News

Today In Payments: People Keep Saving Despite Low Interest Rates; Instacart IPO Could Come In Early 2021

In today’s top news, people are still stocking their savings accounts despite low interest rates, and Instacart could file an IPO in early 2021. Plus, Amazon is expanding its in-garage delivery to 4,000 cities.

People Keep Saving Despite Low Interest Rates

A Federal Reserve report indicated that commercial bank deposits were up roughly $13.2 trillion at the start of the year, hitting $15.9 trillion, despite a drop in interest rates on deposit accounts.

Instacart IPO Could Come Early 2021 With $30B Valuation

Instacart is reportedly preparing for an initial public offering (IPO) led by Goldman Sachs, which could value the delivery app at about $30 billion. The IPO could be announced early in 2021.

Amazon Expands Key In-Garage Delivery to Include Groceries

Amazon said on Thursday (Nov. 12) that it is expanding its Key In-Garage Delivery service to Prime members in more than 4,000 cities across the U.S. Prime members will be able to accept deliveries in their garages using a myQ smart garage opener system that links to Key, and can view a video of the delivery using a compatible Ring camera.

FTC Chair: Companies Buying Startups Could Be Seen as Anti-Competitive

Joe Simons, chair of the U.S. Federal Trade Commission (FTC), said antitrust enforcers should be on guard against dominant companies buying emerging startups, a central issue in the agency's investigation of Facebook.

KeyBank Battles Push-Payment Fraud With Machine Learning, Other Tactics

Fraudsters are preying on consumers’ anxieties by turning to authorized push payment (APP) fraud for COVID-19-related schemes. Deploying multiple fraud prevention tactics is, therefore, a must if banks hope to spot complex scams and outfox bad actors. In this month’s Digital Fraud Tracker, Megan Kakani, vice president of product and innovation at KeyBank, explains how the bank pairs machine learning-based pattern recognition and stringent authentication measures to battle APP fraud.

US Mobile Adopts Digital Identity Protocols to Protect Against SIM Swap Fraud

Exploiting stolen information to convince cell providers to migrate victims’ phone numbers to new SIM cards has become a common tactic for bad actors to sidestep digital ID authentication measures. In this month’s Digital Identity Tracker, PYMNTS talks to Ahmed Khattak, CEO of US Mobile, about how the carrier deploys device fingerprinting and location tracking to prevent SIM swap fraud.

No Longer (Q)uant (R)elics: Why QR Codes Will Fly High, Stateside  

In embracing QR codes in commerce, the States would follow in the footsteps of Alipay, Tencent and others in Asia that have streamlined digital wallet payments.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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