Today In Payments: Facebook Forms Facebook Financial For eCommerce; Execs Vow To Hire 100K Low-Income Minorities

Today in Payments

In today’s top news, Facebook launched Facebook Financial to run the company’s eCommerce and payments projects, and more than two dozen top executives have pledged to hire 100,000 people from minority communities. Plus, a California judge ruled that Uber and Lyft must stop classifying workers as independent contractors.

Facebook Forms Facebook Financial To Ramp Up eCommerce, Payments Efforts

Facebook is launching a new group within the company, Facebook Financial, that will pursue payments and eCommerce opportunities. The new group will be in charge of all the company’s payments projects — including Facebook Pay, its payments offering that is planned for all of its apps.

Execs Vow To Hire 100K Low-Income Minorities By 2030

The top executives of more than two dozen high-profile companies — including Amazon Microsoft, Google and Goldman Sachs — have pledged to hire 100,000 people from New York’s minority communities by 2030.

California Judge: Uber, Lyft Can’t Call Drivers Contractors

A California judge has passed an injunction to force Uber and Lyft to stop classifying their workers as independent contractors rather than employees.

Simon Properties Dodges Amazon Questions

In its earnings call on Monday (Aug. 10), Simon Property Group reported a major net income drop YoY. But conspicuously left out of the conversation was the prospective Amazon fulfillment center deal.

Visa: Forging A ‘Network Of Networks’ To Modernize B2B Payments

B2B payments digitization today means not only tackling accounts payable friction, but addressing suppliers’ needs on the accounts receivable side. For Visa, a collaborative approach to modernizing B2B payments goes further, Visa Head of Global Business Payments Kevin Phalen tells Karen Webster. He describes the value of an ecosystem to drive adoption to the B2B payments community.

Report: Address Verification APIs Fix eTailers’ Last-Mile Problem

Packages being delivered to the wrong address leaves customers frustrated, and sours eCommerce platforms’ efforts to optimize their onboarding and checkout experiences, says Rodrigo Rodríguez of Latin American eCommerce marketplace Linio. In the latest Digital Consumer Onboarding Tracker®, Rodríguez discusses how address verification application programming interfaces (APIs) can help improve onboarding — and ultimately secure the last mile of delivery.

Hotel Sector Recovery Begins As A Local Affair

The in-state driving vacation has returned, as COVID hotspots continue to pop up and states are returning to more stringent screening and quarantining for interstate travelers.