Welcome to What’s Trending In Payments – a weekly look at the most popular, irreverent and important stories the payments industry had to offer over the past five days. Which companies grabbed the most headlines – for better or for worse – this week, and which topics have the industry abuzz with intrigue, laughter or disbelief? Featuring breakdowns from the PYMNTS.com staff and commentary by Karen Webster, here’s our take on what all of you payments peeps thought.
Sochi Olympics To Leverage New “Currency” As Promotional Tool
Why It’s Hot: Move over bitcoin, here’s a currency that pays for your subway ride, is sure to increase your sex appeal, and, doesn’t require any form factor at all to use. Well, not exactly because it does require good form. It’s the “squat”—introduced by the Russians to pay for subway rides. To get into the subway all you need to do is 30 squats.
Karen’s Commentary: Wonder how many squats for those new Manolos? Not to brag, but with this currency, I could retire. Russia, here I come.
PYMNTS View: We love it. A two-fer … new currency PLUS gets the country physically active. And, it’s much more egalitarian than bitcoin. Smarter bitcoin miners can mine more. But, hey, any slug with strong quads can compete here.
Why It’s Hot: The Harvard Law Professor who gave us the CFPB that’s breathing down the necks of every business that provides consumer financial services and wants to put bank CEOs in jail sitting in the White House is hotter than hot if you are in financial services, payments or anything close.
Karen’s Commentary: Well, I guess we know what’s next for Guantanamo.
PYMNTS view: Hey, Jamie, watch out for those drones.
Top Tweet – @cjwerleman – This is why the next U.S. President will be Elisabeth Warren: http://www.nytimes.com/2013/11/03/opinion/sunday/plutocrats-vs-populists.html?pagewanted=3&_r=0 … @SenWarren #noHillary
China’s Singles Set Single-Day eCommerce Record
Why It’s Hot: The Chinese have discovered how to unleash massive buying power from lonely singles and a way to use their one-child only policy to stimulate the economy.
Karen’s Commentary: So, the big problem in China is a scarcity of girls since, funny thing, under the one-child law Chinese parents don’t seem to be cranking out very many girls. Funny how biology works over there. But, what a great idea to unleash the frustrations of Chinese bachelors who can’t find a date because of the girl shortage.
PYMNTS View: The guys at PYMNTS don’t think shopping is a very good substitute for girls. But, at least the alternative could be cheaper.