News

Today In Payments: LendingClub Buys Radius Bank; Walmart Reports Tepid In-Store Sales

In today’s top news, LendingClub buys Radius Bancorp in a “transformative” deal, Walmart reports disappointing quarterly earnings due to tepid holiday sales, and Macy’s is downgraded to a junk-bond status.

LendingClub CEO Heralds ‘Transformative’ Radius Bank Buy

LendingClub’s positive earnings report on Tuesday (Feb. 18) was overshadowed by its deal to acquire U.S. bank Radius Bancorp for $185 million. CEO Scott Sanborn called the deal “transformative,” and he said it paves the path for the combined entity to become a digital bank.

Walmart Sees 37 Pct Growth In eCommerce, In-Store Sales Remain Tepid

Walmart’s disappointing earnings results on Tuesday (Feb. 18) demonstrate physical retailers’ struggles to compete with the rapid digitization of retail, especially with Amazon’s continual growth. Walmart execs pointed only to tepid holiday sales as an explanation.

Macy’s Dropped To Junk-Bond Status

Macy’s credit rating has been downgraded from BBB- to BB+, effectively junk status, by S&P Global Ratings. This comes just weeks after the retailer announced a $1.5 billion cost-cutting plan to combat decaying revenues due to the stagnating mall traffic in recent years.

Alexa Touts Screen To Boost Voice Commerce

Consider Amazon’s Super Bowl commercial. In the drive to bring voice commerce to the mainstream, Amazon seems to be looking toward a visual component with the Echo Show.

CORT On Using Mobile, Visual Purchasing To Solve B2B Event Payments Friction

Trade show and corporate fundraiser event planners face a myriad of payment challenges. They must outfit venues on-the-go, making payments and adjusting orders without worrying about handling paper-based invoices. In the B2B eCommerce Report, Lilian Shen of B2B furniture rental firm CORT Events explained how visualization tools and access to swift mobile purchasing options can enable fast, flexible event planning.

POS Financing: There’s A Lending Marketplace For That

Fresh off a new venture investment from Visa, ChargeAfter CEO Meidad Sharon spoke with Karen Webster about the company’s structure as a marketplace of lenders that offers consumer choice at checkout — and a single integration for merchants to enable it.

Coronavirus Fear Infects NYC Ridesharing

Chinese customers in New York City are noticing a disturbing trend among taxis and the ridesharing services: Some drivers are rejecting them onsite for fear of infection with the coronavirus. But the city has no reported cases thus far. Unfortunately, history tells us sometimes a little unexpected over-reaction can have big economic effects.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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