Summer is officially here, and with it, the first official weekend of summer — YES!! Payments and commerce, though, never take a break. In the latest edition of the PYMNTS weekender, coverage includes the latest about PayPal and Google’s views about bank charters, a deep, analytical dive into Facebook’s new payments idea, a look at the new rise of pet retail and other stories you might have missed or simply want to review.
Top Performers
PayPal, Google Give OCC’s Bank Charter the Cold Shoulder
The dispute over the Office of the Comptroller of the Currency‘s (OCC’s) national bank charter, which became available to FinTech firms last year, has reportedly caused technology conglomerates to shy away from a tool that aims to provide nonbank firms with a more streamlined way to operate on a national level.
Target Says Weekend Outage Due To NCR Glitch
The complication caused long lines and wait times in the store, and the company placed the blame on an issue related to a vendor. In 2014, the company dealt with something similar with its payment processing systems.
What the Launch of Facebook’s Libra Means For Payments
The endless speculation over Facebook’s plans to build a new set of global payments rails and launch a global cryptocurrency comes to an end today with the official launch of Libra. Or does it? Karen Webster digs deep into one of the biggest payments developments of the past week.
Ripple Drops $50M Into MoneyGram
MoneyGram has tapped into foreign exchange markets for settlements in the past. As a result, the company had to purchase currencies ahead of time regularly. By changing to the XRP digital currency, however, it forecasts lower operating costs along with the value of working capital it needs. It also reportedly believes that the move will bring in improved earnings as well as free cash flow.
Trackers and Reports
How To Build A High Performing Platform Payments Fraud Team
For digital platforms, fraud represents a two-headed beast. As largely online operations, they are tempting targets for fraudsters and hackers — therefore, robust anti-fraud systems are vital. At the same time, an overzealous system will flag too many legitimate users and could send them looking for alternative providers on the market. It’s this latter problem, known as false positives, that lies at the heart of digital platforms’ struggle to improve fraud detection.
Solving the $50B Elective Medical Procedure Payments Problem
The elective medical procedures market is 63 million consumers-strong, and accounts for as much as 10 percent of America’s healthcare economy. That adds up to a collective $171 billion in elective medical procedures each year.
Fun, Cool and Otherwise Interesting
A New Digital Beginning For Lands’ End
When Jerome Griffith took over the helm at Lands’ End as CEO two years ago, he had been on the verge of actual retirement. But when the opportunity to take over at Lands’ End came up, he decided to extend his tour of duty in the working world for two reasons.
For Cryptos, Waiting For (Regulatory) Godot?
Amid the news this week that a new cryptocurrency would debut — that would be Facebook’s Libra, of course — might the regulatory landscape be shifting enough so that the institutionalization of crypto, for trading and perhaps for commerce, hits a few snags?
Why Pets Are Pulling Retail Innovation’s Leash
Pet retail is having a moment, with innovation and other efforts helping merchants better reach owners of dogs, cats and other household animals. The new developments show, among other things, the importance of social media — and also prescriptions — when it comes to capturing the dollars of pet owners, who are always a steady source of both digital and physical commerce.
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