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.
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 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 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 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.
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.
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.
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.