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Today In Payments: Big Tech Slams House Antitrust Report; Credit Card Borrowing Falls

Today in Payments

In today’s top news, Big Tech slammed the House antitrust report, and credit card debt has fallen for the sixth consecutive month. Plus, Revolut launches a savings tool for kids.

Apple, Amazon, Facebook And Google Slam Congressional Report Calling For Break-Ups

The country’s four largest tech firms wasted no time pushing back on the antitrust report from the House Judiciary subcommittee on antitrust, claiming that they all compete fairly. The 449-page report follows a 16-month inquiry into the tech companies.

Americans Pull Back On Credit Card Borrowing

Americans cut their credit card balances in August for the sixth consecutive month, the Federal Reserve System reported. Revolving debt declined by $9.4 billion in August, its lowest level since 2017.

Revolut Targets Teens And Tweens With Goals On Revolut Junior

Revolut is rolling out a new tool called Goals for its Junior savings card and app that encourages youth to stash away money. The app's three pillars — allowances, tasks and goals — are intended to help kids ages 7 to 17 understand the importance of savings.

Report: Wells Fargo Slashes 700 Jobs

Wells Fargo & Co. has eliminated more than 700 jobs across their commercial banking division. The bank has not yet set targets for the number of cuts, but it could eventually number in the tens of thousands.

Amazon Halo’s Effect On Healthcare Payments

The consumerization of payments across a range of verticals is underway – healthcare is no exception. In an interview with Karen Webster, John Talaga, executive vice president and general manager of healthcare, discusses the recent introduction of Amazon’s Halo, where it fits into a longstanding trend in digitizing a huge payments (and care) pain point in the U.S. health system — and what’s next in crafting personalized payment plans.

SMBs Refocus On The ‘Four Ps’ — Especially Payments

Small and medium-sized businesses (SMBs) often struggle the most with the great digital shift that is now underway. In a livestreamed conversation earlier in the week, Sara Wardell-Smith, Visa Business Solutions’ North America head, and four small business owners and executives explain why small steps are the key to navigating the large-scale changes that all SMBs must make.

Scammers Love Bitcoin, But Consumers Aren’t So Enthusiastic

With transactions that are irreversible almost instantly, bitcoin and other cryptocurrencies are winning new converts — among scammers eager to avoid credit card chargebacks that can eat into their ill-gotten gains.

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WATCH LIVE: HOW WE SHOP – TUESDAY, NOVEMBER 10, 2020 – 12:00 PM (ET)

New forms of alternative credit and point-of-sale (POS) lending options like ‘buy now, pay later’ (BNPL) leverage the growing influence of payments choice on customer loyalty. Nearly 60 percent of consumers say such digital options now influence where and how they shop—especially touchless payments and robust, well-crafted ecommerce checkouts—so, merchants have a clear mandate: understand what has changed and adjust accordingly. Join PYMNTS CEO Karen Webster together with PayPal’s Greg Lisiewski, BigCommerce’s Mark Rosales, and Adore Me’s Camille Kress as they spotlight key findings from the new PYMNTS-PayPal study, “How We Shop” and map out faster, better pathways to a stronger recovery.

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