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Today In Payments: New Facebook Shops Feature Launched; Pelosi, House Look To Overhaul SMB PPP Loans

Today in Payments

In today’s top news, Facebook has launched Facebook Shops for small and medium-sized businesses (SMBs) to list their merchandise, and Speaker Nancy Pelosi and the House have moved to rework the Paycheck Protection Program (PPP). Also, PayPal is introducing contactless QR codes for payments.

Facebook Opens Facebook Shops To Let SMBs Sell To Facebook, Instagram Users

To enable businesses to more easily list their merchandise on its social media platforms, Facebook has unveiled Facebook Shops. The free feature will allow companies to place product listings on their Facebook Page, Instagram profiles and stories, or in ads.

Pelosi, House Looks To Overhaul SMB PPP Relief Loans

The strict conditions of the PPP loans have ended up excluding some of the neediest small businesses, prompting leaders across party lines to seek a solution. Speaker Nancy Pelosi (D-Calif.) and the House have moved to rework the forgivable loan program.

PayPal Debuts QR Codes To Help SMBs Go Contactless

Although the country is starting to reopen following mandatory shutdowns amid the coronavirus pandemic, social distancing is still a must for face-to-face interactions. To help people maintain distance while venturing out for in-person transactions, PayPal has introduced contactless QR codes for payments.

Plaid API Platform Gives Banks Access To Data Tools, 2,600 Apps

As financial institutions (FIs) scramble to meet the rising demand for digital, Plaid is releasing a new solution to help banks manage and secure customers’ financial data. The company is launching Plaid Exchange, an API platform that is specifically intended to help FIs tap consumer-permissioned data.

Amazon Pay’s Patrick Gauthier On How Retail Will Reinvent Itself And Recover

While much about the retail world will change over the next 18 months, building trusted relationships with consumers as they shift more to digital will be Job 1 for merchants. That’s one of the things that came out of a wide-ranging conversation between Amazon Pay Vice President Patrick Gauthier and Karen Webster about what retail’s recovery will look like, the role of physical stores in the future and why commerce is really just a conversation.

NEW DATA: How Credit Unions Fare Against Challenger Banks

Compelling in-person banking experiences have long helped credit unions compete, but the pandemic is limiting brick-and-mortar operations and potentially putting CUs at a disadvantage. In The Credit Union Innovation Playbook: Challenger Banks Edition, PYMNTS surveyed 4,000-plus U.S. consumers, CU leaders and FinTech executives to learn the three ways CUs can differentiate their offerings from those of up-and-coming challengers.

Target’s Digital Sales Soar 141 Pct In Q1 As Pandemic Shifts Business Online

Target had a very busy first quarter as consumers flocked to its website to stock up in preparation for the pandemic, but paid a price for its spiking growth. Operating expenses increased sharply and sales of higher-margin items like apparel declined.

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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