In today’s top news, the Senate’s infrastructure bill includes cryptocurrency tax laws, and Amazon missed sales projections in its earnings report. Plus, Mastercard’s second-quarter earnings were boosted by eCommerce and cross-border transactions.
Crypto Tax Laws Slipped Into $1T Infrastructure Bill
The Senate’s estimated $1 trillion bipartisan infrastructure bill includes a provision that would require anyone engaged in the transfer of digital assets to report the information to the IRS. The proposed bill also mandates businesses report digital-asset deals in excess of $10,000.
Amazon Sees Decelerating Sales As Post-Lockdown Life Resumes
In the first earnings report since Andy Jassy took over as CEO, Amazon missed Wall Street’s sales projections as vaccination rates rose and people spent less time shopping online, despite an earlier than usual Prime Day.
Mastercard Cross-Border Volumes Surge 58 Pct On ‘Pent Up’ Demand
eCommerce and cross-border transactions — even crypto — underpinned Mastercard’s latest quarterly earnings beat. The yen to spend is tied to pent-up demand, according to CEO Michael Miebach, who also sees growth in commercial travel.
Zelle Payments Transactions Increase 58 Pct; Reaches 500M US Bank Accounts
The Zelle® Network processed $120 billion on 436 million transactions in the second quarter, Early Warning Services, the corporate parent of Zelle said. Payment values were up by 68 percent and payment transactions 58 percent.
US SMBs Need Loyalty Reboot To Align Consumer Shopping Intentions With Their Spend
While consumers typically show enthusiastic support for their hometown merchants and entrepreneurs, those good intentions often don’t line up with actual spending habits. It’s a problem Karen Webster put to PYMNTS’ panel of small and medium-sized business (SMB) experts, including SBA Administrator Isabella Casillas Guzman, National Federation of Independent Businesses (NFIB) Executive Director Holly Wade and TD Bank Head of Small Businesses Jeff Fazio, who shared their ideas on how new thinking on loyalty can close the gap.
Report: Consumer Concerns Over Data Privacy Threaten US Open Banking’s Expansion
With PYMNTS’ new U.S. Open Banking Tracker showing 40 percent of consumers saying they’re increasingly concerned about what happens with their personal information, it’s no surprise that bankers like Comerica’s Megan Crespi say that engagement and loyalty won’t grow until these concerns are addressed.
Taco Bell Loyalty Program Increased Active Customers’ Spending By 35 Pct
As Taco Bell parent Yum Brands upgrades its digital technologies, its restaurant brands are seeing the benefits. Following the company’s Q2 earnings announcement, CEO David Gibbs told analysts how the taco chain’s loyalty program is laying the foundation for growth in both the short and long term.
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