It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives on open banking adoption, subscription features, and news that Wirecard North America Inc. is up for sale.
Wirecard North America Business Entity Up For Sale
Wirecard North America Inc., which is a separate firm from Germany’s Wirecard AG, is for sale, the firm announced Monday (June 29). The company, based in Pennsylvania, refers to itself as a "self-sustaining entity."
Free Food Offer Crashes Taco Bell’s App, Website
Consumers Sour On Travel Rewards Cards
Financial institutions (FIs) have found the COVID-19 health crisis has decimated years of effort improving travel reward cards by decreasing the requirement or need to travel. The cards had perks such as points on airfare and sign-up bonuses.
How 35 Execs Are Powering The Great Digital Shift Of 2020 (And Beyond)
A “new normal” for companies in any sector has to include a “digital-first” mindset. PYMNTS reached out to 35 payments executives about their efforts to accelerate the leap to digital, what has occurred over the last 12 weeks and what will need to occur to keep the digital shift in play.
New Report: How A Global Pandemic Created A Digital-First Customer In 12 Weeks
The pandemic has topped 10 million cases, with approximately 500,000 deaths. PYMNTS has seen how the pandemic has sped up the digital shift throughout each portion of our economy, bringing about years of progress in only three months.
Trackers And Reports
U.S. Bank: How Legacy Systems Impede Open Banking Adoption (B2B API Tracker)
The pain points and monotony of B2B payments is well documented, but open banking can allow for seamless transfers between banks and speed up payments. PYMNTS talks with Gareth Gaston, executive vice president and head of digital platforms at U.S. Bank, about how legacy technology and a lack of regulatory oversight have impacted open banking’s U.S. adoption.
NEW DATA: The Five Subscription Features That Could Keep Millions From Clicking 'Cancel' (Subscription Commerce Index)
More than a quarter of consumers who utilize digital media subscriptions are “very likely” or “extremely likely” to cancel their plans within the next year, while over 23 percent of those who subscribe to digital games are as likely to cancel their subscriptions. What are subscription platforms to do, and what are the functions most likely to keep members engaged and loyal?
A Digital Disbursement Fix To Help SMBs Keep Afloat (Disbursement Tracker)
Small and medium-sized businesses (SMBs) throughout the country are encountering bankruptcy or other acute financial consequences because of the coronavirus’ negative effects, making the ability to quickly receive any incoming capital key. FIs and other digital-first lenders need not just the ability to quickly give the green light to applications from these SMBs — they also need the ability to quickly disburse them as well, according to Kabbage Co-Founder and President Kathryn Petralia.
Fun, Cool and Otherwise Interesting
Supreme Court Rules CFPB Structure Unconstitutional
On Monday (June 29), the U.S. Supreme Court ruled 5-4 that the structure of the U.S. Consumer Finance Protection Bureau (CFPB) is not constitutional but the agency could continue if modified from the organization now in place.
Why Lululemon’s $500M Mirror Deal Is A Muscular Move Into ‘Contextual Commerce’
This week, athleticwear company Lululemon unveiled plans to purchase Mirror, the home exercise tech company, for $500 million. The deal comes as the pandemic has shuttered gyms throughout the country.
The One Employment Stat That Could Threaten The Recovery
New U.S. Bureau of Labor Statistics figures indicate that even though the official jobless rate was 13.3 percent as of May, 47 percent of U.S. adults don’t actually have a job. The statistic, which is known as the employment-to-population ratio, counts adults who aren’t working and not looking for a job any longer.
US Senate Committee Weighs Pros And Cons Of Digital Dollar
On Tuesday (June 30), proponents of the digital dollar told a U.S. Senate committee that electronic currencies could assist consumers. But Sen. Sherrod Brown (D-Ohio) asked “Why on earth would we trust big tech with our banking system?” Mike Crapo (R-Idaho), the committee chairman, said the industry requires “rules of the road.”