Kowloon Closing, Walmart’s Crypto Lead Top This Week’s News

In this week’s news, we saw Walmart begin the search for a cryptocurrency expert, while the landmark Boston restaurant Kowloon announced plans to close. Meanwhile, new insights have emerged into credit union members’ banking habits and single platform spend management. The Weekender is here to catch you up.

News

Walmart Seeks Crypto-Expert Product Lead

Walmart posted a job listing on Monday seeking a digital currency and cryptocurrency product lead to help them develop a digital currency strategy.

After Seven Decades, Boston’s Iconic Kowloon Restaurant To Close

Boston’s Kowloon restaurant, a famous, decades-old eatery, on Tuesday announced plans to close after family members decided not to continue the business.

With Low-Price Value Prop, Walmart Grocery Could Benefit From Rising Inflation

Thanks to its famously low prices, Walmart might actually benefit from inflation when it comes to food and beverages, as the company reported a 6 percent Q2 sales increase in groceries.

Visa, Mashreq Team On UAE SMB Onboarding

Visa has teamed up with the United Arab Emirates-based card acceptance provider Mashreq on a rapid seller onboarding program to help with the digital acquisition and onboarding of small to medium-sized businesses.

Biden’s Food Stamps Boost Could Be Good News For Amazon And Walmart eGrocery

The Biden administration’s increase of food stamp benefits could be good news for both Walmart — which is seeing increased grocery sales — and Amazon, which can attract more grocery buyers to Amazon Prime if that option becomes more financially viable.

Retailers Aren’t Waiting For Fall To Harvest Pumpkin-Spiced Profits

The season for all things pumpkin-flavored could arrive much sooner than fall, with both Starbucks and Dunkin reportedly planning to once again roll out their pumpkin-flavored offerings before Labor Day.

Trackers and Reports

Report: 60 Pct Of Credit Union Members Look To Other FIs For Credit Products

Although credit unions typically enjoy strong member loyalty, a new report suggests that many CU customers seek outside financial institutions when it comes to credit products.

Report: Single Platform Spend Management Keeps SMBs’ Cash In Sight And On Budget

PYMNTS’ latest corporate spend playbook looked at how the shift to remote work and the rise of digital-first customers are shaping companies’ spending and budget needs.

By Offering Contactless Payments, Salons Go A Cut Above

In the August Digitizing Beauty Businesses report, PYMNTS explores how the COVID-19 pandemic has changed how beauty and wellness retailers can meet consumers’ digital-first expectations.

M&T Bank Says Blanket Approach To Security Smothers Customer Experience

For its monthly fraud prevention report, PYMNTS spoke to M&T Bank’s Sonny Sonnenstein about how the use of tools like AI-enabled risk analytics can protect customers’ security without sacrificing data privacy and user experience.

Fun, Cool and Otherwise Interesting

Billionaire Mark Cuban Shares His Dogecoin Ownership

Dallas Mavericks owner Mark Cuban revealed this week that he owns $494 in Dogecoin, telling Fortune magazine that the digital currency is best used for purchasing goods and services.

Valve Squashes Steam Bug That Could Fill Gamers’ Wallets

The video game developer Valve announced that it had stamped out a bug in its system that would have allowed players to fill their Steam wallets with unlimited funds.

Facebook Announces Novi Is Ready to Launch

Facebook is set to launch Novi, a digital wallet that will allow individuals and companies to transfer funds domestically and internationally.

Amazon Hatching Strategy To Open Mega Brick-and-Mortar Stores

Amazon is reportedly preparing to launch several brick-and-mortar department store locations in California and Ohio to increase its footprint in electronics, clothes and other retail sales.