B2B Payments

WEX CEO Prepares For Outcome Of 2020 Election

CEO Melissa Smith of commercial payments company WEX said that the firm is “bracing for volatility” in 2020. In an interview with Bloomberg, Smith noted that the company is keeping a close watch on consumer confidence measures and trade talks ahead of the U.S. presidential election, and that business volume is “just a hair soft."

The company offers payment services for private and government fleets, as well as travel and insurance companies, and provides management services for healthcare benefits. Smith said that a win for Senator Elizabeth Warren in the election would likely be “neutral for WEX” because “we’re not a bank.” She added that any changes in the health insurance industry after the election is likely to have no impact on the company's position, as “even progressive Democrats offer accounts.”

WEX’s shares have gotten a 50 percent boost this year, and the company has been busy making deals to expand its scale, technology and geographic reach. Last week, it announced a partnership with Mastercard to issue virtual cards in the United Arab Emirates. In July, WEX acquired Go Fuel Card, headquartered in the Netherlands. That same month, the company announced an expansion of its collaboration with Visa, allowing WEX to issue Visa virtual commercial cards for its corporate clients in the U.S., Canada and Europe. At the same time, WEX also revealed an expansion of its collaboration with Shell in a deal that spread the acceptance of WEX mobile fleet payment technologies to various Shell locations.

Just last month, the company announced a new business segment under its Corporate Payments division, created to address the payment needs of financial institution (FI) clients. WEX reported that it already processes nearly $70 billion worth of transactions on its platform, and nearly half of that is on behalf of FIs.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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