Today In Payments: Teen Spending Plummets To 20-Year Low; House Could Break Up Big Tech

Today in Payments

In today’s top news, teen spending dropped dramatically amid the pandemic, and the House is considering breaking up Big Tech. Plus, Bank of America launched a digital financial planning program.

Teen Spending Plummets To A 20-Year Low

Piper Jaffray’s 40th biannual “Taking Stock with Teens” report revealed that teen expenditure dropped to its lowest level in 20 years during the COVID-19 pandemic amid fear of a worsening economy. Apparel was hit especially hard.

Report: US House Could Break Up Big Tech Firms

A draft of the U.S. House of Representatives’ antitrust report on Big Tech reveals a consideration to break up the companies. The official report, which examines Alphabet, Amazon, Apple, and Facebook, is expected to be released later this week by the House Subcommittee on Regulatory Reform, Commercial and Antitrust Law.

BoA Expands Into Digital Financial Planning For Consumers

Bank of America has launched its Life Plan program, which it says will aid customers in better financial planning in areas like finances, family, health, home, work, leisure and giving. Life Plan can be accessed through the Bank of America mobile app and website.

Global Economy Worst In 100 Years, Business Leaders Warn

Business 20 (B20), a group of top CEOs from around the world, is calling for urgent action to counter “elevated” downside risks from a global economy that is in its “worst state in a century.” B20 is meeting in advance of the G-20 summit, slated to be held next month in Saudi Arabia.

Venmo's Esch On Designing A Cool Physical Card For Mobile App Users

The Venmo card is officially out — and Darrell Esch, Venmo’s senior vice president and general manager, tells Karen Webster that it promises to give paying with plastic the digital upgrade it badly needs. Here’s why he thinks it will win "top of wallet" status.

Crafting the Better B2B Payments ‘Customer’ Experience

In B2B payments, the digital shift has transformed the way sourcing, payments and supply chains work and treasurers manage their cash. In a PYMNTSTV broadcast last week, Karen Webster, top executives from J&J, WeWork, Thomas, Behalf and Alibaba weigh in on how digital processes and external forces are forcing the ‘consumerization’ of B2B payments.

Uber CEO’s 900,000 Reasons Why AB5 Shouldn’t Fly

California voters will soon decide whether to keep the state’s AB 5 gig-worker law, but Uber CEO Dara Khosrowshahi warns that the firm would have to cut 900,000 jobs if it had to rely solely on traditional employees. He argues that labor laws have failed to adapt to the 21st century economy — and many others agree. Even Uber drivers. Here’s why.



About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.