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Amex Adjusted Its Reward Offerings to Bounce Back From the Drop in Travel and Entertainment Spending

Amex Adjusted Its Reward Offerings to Bounce Back From the Drop in Travel and Entertainment Spending

This story was delivered to Insider Intelligence Payments & Commerce Briefing subscribers earlier this morning. Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Payments & Commerce industry with the Payments & Commerce Briefing. You can learn more about subscribing here.

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Apple Is Facing a Class-action Lawsuit That Alleges an iTunes Gift Card Scam Has Swindled $1 Billion From Customers, With $300 Million of That Landing in the Company’s Pockets (AAPL)

Seven customers have filed a class-action lawsuit against Apple, accusing the company of allowing an iTunes gift card scam to swindle almost $1 billion from people, per a Patently Apple report. The complaint, filed Friday, also pushes back against the company’s claims that the funds are irretrievable.

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Amazon and Goldman Sachs Are Partnering on a Lending Product for Amazon Sellers Through Marcus

Amazon and Goldman Sachs Are Partnering on a Lending Product for Amazon Sellers Through Marcus

This story was delivered to Insider Intelligence Banking Briefing subscribers earlier this morning. Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry with the Banking Briefing. You can learn more about subscribing here.

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Retail Sales Will Drop 5.7% This Year Because of the Pandemic

Retail Sales Will Drop 5.7% This Year Because of the Pandemic

This story was delivered to Insider Intelligence eMarketer Briefing subscribers earlier this morning. IInsider Intelligence analyzes this industry and several others to provide in-depth analyst reports, proprietary forecasts, customizable charts, and more. Learn more about what we offer. Retail sales worldwide will total $23.

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Facebook Is Scaling Back Its Digital Currency Project Libra as It Tries to Win Regulatory Approval

Facebook Is Scaling Back Its Digital Currency Project Libra as It Tries to Win Regulatory Approval

Drew Angerer/Getty Images Facebook is scaling back its cryptocurrency project Libra. The ambitious plan to build a new transnational digital currency faced a wave of criticism and regulatory scrutiny. On Thursday, it announced it would be linked to individual currencies and have additional oversight by watchdogs.

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Card Networks Are Encouraging Contactless Payments Worldwide

Card Networks Are Encouraging Contactless Payments Worldwide

Payment firms are pushing contactless payments as governments and consumers try to minimize the interactions between people and common surfaces to combat the spread of the virus. Business Insider Intelligence Mastercard and Visa are raising contactless transaction value limits in several more countries.

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Cash App, Venmo, and Zelle Are Offering to Help the US Government Send Stimulus Payments to Consumers

Cash App, Venmo, and Zelle Are Offering to Help the US Government Send Stimulus Payments to Consumers

Square’s Cash App, PayPal’s Venmo, and bank-owned Zelle have all contacted the US government to offer to help it distribute the funds allotted for many citizens in the recently passed $2 trillion stimulus package, per CNN.

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Three Ways the Coronavirus Could Affect Banking Globally

Three Ways the Coronavirus Could Affect Banking Globally

As fallout from the coronavirus outbreak continues, we see the possibility of three trends developing in the global banking industry in response: Falling central bank interest rates are likely to hurt savings account interest rates that some banks rely on to acquire customers and drive deposits.

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Varo Has Become the First Neobank to Win Approval for FDIC Insurance

Varo Has Become the First Neobank to Win Approval for FDIC Insurance

The San Francisco-based neobank won approval earlier this week to use federal deposit insurance from the FDIC, a milestone in its three-year journey toward receiving a national bank charter. Upon receiving full bank charter approval, Varo plans to roll out more products, including credit cards and joint accounts.

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Americans Have More Credit-card Debt Than Ever, and Millennials Are Really Struggling to Pay Theirs Off

Americans Have More Credit-card Debt Than Ever, and Millennials Are Really Struggling to Pay Theirs Off

Americans are running up their credit cards. Credit-card debt reached an all-time high after balances increased by $46 billion from the third quarter of 2019 to $930 billion in the fourth quarter – surpassing its pre-recession peak, reported Yuka Hayashi for the Wall Street Journal, citing new Federal Reserve data.

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UnionPay Expanded to About 1 Million More Overseas Merchants Last Year

UnionPay Expanded to About 1 Million More Overseas Merchants Last Year

The state-run Chinese card network, which dominates the Chinese market, announced that 28.5 million merchants outside of mainland China now accept its cards, per a press release. Business Insider Intelligence This is only a modest bump from September 2019, when it reported surpassing 28 million merchants.

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New York City Could Become a Hotbed for Contactless Payment Adoption in the US

New York City Could Become a Hotbed for Contactless Payment Adoption in the US

One Metro New York (OMNY), New York City’s contactless transit system, has recorded over 4 million taps since launching in select subway stations on May 31, per a release from Visa.

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