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Today In Payments: Car Sales Down 80 Pct In China; Wells Fargo Gives Apple Pay Users $5 At ATMs

Today in Payments

In today’s top payments news, car sales in China plummeted 80 percent last month due to the coronavirus outbreak, and Wells Fargo will give customers who use Apple Pay at the ATM $5 back. Also, CFPB is investigating Fifth Third Bank for allegedly opening fake accounts.

Vehicle Sales Down 80 Pct In China Due To Coronavirus

Car sales in China plummeted 80 percent last month as the coronavirus epidemic kept people from going to dealerships. China has the world’s largest auto market, and sold more than 21 million cars last year.

Wells Fargo Gives Apple Pay Users $5 At ATMs

Wells Fargo said customers who use the Apple Pay card at its ATMs will get $5 back on their statements. The offer is one time per customer, and business debit cards are not eligible.

Fifth Third Faces CFPB Probe Over Fake Accounts

Fifth Third Bank is facing enforcement action from the Consumer Financial Protection Bureau over allegedly opening unauthorized, fake accounts. The bank said it will defend itself “vigorously.”

Uber CEO Expects Ride Slowdown, Delivery Uptick From Virus

Uber said on Wednesday (March 4) that it expects its ride-hailing business to take a minor hit in revenue due to the coronavirus outbreak. However, as people hunker down, Uber’s food delivery services might stand to benefit from the virus.

How DSW Is Using POS Financing To Boost Online Spend

Buy now, pay later payment (BNPL) options can help expensive brands boost sales without lowering prices, says Chad Miller, senior director of digital experience for footwear retailer Designer Brands (DSW), in the latest BNPL Tracker.

Is Now Telehealth’s Time To Shine?

Virtual medicine has been slowly gaining a foothold among patients, but stimulating first-time use continues to be a challenge. The emergence of COVID-19, Doctors on Demand CEO Hill Ferguson told Karen Webster, could make consumers more fully appreciate that seeing a doctor on demand and digitally may be just what the doctor ordered.

When The Going Gets Tough, The Tough Buy (Campbell’s) Soup

Consumers always seem to beat a path to the grocery stores to stock up in times of crisis or panic. This time, thanks to COVID-19, they are running to the store and going directly to the soup aisle. And that’s music to Campbell’s ears as the CPG giant uses this opportunity to engage a rather elusive audience. You guessed it: millennials.

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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