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Buy Now Pay Later Platforms are everywhere; PayPal may offer stock trading

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Claim Stock Skyrocket 40% on News Amazon Partners with Buy Now, Pay Later Fintech Company

Affirm shares jumped 40% in the after-hours session on Friday after the fintech company said it had partnered with Amazon to allow an after-hours payment option at the end of the day. Amazon checkout. Some Amazon customers will have the option to split the total cost of purchases by $ 50 or more, and Amazon plans to make Affirm available to more customers in the coming months. Amazon “is always looking to add flexible payment options, and Affirm is doing just that” with no late or hidden charges. Buy-it-now, pay-later companies like Affirm allow consumers to buy in installments and charge them simple interest or no interest at all and with instant access to what they’ve bought. [MarketWatch]

PayPal is set to take on Robinhood

PayPal is taking its first steps towards developing and registering an investment platform within PayPal called Invest at PayPal, and it could be launched next year. Rival Square added stock trading, including split stock trading, to its app in 2019, taking the popular Robinhood brokerage app. Now PayPal is ready to follow in Square’s footsteps again. PayPal has the advantage of serving over 400 million active accounts, most of which have already linked their bank account information to the platform. By comparison, Robinhood reports having only 21 million active accounts and Cash App has around 40 million users. This makes PayPal a significant threat to Robinhood, as the former is also looking to attract new investors. [Nasdaq]

Buy now, pay later Consumer finance supports credit cards

Buying now, paying later is gaining ground. BNPL is a way to spread interest-free payments for consumers, who can also avoid late fees if they pay on time. They can also bypass credit card balances that accumulate with interest until the cardholder pays them off. Two recent events confirm the idea that this is a long-term trend, not lightning in the pan amid the coronavirus pandemic. Digital payment firm Square agreed on August 1 to buy provider BNPL Afterpay in a $ 29 billion deal. Then Amazon announced on August 27 that it was working with Affirm, causing its shares to skyrocket. Amazon said it was testing Afffirm’s BNPL plans on orders of $ 50 or more. The e-commerce giant plans to make BNPL more widely available in the coming months. All of these players have an eye on young consumers. [Investor’s Business Daily]

JD Power survey shows credit card issuers are failing to meet consumer expectations

Credit card customers’ expectations of credit cards are changing, and a new JD Power survey shows that many card issuers fail to keep up. On a 1,000-point scale, overall satisfaction fell to 805, down from 811 a year earlier. Among mid-sized lenders, the score fell 17 points to 796. American Express Cards ranked first for customer satisfaction among domestic issuers, with a score of 838. Discover at 837 ranked second and Capital One at 815 ranked third. Among mid-sized issuers, Goldman Sachs ranks first in customer satisfaction with a score of 864. BB&T, Huntington and PNC are tied for second, each with a score of 817. [Fox Business]

Australia may enforce low-cost debit card system for payments

The Australian treasurer has asked the central bank to consider forcing large and medium-sized banks and debit card issuers to provide several network options for merchants to route tap-and-go payments. Josh Frydenberg urged the government to support “least cost routing,” which would allow businesses to choose cheaper national systems instead of the popular but more expensive Visa and Mastercard networks. [Reuters]

Walgreens, Mastercard partner on new bank account and debit card

Walgreens continues to develop its financial services offerings. Leading drugstore retailer partners with Mastercard to launch Scarlet, a bank account and debit card issued by MetaBank and available exclusively at Walgreens. Scarlet is linked to Walgreens cash rewards and also offers personal finance planning tools and payment solutions. Account holders will receive 3% Walgreens cash rewards on qualifying purchases at Walgreens and Duane Reade stores, Walgreens.com and the Walgreens mobile app. They will also get 1% cash rewards on qualifying purchases anywhere Mastercard is accepted. [Chain Store Age]

Amex announces 12 new transfer bonuses of up to 40% for partner airlines and hotels

American Express membership rewards are now worth more. Amex has temporarily increased the transfer ratios of 12 of its hotel and airline partners. American Express cards that earn Membership Rewards points can transfer their points to 18 airline loyalty programs and 3 hotel loyalty programs. The benefit of earning Flexible Points is that cardholders can earn rewards that can be used with a multitude of travel providers, rather than earning rewards with a single brand. Plus, you can take advantage of the strengths of each rewards program. [CNBC]

How the pandemic changed mobile payments

Due to the Covid-19 pandemic, consumers were now favoring contactless payments as people weren’t too keen on paying cash and / or wiping their cards with hand sanitizer . Merchants suddenly encouraged users to use the contactless methods offered by mobile. 69% of retailers have seen an increase in contactless payments during the pandemic, and 94% expect that increase to continue over the next 18 months. In-store and convenience mobile payments increased 29% in 2020, and more than 92 million Americans made at least one mobile payment in a six-month period in 2020. [Forbes]

Bored with passwords, mobile banking users are biometric sensitive

Even though banks may wish to get rid of the use of usernames and passwords for online and mobile banking services, they still face a harsh reality: nearly 75% of consumers in a recent study stated that they use this method when logging into bank accounts. . But consumers are also turning to more stringent authentication methods as they become more exposed to them on their smartphones and other devices. And regulatory pressure, both in the United States and in other countries, is gradually pushing banks and other businesses to reduce their reliance on usernames and passwords. As a result, the day when banks can give up passwords may come sooner than previously thought. [American Banker]

CFPB Offers Small Business Loan Data Rules

The CFPB proposed new requirements for financial institutions to collect and report data on small businesses’ access to credit with the aim of enhancing transparency and equity in lending. The proposed rule would require financial institutions to report the amount and type of small business credit applied for and granted, demographic information on applicants for small business credit, and key elements of the price of the credit offered. The requirements would apply to a wide range of products, including term loans, lines of credit, credit cards and cash advances to merchants. [Reuters]

Point raises $ 46.5 million for its premium debit card

Point raised a $ 46.5 million Series B round. The company is positioning itself as a premium debit card company and is trying to offer credit card rewards with debit cards. It currently costs $ 49 per year to open a points account. You get two free ATM withdrawals per month and you pay no foreign transaction fees. You know you have enough money to pay for your purchases because it’s a debit card. Point users earn points with every purchase. You get 5x points on subscriptions, such as Spotify and Netflix, 3x points on food deliveries and carpooling, and 1x points on everything else. If you pay with your Point card, you also get Trip Cancellation Insurance, Car Rental Insurance, Global Travel Assistance, Phone Insurance and New Purchase Insurance. [Tech Crunch]


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