Today In Payments: Mastercard To Join China’s $27T Payments Market; Uber, Postmates Lose Bid To Halt Gig Worker Law

Today in Payments

In today’s top payments news, Mastercard was approved for a bank card clearing business in China, and a judge rejected Uber and Postmates’ request to stop California’s new gig economy law. Also, the Department of Justice charged four Chinese intelligence officers with the 2017 cyberattack on credit reporting giant Equifax.

Mastercard Gets Nod To Join China’s $27T Payments Market

China approved Mastercard for a bank card clearing business with its partner, NetsUnion Clearing Group, giving the company access to a $27 trillion payments market. The approval is part of the country’s decision to open its financial system, part of the “phase one” trade deal with the U.S.

Judge Throws Out Bid By Uber, Postmates To Halt Gig Worker Law

A judge rejected a request by Uber and Postmates to stop new California regulations on gig economy workers. The lawsuit is still in effect, but the judge said the bill’s benefits to the public outweighed the inconveniences on the companies, and refused to dismiss the law as a whole.

DOJ Indicts Four Chinese Army Spies For Equifax Hack

The Department of Justice charged four Chinese intelligence officers with the 2017 cyberattack on credit reporting giant Equifax on Monday, Feb. 10. The Equifax cyberattack is one of the largest data breaches in history, exposing the financial data of almost 150 million Americans.

Amazon Expected To Control 70 Pct Of US Smart Speaker Market By Next Year

Amazon dominates the smart speaker market in the U.S., according to an eMarketer report. About 70 percent of people who use such devices use an Amazon Echo. While the number is slightly down from last year, Amazon is expected to hold that lead through 2021. 

NEW DATA: Consumers Like Cashier-less Retail But Retailers Aren’t Hitting The Mark

Unattended vending machines, self-service kiosks and cashier-free stores are more ubiquitous than ever, yet nine out of 10 consumers who use them cannot buy the products they want, how they want. PYMNTS’ Future Of Unattended Retail Report: Vending As The New Contextual Commerce surveys 2,325 consumers to learn how enabling contextual payment options will be key in driving spend and consumer engagement.

Mastercard: The Role Of ‘Instant’ In Improving Consumer Financial Health

Sherri Haymond, executive vice president of digital partnerships at Mastercard, and Diwakar “Dee” Choubey, founder and CEO of digital banking membership MoneyLion, tell Karen Webster how collaborative efforts can solve real world problems, improve financial lives and foster financial inclusion.

SoftBank-Backed Brandless Goes Bust

After three years of generating tremendous buzz for its ultra-affordable, simplified and “brandless” products, Brandless is going out of business. The company’s official explanation is an overcrowded and competitive eCommerce market. A more complete explanation might also include the risk that appears when a startup’s reach overextends its grasp. 


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.