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Today In Payments: Bank Deposits Up As Consumers Hoard Cash; Bank Job Cuts Are Predicted

In today’s top news, banks are flooded with cash as consumers hoard money, and banks are expected to cut personnel. Plus, China’s new regulations could slow down a potential TikTok sale.

Bank Deposits, Fees Up As Companies, Consumers Hoard Cash

With profits and margins at all-time lows, the U.S. banking system is in flux as customer deposits surge and make the safety net for failures fall below a legal limit. The coronavirus pandemic's disruptions have left banks “flooded with cash and it's hard to know what to do,” said Brian Foran, an analyst at Autonomous Research, according to WSJ.

Industry Experts Say Bank Job Cuts Are Coming

U.S. and Canadian banks are all but certain to cut personnel costs as the COVID-19 shock gives way to more long-term economic problems, even though the CEOs of some banks pledged this past spring to not lay off employees.

Report: China Must Approve TikTok Sale Under Its New Rules On AI

As TikTok, the short video-sharing app, faces a Sept. 15 deadline to sell its U.S. operations to an American company, its sale could be slowed by the Chinese government, which imposed new restrictions on the export of artificial intelligence (AI) technologies, requiring approval by the People's Republic of China.

SPACs 'Not A Fit For Every Company' Says DraftKings Chief

Fantasy gaming company DraftKings CEO Jason Robins thinks the special purpose acquisition company (SPAC) market might be getting a little too big following a deluge of investments.

New Report: How Online Marketplaces Can Capture The $129 Billion Small Business Seller Opportunity

For sellers dealing with cash-flow shortages, marketplace payout speeds aren't cutting it — and more than 60 percent of small sellers will switch marketplaces for real-time payout options. PYMNTS' new Marketplaces As Retail’s New Front Door report, done in collaboration with Visa, surveyed 1,049 small sellers and found that real-time payouts can translate into a $129 billion market opportunity for online marketplaces that offer it.

PayPal’s ‘Pay In 4’ Expands Installment Credit Options For PayPal Users

Capturing consumers and getting them to convert at checkout will be more complicated and have higher stakes this holiday season than ever before, Doug Bland, PayPal’s senior vice president of global credit, tells Karen Webster. That’s why PayPal is rolling out its latest Pay Later option, "Pay in 4" just in time for the holiday season. Here’s an inside look at how it works.

Why Walmart’s Knocking On TikTok’s Door

Walmart, teaming with Microsoft, is vocal about its interest in acquiring TikTok. Here’s how the big-box retailer might turbocharge its omnichannel, digital commerce and advertising efforts — not to mention broaden its reach with younger, digitally savvy consumers if TikTok answers its knock.

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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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