In today’s top news, Mastercard and India’s Razorpay have teamed up for SMB digital payments, and American Express says it is cooperating with DOJ’s investigation over its SMB card sales. Plus, data shows that lower-income recipients of COVID-19 relief payments are rapidly spending their stimulus money.
Mastercard, Razorpay Team To Advance SMB Digital Payments
Mastercard is partnering with the Indian FinTech Razorpay to advance digital payments for small and medium-sized businesses (SMBs) in India. The partnership will enable startups and SMBs to accelerate digitalization while maintaining business continuity and preparing for alternatives to cash payments.
Amex Says It Is Responding To DOJ Review of SMB Card Sales
According to a recent filing, American Express (Amex) received a grand jury subpoena in January from the U.S. Attorney’s Office for the Eastern District of New York over its sales practices for its small business credit cards. The filing also indicated that Amex is cooperating with the investigation.
Data: Lower-Income COVID-19 Aid Recipients Quickly Spend Funds
Lower-income recipients of COVID-19 relief payments are quickly spending the money they get, according to data The Wall Street Journal collected. After the new round of stimulus checks was sent out in the first week of January, consumer spending surged by more than 20 percent compared with that week last year.
SEC’s Peirce Says Clear Crypto Regulations Are A Must
Republican commissioner Hester Peirce, a top Securities and Exchange Commission (SEC) official, wants to see more regulation for cryptocurrency, as major companies get into the game and digital currency’s status as a payment type becomes more real.
Banks See New Opportunity To Close The Consumer Payment, Merchant Settlement Speed Gap
From QR codes to contactless cards, consumers want access to fast and seamless payment experiences. Merchants, however, can be left waiting days for funds to settle from these different payment channels. In the latest Anatomy Of A Consumer Payment Playbook, DJ Seeterlin, chief information officer for Chesapeake Bank, explains why financial institutions must create a one-stop shop payments platform for merchants to unlock instant access to funds.
MIXT CEO: Rewards Data Unlocks New Sales Opportunities For Restaurants
The restaurant and quick-service restaurant (QSR) space has battled pandemic-related attrition over the last 10 months, with many forced to shutter hard-hit locations. In the latest Order To Eat Tracker, Leslie Silverglide, co-founder and CEO of MIXT, explains how the fast-casual salad chain is using rewards data to glean valuable insights about how to meet customers where they are — across all channels.
Chicago-Based Restaurant Chain Bets On Future Of Delivery
Wow Bao, an off-premises-centric Asian fusion fast food restaurant, has taken advantage of the delivery boom to supercharge its Dark Kitchen partnership program. The initiative allows restaurants to use their own facilities to make and sell Wow Bao products.
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