Today In Payments: US Consumers Expect To Return $115 Billion In Unwanted Gifts; Banks May Withhold Stimulus To Cover Overdraft Fees

In today’s top news, U.S. consumers are expected to return $115 billion in unwanted online orders from this holiday season, some stimulus recipients may see their checks go straight to paying overdraft fees and Ternio CEO says central bank digital currencies will drive cryptocurrency’s mainstream transformation.

US Consumers Expect To Return $115 Billion In Unwanted Gifts

Accepting returns, while unavoidable, is taking its toll on retailers amid the surge in online shopping. Retailers absorb the cost of executing the sale and processing the returned item, as well as a restocking fee, for the roughly 50 percent of goods that can be resold.

Banks May Withhold Stimulus Checks To Cover Overdraft Fees

Some intended COVID-19 stimulus beneficiaries could reportedly not see any money the federal government sends them through direct deposit, if their bank chooses to redirect it toward unpaid overdraft fees. While many large banks have pledged to “zero out” in-the-red accounts so customers can use the stimulus payments, smaller banks and credit unions are dealing with overdraft fee relief requests on a case-by-case basis, or are not offering such concessions at all.

Fed, Not Bitcoin To Drive Crypto’s Transformation

Ternio CEO Daniel Gouldman talks to PYMNTS about his predictions for cryptocurrency’s impending transformation and adoption, comparing it to the explosive internet adoption of the mid-1990s. He expects the transformational moment to come not from bitcoin, but central bank digital currencies (CBDCs).

Banks Ask UK Treasury To Increase Limit On Contactless Payments

The U.K. might up its maximum amount for contactless payments from £45 to £100 in one of its first actions after officially leaving the European Union (EU). This update would give shoppers more convenience and flexibility, as well as increased protection against the spread of COVID, but would also symbolize a step away from the EU’s rules.

Framing 2021: Six Trendlines That Will Define Payments And The Connected Economy

Let’s start 2021 being provocative instead of safe with wishy-washy predictions. Karen Webster says let’s drop the prefixes from commerce. Then wrap our heads around the fact that consumers and businesses have redefined what it means to be “convenient” and recognize that innovation in the connected economy is at a pivotal fork in the road, as players confront the changes that will add momentum to the digital-first economy and some of the issues that could hold it back.

Flywire Sees 2021 As The Year To Advance Healthcare Payment Plans

The pandemic has accelerated the affordability issue for healthcare. With a better digital entry point and new payment plans on offer, Flywire Executive Vice President and General Manager of Healthcare John Talaga tells Karen Webster that hospitals and consumers can benefit.

China’s CBDC ‘Dress Rehearsal’ Sets Stage for Other Central Banks

China’s pilot programs bringing digital yuan to an increasing number of consumers may prove a dress rehearsal for other central banks, including in the U.S. Here’s what might lie ahead.