Today In Payments: US Firms In China Could Miss Projections By 50 Pct; Square Cash App Users Grow 60 Pct YOY

In today’s top payments news, U.S. companies in China warned annual revenue might be off by almost 50 percent due to the coronavirus, Square posted fourth-quarter earnings that beat expectations and Grubhub announced a new subscription service.

US Firms In China Warn 2020 Earnings Could Miss Projections By 50 Pct

Annual revenue of U.S. companies in China could be off by almost 50 percent due to shortages caused by the coronavirus, according to a survey by the American Chamber of Commerce in China.

Square Cash App Users Grow 60 Pct YOY

Square posted its Q4 earnings results with Cash App growth showing total net revenue up 147 percent, and 24 million monthly active users, up 60 percent YOY. The company beat expectations, with evenue surging to $1.3 billion, up 42 percent, while analysts had expected $1.2 billion.

Grubhub Subscription Service Aimed At Boosting Slumping Market Share

Grubhub has a new addition to its lineup of offerings for customers — a paid subscription service it rolled out on Wednesday, Feb. 26, called Grubhub+. The subscription provides unlimited free delivery, 10 percent cash back, VIP events and other rewards.

Facial Recognition Firm Clearview AI Client List Is Hacked

Facial recognition firm Clearview AI was hacked, and its entire list of clients was exposed. The company, which collects billions of photos off the internet and uses them for facial recognition technology, said it fixed the problem that caused the data breach.

ADP: Winning Gen Z Employees With Faster, Flexible Payroll

Biweekly direct deposit is losing its gleam — more Gen Z candidates expect to access their earnings instantly via ready-to-use payment tools. But redesigning company processes to support those options is easier said than done. In this month’s Next-Gen Debit Tracker, ADP Division Vice President Belinda Reany discusses how employers can meet workers’ demand for faster and more flexible payroll.

How Dropbox Fights Fraud

Cloud hosting platforms store vast troves of valuable personal and company information, making them tempting targets for fraudsters — and lax security measures can result in incalculable damage. In this month’s Digital Fraud Tracker, Rajan Kapoor, director of security for Dropbox, explains its three-pronged approach to fighting digital fraud.

Despite Q4 GDP Revisions, US Consumers Remain Resilient (Maybe)

It’s possible the stock market rout may dent consumer confidence a bit, but resilience is still there — at least according to data from The Commerce Department. The Conference Board released a consumer confidence index reading of 130.7 for February, up from 130.4 in January.