Today In Payments: Amazon Care Launching Nationwide; US Travel Takes $1.1 Trillion Hit

Today in Payments

In today’s top news, Amazon Care will be expanded to employees in all 50 states this summer, and the U.S. travel industry slumped 42 percent in 2020. Plus, the first quarter in 2021 has seen SPACs with more capital than in all of 2020.

Amazon’s Latest Healthcare Play Previews Telemedicine’s Next Act

Amazon announced on Wednesday (March 17) that it will expand its telehealth service, Amazon Care, to employees in all 50 states starting this summer, and to other employers later this year. The in-person service side of the business remains only available in Washington State and in the region surrounding Amazon HQ2 in the Washington, D.C. metro area.

US Travel Takes $1.1 Trillion Hit; 42 Percent Off 2019

The travel industry plunged to $1.5 trillion in 2020, down from $2.6 trillion the year before, the U.S. Travel Association announced. And jobs lost in and around the travel industry accounted for 65 percent of all jobs lost in the U.S. because of the pandemic.

SPACs Raise More Capital In Q1 Than All of 2020

So far in 2021, special purpose acquisition companies (SPACs) have already raised more than the $83.4 billion that they raised in all of 2020. And 408 SPACs with $131.1 billion in cash are looking for companies to strike deals with, representing up to $600 billion in purchasing power.

Snap Snaps Up Fit Analytics, Deepens eCommerce Push

Social media company Snap has acquired Fit Analytics, a German firm that helps shoppers make sure they’re choosing the right sizes when they buy shoes or clothing online. The acquisition signals Snap’s movement further into eCommerce.

Olo CEO On The Path To IPO And Building A Restaurant Network

On the same day his company launched a successful initial public offering (IPO), Olo CEO Noah Glass is already looking at the next big thing. He told Karen Webster that in a post-pandemic future, restaurants must own the transaction across any digital, physical or contextual channel where the restaurant and its customers may want to meet. That’s why he sees Olo’s future as a restaurant network that doesn’t just touch digital transactions, but all transactions.

NEW DATA: AR Automation Makes Or Breaks Firms’ Collection Cycles

Firms that have automated accounts receivable (AR) see a 23 percent improvement in prioritizing collections, giving them crucial cash flow insights. In the B2B Payments Innovation Readiness Playbook, PYMNTS surveyed a diverse group of 460 businesses to examine how AR automation can help firms unlock faster payment acceptance and shorter payment terms.

XPO’s Spinoff Highlights eCommerce’s Logistics Transformation

XPO is spinning off its logistics segment into a standalone company focused on eCommerce. Here’s why the move will have ripple effects well beyond the confines of Wall Street, and is a sign that the great digital shift is changing, well, everything.