Today In Payments: Americans Rush To Download WeChat App; DOJ, State AGs To Meet On Google Antitrust Suit

In today’s top news, U.S. WeChat users are racing to download the app, and the Department of Justice will brief state attorneys general on their antitrust suit against Google. Plus, retailers face a supply shortage approaching the holiday season.

Americans Rush To Download WeChat App In Advance Of Ban

WeChat users in the U.S. are racing to download the Chinese multi-purpose video, messaging, social media and mobile payment app. The surge comes after the U.S. Department of Commerce said Monday (Sept. 21) it will appeal a federal court ruling to block President Donald Trump’s executive order prohibiting the app.

DOJ, State AGs To Meet On Antitrust Suit Against Google

The U.S. Department of Justice (DOJ) is putting the finishing touches on its antitrust lawsuit against Google that could be filed as early as this week, plan to brief the nation’s state attorneys general Wednesday.

Retailers Face Supply/Demand Shortfalls This Holiday Season

Shortages of popular items like clothing, electronics and more are likely to cause trouble for U.S. retailers during the holiday shopping season. The unexpected surge in customer demand took retailers by surprise after they had cut orders for new merchandise in the spring as countrywide lockdowns were starting and the job market was bottoming out.

US Household Wealth Hits Highs In Spite Of Economic Trouble

Despite the struggling economy, U.S. household wealth hit new highs in 2020, according to a report by the Federal Reserve. According to the Fed’s statistics, the net worth of households and nonprofits hit $119 trillion in the second quarter this year.

Report: Hanging Up The Phone On Mobile Remittance Fraud

Mobile remittances have become a financial lifeline for households around the globe, but the giant shift to mobile amid the pandemic has also opened the door to fraudsters posing as honest customers and using remittance services to launder money. In this month’s Smarter Payments Tracker, CEO Sam Tay of Singapore-based remittance service Aptiv8 discusses how selfie-based digital KYC methods help adapt remittances — and remittance security — for mobile.

EMV 3DS: Why 2020 Is Different

3D Secure created lots of friction in the buying process when it first rolled out in the 1990s, but PAAY Chief Technical Officer Adam Gluck tells Karen Webster that the latest version is the merchant’s best defense against friendly fraud.

In China, Green Shoots For Luxury Spending To Prove Fragile?

Chinese consumers may be starting to open their wallets to buy luxury goods, but it remains to be seen whether the green shoots will blossom.