mass Market

Green Dot has shaken up its executive team, with new CEO Dan Henry recently taking the helm and Walmart veteran Daniel Eckert joining as executive vice president and chief product, strategy and development officer. In their first joint interview, the pair tell Karen Webster they want to make up for what Henry calls “a decade of missed opportunities” with a two-pronged plan to build a bank for the mass market.

NEW DATA: Examining the Pandemic’s $158B Digital Shift

The pandemic has shuttered physical stores across the country, but that hasn’t stopped consumers from buying things. The latest PYMNTS study of now 12,000 American consumers found that four in 10 are shopping as much as they did before — except now they do so online — and more than half plan to keep it that way once lockdown lifts. In The Great Reopening: Tracking Digital’s Quantum Leap edition, we profile the pandemic’s new digital adopters and the $158 billion digital shift they are powering.

Why Consumers Embrace Life Lived Digitally — and 23 Pct Will Leave Offline Behind

In the midst of the pandemic, the tipping point to life lived digitally has been reached. We have the technology, and we certainly have the necessity.

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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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