In today’s top news, Uber drops upfront pricing in California in response to the state’s new gig economy law, and the central bank in China said it accepted an American Express application to start working in the country. Also, Grubhub considers a potential sale or an acquisition by another company.
In California, Uber is dropping upfront pricing in favor of estimates in response to the state’s new gig economy law that took effect Jan 1. The final price of a trip will be calculated at drop-off “based on the actual time and distance traveled.”
The central bank in China said it accepted an American Express application to start working in the country but did not say when Amex would begin operations.
Food delivery company Grubhub is considering a potential sale or an acquisition by another company to continue to compete in an increasingly crowded market, one which many experts say doesn’t have room for more than two companies.
Southeast Asia’s GrabFood launched its first ghost kitchen in Singapore, an addition to its already 50 ghost kitchens across Indonesia, Vietnam and Thailand. Customers can order food from over 10 brands at the GrabKitchen, which gives restaurant partners a space to introduce different food concepts and new brands.
Millennials and Gen Z want to travel, and they’re willing to spend more to do it. As travelers become increasingly digital savvy, the industry is expected to accommodate sophisticated payment technologies. In the latest Commerce Connected Playbook, Sam Shrauger, vice president of payments for homesharing site Airbnb, explains how offering budget-friendly flexible payment options are becoming key to luring a younger demographic.
Consumers prize convenience and personalization when it comes to commerce, which means that merchants must always be aware of their target audience’s payment preferences. In this webinar, Amy Parsons, senior vice president of global acceptance at Discover Financial Services and its payments brand, Discover Global Network, will delve into how merchants can retool their approach to payments – a process that begins with a digital-first mindset.
With Brexit approaching, one question worth posing is: What will happen to FinTech? Specifically, what will happen to London’s standing as a FinTech hub?