In today’s top payment news, Amazon begins selling its “Just Walk Out” technology to other merchants, plummeting oil markets cause a ripple effect in cryptocurrency, and 5G is predicted to add $2.2 million to the world economy.
Amazon Sells ‘Just Walk Out’ Technology To Merchants
Amazon is beginning to sell its Amazon “Go” software to other merchants interested in the “Just Walk Out” technology, which lets customers enter a store using a credit card, rather than an app, and are billed without needing to stop at a checkout counter.
Cryptocurrency markets are plummeting after oil prices crashed and the stock market spiraled in another sell-off frenzy. Bitcoin, the biggest cryptocurrency by value, fell almost 10 percent in 24 hours.
To understand how Big Tech and FinTechs can compete with traditional banks, Karen Webster says that means asking consumers a pretty simple question: “What is a bank?” PYMNTS did, and learned what consumers say it takes to be a bank, and the three services their primary bank must offerto get their business. (Bet you can’t guess all three.)
PayPal On Bringing Data Firepower To Bust Illegal Gun Trafficking
PayPal is backing a research initiative with academics and law enforcement officials to better understand how criminals fund illegal firearm trafficking. Dave Szuchman, PayPal’s head of global financial crime and customer protection, tells Karen Webster that gaining visibility into transactions gives the good guys the tools to stop the bad guys from getting guns in the first place.
Report: 5G Will Add $2.2T To Global Economy
5G telecommunications technology will contribute $2.2 trillion to the global economy between 2024 and 2034, according to a report by the Global System for Mobile Communications.
Amazon Covertly Working On Cold Vaccine
Amazon has been working for years on an initiative called "Project Gesundheit,” a secret project aimed at creating a vaccine to cure the common cold. The team is part of a research and development group called Grand Challenge within AWS.
Can Sports Streaming Keep The Madness Alive In March?
With the annual NCAA college basketball March Madness tournament about to start in the shadow of the coronavirus, the $1.04 billion market is faced with fears over travel and crowded places, but there's a solution: sports streaming.