The move by Apple allows for further negotiations between the two companies regarding changes that Apple has demanded for the social media platform, Bloomberg reported Thursday (Sept. 5), citing unnamed sources.

Apple’s approval of the WeChat update for the iOS ecosystem is expected to end speculation in China that the dispute between the two companies over Apple’s app store fees could have resulted in WeChat being excluded from the latest iPhones, according to the report.

The disagreement between Apple and Tencent centers around Apple’s demand for a share of the transactions made through WeChat’s mini-games platform, the report said. Apple wants Tencent to block links to external payment services within these mini-games and prevent developers from using the platform’s built-in messaging to direct gamers to other payment portals, thus avoiding paying Apple its usual 30% cut.

While Tencent has rejected Apple’s request to disable in-game messaging entirely, the company is still engaged in talks with Apple about a potential compromise for future updates, per the report.

Tencent Chief Strategy Officer James Mitchell said the company is negotiating a revenue-sharing deal with Apple to allow it to accept payments in mini-games using Apple’s system, according to the report. Mitchell expressed hope that the ongoing discussions would lead to a positive outcome, but if not, the current status quo would continue.

Apple’s policies in maintaining the quality and security of its app ecosystem are well-known worldwide, the report said. However, the company’s actions in China, including warning Tencent and ByteDance about in-app payment policies, have raised concerns about alienating creators in a crucial market.

WeChat is widely used in China, with nearly 1.4 billion people relying on the app for various purposes such as paying bills and booking movie tickets, per the report. However, while many payments made through WeChat are exempt from Apple’s fees, in-app content and other online entertainment, such as mini-games, are subject to the iOS charges.

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The regulator added that it will accept comments on this “statement of objections” before deciding whether the company has violated competition law, according to an update on the investigation that was posted Friday.

“We’ve provisionally found that Google is using its market power to hinder competition when it comes to the ads people see on websites,” Juliette Enser, interim executive director of enforcement at the CMA, said in a Friday press release.

Google did not immediately reply to PYMNTS’ request for comment.

In a statement provided to the Wall Street Journal, Google Vice President of Global Ads Dan Taylor said the company’s advertising technology tools help publishers fund their content and enable businesses to reach potential customers.

“Google remains committed to creating value for our publisher and advertiser partners in this highly competitive sector,” Taylor said, per the WSJ report.

The CMA opened its investigation focusing on Google’s ad tech stack in May 2022 and then combined it with a separate investigation into the company’s header bidding services in March 2023, according to the update.

The regulator’s investigation so far has provisionally found that the “vast majority” of publishers and advertisers use Google’s ad tech services to bid for and sell advertising space, that Google may be using its dominance in the sector to give preference to its own services, and that the company may disadvantage competitors, per the update.

Enser said in the press release that many businesses are able to offer free or lower-priced content by generating revenue with advertising and that these advertisements assist the buying and selling of goods and services by reaching millions of people in the U.K.

“That’s why it’s so important that publishers and advertisers — who enable this free content — can benefit from effective competition and get a fair deal when buying or selling digital advertising space,” Enser said in the release.

The CMA plans to accept comment on its statement of objections from December through March 2025 and to consider these comments from April 2025 through December 2025, according to the update.

Google’s ad tech business also faces a challenge in the United States, where the Department of Justice (DOJ) and a coalition of states are pursuing an antitrust lawsuit alleging that the company keeps competitors out of advertising technology markets and harms news publishers. This trial is set to begin Monday (Sept. 9) in Alexandria, Virginia.

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And now, with the news Thursday (Sept. 5) that Mercuryo has launched a euro-denominated debit card that allows users to spend bitcoin and other cryptocurrencies directly at over 100 million merchants using Mastercard’s network, those people can start using their crypto to actually pay for things in the real world.

“Individuals holding crypto who want a convenient way to use their assets for everyday purchases can now benefit from Mercuryo’s Spend crypto debit card, which allows users to spend their crypto directly from their wallet. This eliminates the need for an intermediary,” Mercuryo said in a statement, noting that the new crypto payment solution “integrates with both Apple Pay and Google Pay.”

Users add funds to their debit card by selling their cryptocurrency of choice, which is immediately made available on the card balance. Compared to the one to two days it typically takes money to appear on a bank card using traditional crypto off-ramping processes, this experience is meant to facilitate the ability for crypto holders to spend their digital assets in the real world or across eCommerce channels in real time.

PYMNTS Intelligence has found that a positive checkout experience keeps customers coming back to a merchant — and that debit cards are now the preferred method underpinning digital wallet payments.

Read more: Web3 Fans Say Apple NFC Chip Access Will Jumpstart Crypto Payments Era

Boosting Adoption of Cryptocurrencies as Payment Mechanism

The introduction of an easy-to-use crypto debit card could accelerate the mainstream adoption of cryptocurrencies by making them more accessible and convenient for non-tech-savvy users. For many, dealing with crypto requirements like private keys, wallets and exchanges can be intimidating. The ability to spend crypto via a familiar interface like a debit card makes the experience more user-friendly. As more consumers use these cards, businesses may start accepting cryptocurrencies directly, further embedding crypto in the global economy.

The shift could also lead to increased demand for businesses to integrate crypto payments within their existing payment infrastructure. Payment processors and merchant acquirers would need to adapt to this emerging trend, potentially leading to a broader range of crypto-related financial services and products.

And the debit card is not even the only crypto payment offering Mastercard launched this summer. In August, Mastercard introduced a crypto-to-fiat card with Web3/blockchain platform MetaMask and cryptocurrency payments firm Baanx. The MetaMask Card lets MetaMask wallet customers use crypto for everyday purchases in fiat currency wherever Mastercard is accepted. The card is being piloted on a limited basis — a few thousand digital-only cards — for European Union and U.K. users.

Elsewhere, Wirex has launched its mainnet, making its decentralized payment method, Wirex Pay, live and ready to use. This blockchain-based payment method allows users to make transactions using cryptocurrencies at more than 80 million merchants in more than 200 countries, the company said Aug. 28.

This news comes about a month after Wirex and Visa teamed up to promote the use of digital currencies in Europe and the United Kingdom, saying their collaboration will “explore new opportunities to leverage and integrate innovative Visa cards and reduce friction in payment experiences.”

Research in “The Embedded Finance Ecosystem: Logistics and Wholesale Trade Edition,” a PYMNTS Intelligence and Carat from Fiserv collaboration, found that a majority of marketplaces (57%) are “highly interested” in further innovating their existing digital wallet offerings.

See also: Crypto Is Minting Millionaires, but Its Payment Utility Remains Uncertain

Overcoming Traditional Barriers to Crypto Use and Adoption

The use of cryptocurrencies for payments is still heavily regulated, and introducing such a product could face challenges across different European jurisdictions. Anti-money laundering (AML) and know-your-customer (KYC) requirements would still apply, and companies offering such products would need to ensure compliance with EU-wide regulations like the Markets in Crypto-Assets (MiCA) framework.

Any success crypto payments might have could depend on how well the particular mechanism of choice integrates with these regulations. If it manages to comply while maintaining the privacy and autonomy of non-custodial wallets, it could serve as a blueprint for other markets and regions to follow.

“It’s important to know that crypto is not just bitcoin and Doge and NFTs,” Solana Foundation Head of Payments Sheraz Shere told PYMNTS in May. “… Blockchains are really alternative rails for payments and financial assets.”

And PYMNTS Intelligence finds that blockchain technology, the fundamental technology underpinning cryptocurrencies and digital assets, could have tremendous potential for use in regulated industries, such as finance and healthcare.

Of course, it all comes against a payments and commerce backdrop where other advances and innovations are simultaneously making strides.

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Additionally, as a sign that the Bureau of Labor Statistics’ data was well-received, the Dow Jones Industrial Average was up Friday morning by about 0.5% (the other indices were flat). That could change as investors parse whether the Fed will cut rates by 0.25% or 0.5%. In the latter case, the read-across may be that the Fed waited too long to act on rates and is catching up, which might spook traders.

U.S. firms created 142,000 nonfarm jobs last month, which was lower than the roughly 161,000 positions that were expected as a consensus. The July data was revised downward too, as the latest 89,000 tally was a drop from the 114,000 roles previously estimated.

Where the Jobs Were — and Where They Were Not

“In August, job gains occurred in construction and healthcare,” the bureau said in its release. Employment showed “little change over the month in other major industries,” including services, finance and retail.

As for wages, the data showed that in August, average hourly earnings for all employees on private nonfarm payrolls increased by 14 cents, or 0.4%, to $35.21. Over the past 12 months, average hourly earnings increased by 3.8%. The latest reading showed that at least, and at last, perhaps, wages are outpacing inflation.

But as the PYMNTS Intelligence report “New Reality Check: The Paycheck-to-Paycheck Report: Why One-Third of High Earners Live Paycheck to Paycheck” found, a few key avenues for alleviating the pressures of individuals and households living paycheck to paycheck are narrowing.

Throughout 2024, against a backdrop where 60% of consumers live paycheck to paycheck, most consumers have been living with the strain of paycheck growth outpaced by inflation.

Fifty-six percent of paycheck-to-paycheck workers who have issues paying bills said they were somewhat, very or extremely likely to find a new role in 2024. These struggling consumers considered changing jobs at nearly twice the rate of those not living paycheck to paycheck.

Younger demographics, including 57% of Generation Z consumers, were also more inclined to look for jobs.

A cooling labor market and downward revisions to previous gains — and the fact that job additions have been concentrated in a few sectors — may cause paycheck-to-paycheck consumers to reflect on their paths forward into the new year.

Without a sure sense of upward mobility in terms of a career path or salary and wage increases, paycheck-to-paycheck consumers may be hesitant to spend more in the fall and during the holiday shopping season. Rate cuts and a respite from interest rate pressures are welcome, but the picture remains mixed.

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The Walmart Style Tour, which will be held at 40 events across the United States in September and October, offers styling tips, color analysis and giveaways, the retailer said in a Friday (Sept. 6) press release.

The first event on the tour started Friday at the Taste of Chicago, according to the release.

“We’re constantly looking for new ways to meet our customers where they are and add value to their lives,” Kim Tunick, group director, brand experiences and partnerships at Walmart, said in the release. “The Walmart Style Tour is the first time we are creating this kind of experience for fashion and can’t wait to bring it to communities across the country at events we know our customers are already planning to attend.”

At each stop on the tour, the retailer will display a selection of Walmart Finds shoppable by QR code, deliver styling tips from experts, provide a free color analysis, and offer personalized giveaways like lipsticks, totesand candles, according to the release.

“The Walmart Style Tour is designed to shorten the distance between inspiration and commerce, making it easier than ever to discover and shop fall fashion on Walmart.com, the Walmart app and Walmart stores,” the retailer said in the release.

Walmart has launched websites that feature the schedule of the Walmart Style Tour and the products that will be featured at the events.

Online fashion rental service Rent the Runway (RTR) is also focusing on in-person events. RTR executives said Thursday (Sept. 5) during the company’s quarterly earnings call that a significant part of RTR’s strategy involves reenergizing its in-person presence, including a Southeast roadshow and mobile tour this fall.

“In real-life events, we’ve seen hundreds of women standing around the block to get into events,” RTR CEO Jennifer Hyman said during the call. “Reigniting everything around marketing will not only drive higher org traffic, but higher customer engagement.”

Media companies, too, are launching in-person experiences to cater to consumers who are looking to attend events, PYMNTS reported in June.

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Safe Superintelligence (SSI), co-founded by former OpenAI chief scientist Ilya Sutskever, has secured this massive investment with only 10 employees. The company, launched in June by Sutskever along with Daniel Gross, a former Y Combinator partner who previously led AI efforts at Apple, and Daniel Levy, a former colleague of Sutskever’s at OpenAI, is focusing on developing artificial general intelligence (AGI) with an emphasis on safety.

“At the end of the day, it’s all about increasing profits, reducing losses, and mitigating risk. In many use cases where AI can model the problem or historical data, it can provide significant benefits,” Shoab Khan, chancellor of the Sir Syed CASE Institute of Technology, told PYMNTS.

The funding round saw participation from NFDG, a venture capital firm run by Gross and Nat Friedman, alongside tech investment heavyweights Andreessen Horowitz, Sequoia Capital, DST Global and SV Angel. This substantial investment in such a young company underscores the growing interest and high stakes in the race to develop advanced AI systems.

A Billion-Dollar Bet on Safety-Focused AGI

The company plans to use the funds partly for hiring, seeking to assemble what it calls “a lean, cracked team of the world’s best engineers and researchers.”

The 37-year-old Sutskever brings considerable experience to the venture. After completing his Ph.D. under renowned AI academic Geoffrey Hinton at the University of Toronto, he joined Google in 2013 before co-founding OpenAI in 2015. His departure from OpenAI followed a tumultuous period involving him in CEO Sam Altman’s brief ousting.

While SSI has not yet partnered with any cloud providers or chipmakers, a significant portion of the investment is earmarked for building up computing power. Sutskever has indicated that SSI’s approach to scaling will differ from that of OpenAI, though specifics remain undisclosed.

The focus on safety in AI development comes at a time of increasing discourse about advanced AI systems’ potential risks and rewards. Sutskever’s experience leading a safety team at OpenAI that oversaw AI’s existential risks may inform SSI’s approach, although that team was disbanded shortly after his departure.

Balancing Potential and Limitations

According to Khan, AI in commerce has limitations: “This depends on accurately modeling data probability distribution. In cases where data doesn’t follow a clear distribution or depends on many factors — some of which are difficult to measure, such as predicting bitcoin prices — AI’s effectiveness is limited.”

Despite challenges, there is optimism about AI’s potential in business. “I see substantial advantages for investors in supporting AI for decision-making in commerce by building complex models, incorporating all relevant factors and data, and reshaping the role of human oversight and trust,” Khan said.

Companies pushing the boundaries of AI capabilities increase the potential for transforming business practices. The substantial investment in SSI and similar ventures signals a growing recognition of the potential transformative power of advanced AI systems in the business world.

The $5 billion valuation of SSI, a company just three months old, reflects the high expectations and potential that investors see in advanced AI technologies. This valuation puts SSI in the upper echelons of AI startups, competing with more established players.

Research and development efforts at SSI are just beginning, and the broader implications for commerce and industry remain to be seen. The company’s focus on safety in AGI development could set new standards for the industry, potentially influencing how other companies approach AI development and implementation.

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Real-time payments continue their rapid global expansion, with banks and governments updating existing systems and introducing new ones for their citizens and customers.

Australia is expanding its real-time payments landscape through a new cross-border payments collaboration between BNY and Commonwealth Bank of Australia (CBA). This collaboration allows Australian businesses and individuals receiving payments from BNY customers to access funds in as little as 60 seconds, regardless of their banking institution. The partnership utilizes Australia’s New Payments Platform (NPP) International Payments Service (IPS), with CBA processing the final leg of BNY’s cross-border transactions.

In Switzerland, the Swiss National Bank (SNB) has officially launched real-time payments, leveraging a technical framework developed in partnership with SIX Interbank Clearing in November 2023. This new system complements the existing TWINT mobile payments platform and enables about 60 FIs, accounting for more than 95% of the country’s retail payment transactions, to process instant payments. Several banks have already introduced retail services for instant payments, with more expected to follow. The SNB anticipates that by the end of 2026, all FIs involved in retail payments will be integrated into the instant payment network.

Expansion in the United States

One notable real-time payments milestone comes from the United States, where the FedNow® Service recently marked its first anniversary with a roll call of more than 900 participating financial institutions (FIs). These institutions range from those with less than $500 million in assets to those exceeding $3 trillion, with community banks and credit unions (CUs) comprising 78% of the total. The service has also secured a broad selection of FinTechs enthusiastic about adding FedNow’s capabilities to existing Federal Reserve payment services like Fedwire and FedACH. Indeed, FedNow’s swift expansion demonstrates strong industry interest in adopting real-time payments.

Finally, smaller FIs are also embracing real-time payments. The Minnesota-based Affinity Plus Credit Union has launched a real-time payments service that allows members to receive funds instantly through The Clearing House’s RTP® network and FedNow Service. This new offering enables secure, immediate transactions from various financial institutions and service providers across the U.S., particularly benefiting small business owners and gig workers. The service enhances cash flow management, provides financial stability for gig economy participants, and facilitates faster emergency insurance payouts and disaster relief funding.

About the Real-Time Payments World Map

The “Real-Time Payments World Map,” a collaboration with The Clearing House, examines the latest developments fueling the rapid expansion of instant transactions worldwide.

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Consumers in the Seattle area can now order same-day grocery delivery from local merchant Metropolitan Market on Amazon’s marketplace, Chain Store Age reported. Additionally, the online marketplace is also expanding its existing grocery delivery partnership with Weis Markets to six additional locations.

“By teaming up with well-loved grocers like Metropolitan Market, we’re offering our customers in the greater Seattle area even more selection, value and convenience as they shop for their favorite foods online,” said Christian Seitel, Amazon’s head of U.S. grocery partnerships, per the report. “We look forward to expanding our two-hour delivery window offering to more Metropolitan Market and Weis Markets locations in the future.”

The eCommerce company’s partnership with Weis Markets kicked off last November in addition to similar deals with other grocery merchants. Plus, Amazon had already been offering third-party same-day grocery delivery options in the United Kingdom before that.

The move comes as Amazon looks to grow its presence in grocery — the one retail category in which it trails behind competitor Walmart by a wide margin. The most recent edition of PYMNTS Intelligence’s Whole Paycheck Report, “Walmart Holds Grocery Lead Over Amazon Despite Overall Share Declines,” estimated the two companies’ market shares in various retail categories using years of their earnings reports in conjunction with national data from the U.S. Census Bureau and Bureau of Economic Analysis. The results revealed that as of the second quarter, Walmart captured a share of consumer grocery spending seven times the size of Amazon’s, at 20% and 2.7%, respectively.

As Amazon ramps up its efforts to close the gap with Walmart in the grocery sector, its expanded third-party delivery partnerships with popular local merchants such as Metropolitan Market and Weis Markets mark a step toward growing its presence in the category. Capitalizing on these grocers’ existing followings, the marketplace could gain more market share.

Walmart, too, is focused on growing its grocery business. The report revealed that the retail giant’s share has been inching upward in recent years. Now, the company is relying on its low grocery prices, difficult for rivals to compete with, to draw consumers into its stores and get them to spend on food. The retailer shared on its most recent earnings call how it is using price reductions to drive engagement.

“Walmart U.S. food prices were slightly inflated as we exit Q2, but down 30 basis points versus Q1,” CEO Doug McMillon said. “In Walmart U.S., we have more than 7,200 rollbacks across categories. Customers from all income levels are looking for value, and we have it.”

These rollbacks come as PYMNTS Intelligence research found that consumers across generations are highly price-motivated when choosing where to shop. A survey of more than 3,600 United States consumers for the Generation Zillennial report revealed that Generation Z individuals and millennials are roughly twice as likely to choose retail merchants based on price than brand loyalty. Plus, Generation X consumers and baby boomers and seniors are roughly three times as likely to do so.

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September stands out as the month that will herald the first rate cut by the Federal Reserve after years of hiking interest rates.  At least, that’s what the conventional wisdom says.

For the FinTech IPO Index, specifically for the platforms within that group, lower interest rates should conceivably spur demand for loans and various forms of credit.  Conversely, lower interest rates levied on those loans would impact various earnings metrics. 

Right now, and as seen in the chart below, only a handful of our names have posted positive returns since their debuts as publicly traded entities.

The impacts of a rate cut — or perhaps even rate cuts, plural — might not be felt for some time, and earnings season won’t be here for another three months.  But the platforms, with a spate of partnerships, some corporate finance announcements, and some headlines in the buy now, pay later realm, held sway.

Shares of Katapult sank 17.7% through the past five sessions, followed by Upstart, which lost 15%.  In a release late last week,  Fibre Federal Credit Union, a Washington-based credit union with over 118,000 members and over $1.6 billion in assets, announced a new partnership with Upstart to provide personal loans to new and existing members. Fibre started on the Upstart Referral Network in December 2022.   In the current relationship, qualified personal loan applicants on Upstart.com who meet Fibre Federal’s credit policies will receive tailored offers as they move into  Fibre Federal-branded experience to complete the online member application and closing process.

Oportun, which lost 7%, announced the offering of $223.25 million of fixed-rate asset-backed notes secured by a pool of unsecured and secured installment loans.

Sezzle Taps WeBank

The BNPL names helped offset some of the losses that were noted above.  Sezzle, as we reported,  plans to have WebBank serve as its exclusive bank to originate and finance products offered through the Sezzle platform, including its Pay-in-2 and Pay-in-4 products.

The two companies entered into a strategic partnership program by executing a loan and receivables sale agreement and marketing and servicing agreement last week.   Subject to completion of confirmatory testing and procedures, the program is expected to launch in September, according to SEC filings.

Under the agreement, WebBank will also serve as the exclusive issuer of all Sezzle subscription products and of Sezzle card products, per the filing.

Affirm shares stood out here, having helped lead the FinTech IPO Index to higher last week. Earnings late last week noted that in the words of CEO Max Levchin, interest rate cuts might boost demand for BNPL. Shares soared 25%. “The most exciting thing about reductions at that fund rate is we’ll just have more active users, … we’ll have more repeat users, because we’ll be able to approve more people,” Levchin said.  Earnings results show that 40% of all Affirm transactions in fiscal year 2024 came from consumers transacting quarterly or more often, a stark increase from just 10% in fiscal year 2021, according to the company’s letter to shareholders. The average transactions per active consumer reached 4.9 in Q4 2024.

Elsewhere, and still within the platform space, Robinhood announced that it now offers stock lending for British customers, part of the platform’s ongoing U.K. expansion.  As detailed this week, the offering lets customers lend out any fully paid stock in their portfolio, with Robinhood taking care of finding interested borrowers.  This past week, shares slipped 3.5%.

Once shares are loaned out, the company said, customers can use the app dashboard to track earnings, see their positions and enable or disable lending. Stocks are backed by cash collateral at a third-party bank for additional protection, Robinhood added.

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A PYMNTS Intelligence report, “No-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction,” created in collaboration with The Clearing House, highlights how instant payroll solutions are becoming essential in addressing the growing demand for financial flexibility.

The Urgent Need for Real-Time Pay

Workers today are grappling with increased financial pressure, driving a new urgency for on-demand pay. According to the report, 83% of workers desire more frequent pay schedules, a significant shift from the traditional biweekly or semimonthly pay periods.

The push for instant payroll is driven by inflation and a 24% increase in average spending per person, which has strained many workers’ budgets. This financial burden often pushes workers toward high-interest payday loans, worsening their debt. Instant payroll addresses this by giving employees timely access to their earnings, helping them manage expenses and avoid costly loans.

Companies Embrace Instant Payroll Solutions

For younger workers, the need for real-time access to earnings is even more critical. About 70% of Americans report feeling stressed about their personal finances, with 75% of adults aged 18-34 expressing significant financial anxiety. Among Generation Z, 79% of hourly workers admit they frequently lack sufficient funds to cover their bills on time.

According to the report, workers are willing to pay for real-time payroll, but employers seeking to create a healthy working environment should offer this benefit for free. As demand for real-time payroll increases, many companies are adopting these solutions, but some workers are already using costly third-party services with annual interest rates up to 330%.

Companies like DailyPay, which recently raised $175 million and partners with major employers such as Hilton and Target, show that integrating earned wage access (EWA) platforms can improve hiring and retention. For employers, investing in in-house real-time payroll solutions offers a strategic advantage in boosting employee satisfaction and loyalty.

Retention and Satisfaction: The Benefits of No-Fee Payroll

Providing employees with instant access to their wages can significantly boost job satisfaction and retention. Consider that 78% of consumers express high satisfaction with instant payouts, although only 36% currently receive their disbursements this way. Fee-free instant payments have been shown to increase satisfaction by 11% and nearly double the likelihood of employee loyalty.

For businesses facing staffing challenges, the impact of offering no-fee instant payroll can be profound. Forty-six percent of small to medium-sized businesses (SMBs) struggle with staffing shortages, and 42% report difficulties with employee retention.

In such an environment, implementing real-time payroll can provide a competitive edge. Not only does it address the growing demand for financial flexibility, but it also improves employee morale and reduces turnover. As businesses navigate a tight labor market, the ability to offer instant, fee-free payroll could become a crucial factor in attracting and retaining talent.

As employee expectations evolve, the demand for instant payroll reflects broader changes in financial needs. Workers seek flexibility and immediate access to their earnings, compelling employers to adapt. Real-time payroll solutions help address these financial pressures, enhancing job satisfaction and retention.

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