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.
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.
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.
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.
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.
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.
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 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.