B2B Payments, Biometrics, Amazon Go Tech Top This Week’s News
It’s the end of the workweek, 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 into business-to-business (B2B) payments for business-to-consumer (B2C) merchants, biometrics and Amazon’s “Just Walk Out” technology.
Top News
Amazon Sells ‘Just Walk Out’ Technology To Merchants
Amazon is making its “Go” concept available to other retailers who have an interest in its “Just Walk Out” technology. The retailer is reportedly in discussions with other merchants and is said to have multiple inked arrangements with clients whose names are not known.
SoftBank Shareholders Push For Grab, Gojek Deal In Indonesia
Investors reportedly want SoftBank to assist in aligning Gojek and Grab, both of which are ridesharing unicorns in Southeast Asia. The two companies were seeking new clients, particularly in Indonesia, over the last year and a half.
Fifth Third Bank Sued By CFPB Over Fake Accounts
Fifth Third Bancorp is facing a suit from the Consumer Financial Protection Bureau (CFPB), which alleges that staff opened accounts for clients without their permission to meet sales goals. The bank called the claims “unnecessary and unwarranted” per a report.
Amazon To Deliver Coronavirus Test Kits In Seattle
Amazon Care was reportedly talking with local health groups about helping deliver at-home testing kits for COVID-19 in Seattle. Seattle has become one of the regions of the U.S. that has seen the greatest coronavirus impacts.
How To Compete With Banks: Start With First Principles
The return to first principles begins many times with asking incredibly simple questions such as “What is a bank?”
It’s a fair question in the current day, particularly as we look at the blurring of boundaries between FinTechs, Big Tech and banks.
Trackers And Reports
A B2C Merchant’s Guide To The B2B Ecosystem
The B2B market can provide numerous opportunities for B2C merchants, but B2B payments can be much more complicated than those to which many B2C retailers are used to. What steps can B2C retailers take to optimize their payment operations to provide the payments experiences that meet the expectations of business customers?
Biometrics: The Key To Overcoming Contactless Payment Limits?
Biometric verification has turned into a typical process with contactless payments, but it isn’t near universal. NatWest is closing the biometric gap with a new small fingerprint reader.
In a feature story, PYMNTS spoke with David Crawford, head of effortless payments at NatWest, about how the bank had to overcome miniaturization challenges as well as fraud concerns when it was creating its biometric card.
NEW DATA: The Innovations Credit Union Members Need To Stick, Not Switch
Members of credit unions (CU) have a reputation for loyalty to their financial institution, yet many CU executives express increasing concerns regarding the looming challenge that digital-first competitors present. How likely are members to leave their CUs due to their ability to innovate?
Fun, Cool and Otherwise Interesting
Lawmakers Grill Wells CEO On Account Scandals
Charlie Scharf, the new chief executive of Wells Fargo, encountered strong questioning from Capitol Hill legislators in regard to past scandals, if the bank is too large to fail and the road ahead. Scharf went before the House Financial Services Committee on Tuesday (March 10).
Coronavirus And The Global Rush To Create Connected Communities
The lack of certainty in the market has left retailers around the world reconsidering their strategies for reaching shoppers as well as making connections while the ripples run through the world’s economic ecosystem.
Interest Rates To Pinch Alt Lenders And Digital Banks
Declining central bank rates – and dropping rates generally – have a habit of reducing the saving accounts rates that have been an important tailwind for traditional bank deposit growth as well as lenders that have utilized relatively high rates to encourage deposits from consumers.
Trump Unveils Measures To Combat Economic Impact of Virus
To mitigate a minimum of some of the COVID-19 economic impact, President Donald Trump put forward many executive actions. Trump labeled these actions as “unprecedented response” to the outbreak of the coronavirus, bringing about “the full power of the federal government and the private sector.”