In today’s top news, Amazon will expand its Amazon Fresh delivery service in the U.K., and Mastercard and the Bank of Shanghai have expanded cross-border business payments in China. Plus, Revolut’s CEO is leaving the company.
Amazon Inc. is planning to expand Amazon Fresh, its grocery delivery service, to millions of members in the United Kingdom (U.K.) by year’s end. The service is free on orders of £40 ($52) or more. Prime members in the area can get a one-hour delivery on all orders over 40 pounds for a delivery fee of £3.99 ($5).
Mastercard and the Bank of Shanghai announced businesses anywhere in the globe can now send payments to China more efficiently. Under Mastercard Cross-Border Services, commercial customers will be able to transfer money to any bank in China, reduce transaction costs, and get real-time exchange rates for the Chinese yuan.
Banking veteran Richard Davies is leaving his role as CEO of banking at digital-banking shop Revolut, one year after coming aboard to bring his seasoned skills to the startup. Davies will take over the Allica Bank, which specializes in lending to businesses.
Visa and Mastercard reportedly each fined Wirecard in excess of $10 million more than a decade ago for suspicious transactions. And since 2015, Visa and Mastercard executives have been concerned about a variety of issues with Wirecard.
New Venmo General Manager Darrell Esch is a classic illustration of the old saying, “be careful what you wish for, as you just might get it.” A longtime executive at Venmo parent PayPal, Esch told Karen Webster that he often said the only job he wanted other than his old one as head of credit products was to run Venmo. He got his wish — and has big plans for next iteration of the Venmo community. Here’s a sneak peek.
The Senate is preparing a new stimulus deal, but the money won’t ease Americans’ financial woes if the most vulnerable can’t easily access aid. In this month’s Next-Gen Debit Tracker, Rose Jones, director of Rhode Island’s Office of Healthy Aging, and Kathleen Cloutier, executive director of the nonprofit Dorcas International, discuss how disbursing stimulus via debit cards can provide swift, secure access to even unbanked individuals.
It’s not just millennials and Generation Z consumers who are shifting to online shopping. PYMNTS’ latest consumer survey finds that more baby boomers and seniors than Generation Xers or bridge millennials are choosing merchants based on digital capabilities as a way to stay safe. And many older shoppers say they’re not going back to brick-and-mortar even after the pandemic ends. Here’s why.