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Coronavirus Fuels Shift to Contactless Payments Methods

Coronavirus Fuels Shift to Contactless Payments Methods

As health officials around the globe seek to contain the novel coronavirus that causes COVID-19, economies and citizens remain unsettled.

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1 in 5 Small Businesses Don’t Accept Digital Payment, During COVID-19

1 in 5 Small Businesses Don’t Accept Digital Payment, During COVID-19

Consumers Have Rushed to Digital Payment Options Such as Paypal and Venmo to Avoid the Spread of COVID-19 During Transactions, but 19% of Small Businesses Can’t Accept These Payments. Small Businesses Struggling to Stay Afloat Should Accommodate New Customer Preferences by Adopting Cashless Payment Options. 19% of U.S.

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In a Twist on Contactless, PayPal Rolls Out a QR Code App for Small and Occasional Sellers

In a Twist on Contactless, PayPal Rolls Out a QR Code App for Small and Occasional Sellers

In an effort to reach occasional and very small sellers struggling with restrictions imposed to deal with the novel coronavirus pandemic, PayPal Holdings Inc. on Tuesday launched a Quick Response code capability for its mobile app.

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Pandemic Gives Traditional Banks a Rare Chance to Catch Up Digitally

Pandemic Gives Traditional Banks a Rare Chance to Catch Up Digitally

While the economic impact of the coronavirus pandemic is expected to sharply curtail banking profits, its ripple effects could enable incumbent institutions to reduce the innovation gap with fintechs and the largest banks.

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Industry

Crypto.com Expands Card to 31 Countries

Crypto.com Expands Card to 31 Countries

Digital-payments company i2c Inc. has unveiled a partnership to power the expansion of Crypto.com’s end-to-end crypto ecosystem, which consists of a Visa crypto debit card and a wallet app to buy and sell crypto and earn cash-back rewards in crypto form. Crypto.

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Lightweight ‘Banking via Messaging’ Services Are Getting Gen Z Buzz

Lightweight ‘Banking via Messaging’ Services Are Getting Gen Z Buzz

More evidence that Gen Z is switching to chat platforms for just about everything, including banking, emerges today in the news that Zelf, a fintech startup offering neobank-style services, is generating buzz amongst Gen-Zers in Spain and France.

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Ecommerce Trends in Charts During the Coronavirus Pandemic

Ecommerce Trends in Charts During the Coronavirus Pandemic

The coronavirus pandemic’s widespread impact in the U.S. in mid-March has disrupted retail—and ecommerce in particular. Some retail categories, like online grocery and food, flourished with shelter-at-home restrictions, while categories like apparel suffered.

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Brex Brings on $150M in New Cash in Case of an ‘Extended Recession’

Brex Brings on $150M in New Cash in Case of an ‘Extended Recession’

Brex brings on $150M in new cash in case of an ‘extended recession’ Fast-growing fintech behemoth Brex is raising big money as its customer base itself — high-growth and spendy startups — is struggling.

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Regional

Fintechs (Not Banks) Could Reap Windfall From $800 Billion Opportunity in US Equity Market

Fintechs (Not Banks) Could Reap Windfall From $800 Billion Opportunity in US Equity Market

ADVERTISEMENT As the global pandemic alters life as we know it, accelerating the work-from-home culture, shifting priorities and creating soaring demand for Zoom conferencing, fintech solutions are quickly encroaching on banks — the Blockbuster Video to their Netflix.

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Coronavirus Boosts Online Banking, Payments Usage in the US

Coronavirus Boosts Online Banking, Payments Usage in the US

US bank branches are still shuttered amid the pandemic, but consumers are more likely to conduct their banking online, according to recent research. An April 2020 William Mills Agency survey conducted by The Harris Poll found that 73% of US adults were more likely to leverage digital banking and payments while social distancing.

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Americans Create New Economic Threat With Their Own Savings

Americans Create New Economic Threat With Their Own Savings

For example, Visa reported that credit card payment volumes plunged 31% through April 28. Visa said the only category of US payments volume that is growing is food and drugstores, along with Walmart, Costco and Target. Spending on everything else was down in April.

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German Watchdog Investigates Payments Company Wirecard

German Watchdog Investigates Payments Company Wirecard

FRANKFURT (Reuters) – Germany’s financial watchdog BaFin said on Tuesday it was conducting multiple investigations into Wirecard (WDIG.DE), sending its shares lower and adding to pressure over allegations it has denied. At 1309 GMT, Wirecard’s shares were 3.3% lower, making them the biggest faller on the German blue-chip index.

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Regulatory

Payment Companies Increase Efforts to Combat Coronavirus-Related Frauds

Payment Companies Increase Efforts to Combat Coronavirus-Related Frauds

The Financial Crimes Enforcement Network, a U.S. Treasury Department bureau focusing on combating illicit finance, alerted financial institutions to an increase in Covid-19-related scams in an advisory this week.

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First Data Will Pay $40 Million in FTC Deal Over Consumer Scams

First Data Will Pay $40 Million in FTC Deal Over Consumer Scams

First Data Merchant Services LLC and a former executive agreed to pay more than $40 million to settle a claim by the Federal Trade Commission that the company processed payments and laundered credit card transactions for scams targeting hundreds of thousands of consumers.

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Get Ready for the ‘Global Reset’ in Payments Spurred by Covid-19

Get Ready for the ‘Global Reset’ in Payments Spurred by Covid-19

The world’s response to Covid-19 already has accelerated trends underway in the payments business, and pandemic-spurred innovations will continue after the contagion eases, according to three senior industry executives said Tuesday.

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Small Business Rescue Earned Banks $10 Billion in Fees

Small Business Rescue Earned Banks $10 Billion in Fees

Banks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR.

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