Online grocery shopping went to the moon from March to May, with PYMNTS’ Navigating COVID-19 series recording a 400 percent increase, equating to $6.6 billion in online spend. That sudden shift is favoring the giants, at least up to this point. PYMNTS’ June 2020 How We Eat Tracker notes that, “Amazon, Target and Walmart were already well-positioned to adapt … Continue reading How We Eat Post-Pandemic Continue Reading
Mobile bank Upgrade Inc. has received a $40 million investment as part of its Series D round led by Santander InnoVentures, a division of Santander Group of Spain, the company announced Wednesday (June 17). The cash will be used to fuel the growth of Upgrade Card, the company’s credit card and the launch of Upgrade Account, a mobile banking product. Union … Continue reading Upgrade Closes $40M Santander-Led Funding Round Continue Reading
Amazon customers in 12 countries across North America, Latin America, the Middle East and Europe will have their stored credit card credentials tokenized, Mastercard announced Wednesday (June 17). By replacing a shopper’s card number with a token, payment information is unique to each individual transaction and can be used only by the merchant that requested it, the … Continue reading Mastercard Adds Tool For Easier Shopping On Amazon Continue Reading
Neiman Marcus Group has obtained U.S. court approval to get debtor-in-possession financing. The retailer said $250 million is available now and a further $150 million will be available as needed after Sept. 4, according to a statement. The purpose of this court action is to provide financing so that Neiman Marcus can open its stores again after … Continue reading Neiman Marcus Obtains Access To $250M With DIP Financing Continue Reading
Clienteling is familiar to any retailer who wants to stay in touch with their most valuable customers. But it too is now making the shift to Digital 3.0 as clienteling software platforms embrace eCommerce. At first it would seem to be an antithetical idea. Innovation has enabled clienteling to accomplish more for eCommerce, especially in … Continue reading Clienteling Comes To Digital 3.0 Continue Reading
The dramatic consumer shift to Digital 3.0 — predicted months ago by the PYMNTS COVID-19 tracker work — is accounting for almost half of the retail growth in the US. That’s the key finding from a new report from Deloitte, whose data is actually lacking the May sales spike of 17 percent. It found that … Continue reading ECommerce Takes Half Of Pandemic-Driven Retail Growth Continue Reading
As it invests almost $1 billion more on its team than it did last year, Target said it would permanently increase its beginning wage for staffers in the U.S. to $15 hourly. The retailer also said it would provide its frontline retail location and distribution hub hourly workers with a single bonus of $200 for their work … Continue reading Target Boosts Beginning Wage To $15, Extends Pandemic Benefits Continue Reading
In the United Kingdom, and for the payment network giants in the decades-long legal battle over interchange fees — next stop, trial court? Wednesday, the highest court in the U.K. upheld a 2018 ruling by a lower court, the Court of Appeal, that payments firms Visa and Mastercard had restricted competition for retailers by levying fees on … Continue reading Mastercard And Visa Lose Legal Round In Europe Over Swipe Fees Continue Reading
Securing loans or credit has never been easy for small and medium-sized businesses (SMBs). Now, InstaReM, the SMB and consumer operation of Singapore-based FinTech Nium, is offering a solution to get these companies access to cash. Dubbed BizPay, the online platform enables businesses to use their corporate cards as a funding source for supplier payments. The … Continue reading InstaReM Offers Singapore SMBs Solution To Access Cash Continue Reading
To provide small companies with accounts payable (AP) automation, Medius is bringing its MediusGo invoice automation product to the American market. The cloud-based spend management provider said the offering was created to assist small and medium-sized businesses (SMBs) by allowing for effectiveness and management during the complete accounts payable operation, according to an announcement. “Introducing MediusGo to the … Continue reading Medius Brings SMB Invoice Automation Offering To US Market Continue Reading