Categories: The Weekender

Open Banking Adoption, Subscription Features, Wirecard North America Up For Sale Top This Week’s News

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.

Top News

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

Many Taco Bell diners wishing to get a free Chalupa Craving Box were disappointed when the site and app of the quick-service restaurant (QSR) crashed Tuesday (June 30) morning.

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.”

Get our hottest stories delivered to your inbox.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.

——————————

New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

Recent Posts

Trump’s WeChat Ban Could Rock The US Consumer Landscape

President Donald Trump has issued two executive orders in two days banning two Chinese behemoths from operating in America –…

1 hour ago

US DOJ Charges 14 With $28M In PPP Fraud

The U.S. Department of Justice (DOJ) charged 14 people in two separate investigations into their alleged participation in schemes to defraud the…

4 hours ago

Digital IDs For Online Bowling, Voice Commerce, Apple’s Mobeewave Deal Top This Week’s News

Top News Apple Buys Mobeewave for $100M Apple has purchased Canadian company Mobeewave, which will allow it to create mobile…

5 hours ago

TikTok ‘Shocked’ By Trump’s Executive Order

In its first public statements about President Donald Trump’s executive order to ban TikTok, the Chinese company said it is…

5 hours ago

Microsoft, Facebook Express Frustration With Apple’s Gaming App Policies

Microsoft and Facebook are grumbling publicly about fellow tech giant Apple's policies restricting access to coveted slots in its App…

6 hours ago

Mercari’s Revenues Pop 48 Pct For FY2020, But Losses Also Grow

Mercari, the Japanese shopping platform that allows users to buy and sell almost anything, reported its net sales surged nearly…

7 hours ago