Today In Payments: Facebook Closes $5.7B Deal For Stake In Reliance Jio; GM Shutters Its Car-Sharing Platform

Today in Payments

In today’s top news, Facebook closed a $5.7 billion deal for a minority stake in India’s Reliance Jio, and GM shut down its car-sharing company, Maven. Plus, the Senate passed a new $484 billion coronavirus relief package.

Facebook Closes $5.7B Deal For Stake In India’s Reliance Jio

Facebook closed a $5.7 billion deal on Tuesday (April 21) for a minority stake in Indian telecom startup Reliance Jio, giving the social media giant a larger foothold in the region. The deal marks Facebook’s biggest minority stake investment in one company and also makes it the largest minority shareholder in the country’s most popular telecom firm.

COVID-19 Triggers Closure Of GM’s Car-Sharing Platform, Maven

General Motors shut down its car-sharing company, Maven, due to the coronavirus pandemic and other lingering concerns. Maven had already began winding down the number of cities in which it operated, shutting down in major markets like Boston, Chicago and New York City.

Senate Passes Bill That Adds $310B More To PPP Loans

The Senate has passed a new $484 billion coronavirus relief package, including more than $300 billion in additional funds for the Paycheck Protection Program designed to bail out small and medium-sized businesses (SMBs). The plan will go to the House of Representatives, which is expected to give its approval on Thursday.

SBA May Have Exposed Data Of 8,000 SMBs Seeking Relief Loans

Nearly 8,000 applicants for small business loans through the government’s Emergency Injury Disaster Loan (EIDL) stimulus program have possibly been affected by a data breach exposing private information. The Small Business Administration (SBA) issued a statement saying that the portion of the website that was impacted was disabled immediately and the application portal was relaunched.

Huawei CTO On 5G’s Groundswell In China — And Challenges Elsewhere

Huawei has drawn its share of controversies — as has its role with 5G. Paul Scanlan, Huawei’s chief technology officer, delved into both subjects, noting to Karen Webster that 5G has been deployed rapidly in China, but faces challenges elsewhere. It’s a conversation that touched on promising 5G use cases in and out of China, its most underestimated benefit, the role of artificial intelligence (AI) and data in reaching its fullest potential and the importance of trust in scaling it.

NEW DATA: How We Will Change: Consumers And Life After COVID-19

As states begin to consider reopening the economy, consumers must begin to consider what reentry looks like in light of their newly formed mostly-digital habits. In “Navigating the COVID-19 Pandemic: Post-Pandemic Reset Edition,” PYMNTS documents the eight ways that more than 8,000 U.S. consumers have said the pandemic will change their professional and personal lives even after the outbreak has passed.

Netflix Results Show Deluge Of Streaming Media Demand

Netflix’s Q1 results showed a boost in subscribers well beyond even its own projections, buoyed by a surge of growth in March as lockdowns were enacted amid the coronavirus. But the company noted that the may mean slower top-line traction moving forward.