Today In Payments: Coronavirus Decimates US Stock Market; Ex-Microsoft Engineer Guilty Of 18 Felonies

In today’s top news, the stock market takes its biggest hit since 2015 due to mounting fears over the coronavirus, and an ex-Microsoft engineer is found guilty of stealing $10 million in digital currency. Also, Uber ousts the head of its Uber Eats division.

Coronavirus Decimates US Stock Market $1.7T In 48 Hours

The U.S. stock market is taking a hit due to mounting fears over the coronavirus. The S&P 500 lost $1.737 trillion, the largest drop since 2015, when the Chinese government devalued the yuan amid the U.S.-China trade war.

Ex-Microsoft Engineer Guilty Of Pilfering $10M In eCurrency

Former Microsoft engineer Volodymyr Kvashuk was found guilty of 18 federal felonies for stealing $10 million in digital currency from his ex-employer. He used the money to finance a lavish lifestyle, including a $1.6 million waterfront house and $160,000 Tesla.

Uber Ousts Uber Eats Head As It Looks To Stem Losses

Uber announced that Jason Droege, head of Uber Eats, will be leaving the company in June. Pierre-Dimitri Gore-Coty, the current head of international rides at Uber, will take his place.

JPMC CEO: Bank Plans FinTech, Other ‘Very Creative’ Acquisitions

At the company’s investor day Tuesday (Feb. 25) JPMorgan Chase said it is planning more acquisitions that would be somewhere within financial services and technology, and decidedly not in traditional banking.

Kraft Heinz’s Evolv: Backing Micro-Fulfillment’s Evolution At The Grocery

For grocers making the transition to the digital age, micro-fulfillment centers located at the back of the store may solve a myriad of logistics/inventory challenges. Evolv Ventures (the $100 million venture arm of Kraft Heinz) Managing Partner Bill Pescatello tells Karen Webster how a new investment in Israeli startup Fabric can bring automation to the corner store and help speed deliveries.

How One Nevada Credit Union Secures Its Self-Service Innovations

Credit unions (CUs) are increasingly making extensive changes to self-services to meet consumer demand, but they face challenges in keeping members’ data private and secure. In this month’s Credit Union Tracker, Chief Financial Officer Steve O’Donnell for One Nevada Credit Union discusses how the CU revamped its core system to offer these self-services while ensuring member privacy.

Will Bird’s Payment Plans Take Flight?

Bird, the scooter company, has introduced an in-app payment option it is currently trialing in California, which requires no hardware for the merchants, nor charge card for the consumer. Pardon the pun, but it will it fly?



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.