![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/09/FinTech-IPO-list-0906.jpg\")
Apple reportedly approved an update to Tencent Holdings\u2019 WeChat app, just in time for the release of the iPhone 16.
\nThe 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.
\nApple\u2019s 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\u2019s app store fees could have resulted in WeChat being excluded from the latest iPhones, according to the report.
\nThe disagreement between Apple and Tencent centers around Apple\u2019s demand for a share of the transactions made through WeChat\u2019s 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\u2019s built-in messaging to direct gamers to other payment portals, thus avoiding paying Apple its usual 30% cut.
\nWhile Tencent has rejected Apple\u2019s 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.
\nTencent 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\u2019s 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.
\nApple\u2019s policies in maintaining the quality and security of its app ecosystem are well-known worldwide, the report said. However, the company\u2019s actions in China, including warning Tencent and ByteDance about in-app payment policies, have raised concerns about alienating creators in a crucial market.
\nWeChat 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\u2019s fees, in-app content and other online entertainment, such as mini-games, are subject to the iOS charges.
\nThe post Report: Apple Approves WeChat Update, Allows Time for Fee Negotiations appeared first on PYMNTS.com.
\n", "content_text": "Apple reportedly approved an update to Tencent Holdings\u2019 WeChat app, just in time for the release of the iPhone 16.\nThe 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.\nApple\u2019s 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\u2019s app store fees could have resulted in WeChat being excluded from the latest iPhones, according to the report.\nThe disagreement between Apple and Tencent centers around Apple\u2019s demand for a share of the transactions made through WeChat\u2019s 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\u2019s built-in messaging to direct gamers to other payment portals, thus avoiding paying Apple its usual 30% cut.\nWhile Tencent has rejected Apple\u2019s 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.\nTencent 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\u2019s 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.\nApple\u2019s policies in maintaining the quality and security of its app ecosystem are well-known worldwide, the report said. However, the company\u2019s actions in China, including warning Tencent and ByteDance about in-app payment policies, have raised concerns about alienating creators in a crucial market.\nWeChat 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\u2019s fees, in-app content and other online entertainment, such as mini-games, are subject to the iOS charges.\nThe post Report: Apple Approves WeChat Update, Allows Time for Fee Negotiations appeared first on PYMNTS.com.", "date_published": "2024-09-06T11:57:12-04:00", "date_modified": "2024-09-06T11:57:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/09/Apple-1.jpg", "tags": [ "Apple", "Mobile Applications", "News", "PYMNTS News", "Tencent Holdings", "wechat", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2095175", "url": "https://www.pymnts.com/google/2024/uks-cma-says-googles-ad-tech-practices-may-violate-competition-law/", "title": "UK\u2019s CMA\u00a0Says Google\u2019s Ad Tech Practices May Violate Competition Law", "content_html": "The United Kingdom\u2019s\u00a0Competition and Markets Authority (CMA) said Friday (Sept. 6) that it has found that Google may have harmed competition by using its dominance in online display advertising to favor its own ad technology services.
\nThe regulator added that it will accept comments on this \u201cstatement of objections\u201d before deciding whether the company has violated competition law, according to an\u00a0update on the investigation that was posted Friday.
\n\u201cWe\u2019ve provisionally found that Google is using its market power to hinder competition when it comes to the ads people see on websites,\u201d\u00a0Juliette Enser, interim executive director of enforcement at the CMA, said in a Friday\u00a0press release.
\nGoogle did not immediately reply to PYMNTS\u2019 request for comment.
\nIn a statement provided to the Wall Street Journal, Google Vice President of Global Ads\u00a0Dan Taylor said the company\u2019s advertising technology tools help publishers fund their content and enable businesses to reach potential customers.
\n\u201cGoogle remains committed to creating value for our publisher and advertiser partners in this highly competitive sector,\u201d Taylor said, per the WSJ\u00a0report.
\nThe CMA opened its investigation focusing on Google\u2019s ad tech stack in May 2022 and then combined it with a separate investigation into the company\u2019s header bidding services in March 2023, according to the update.
\nThe regulator\u2019s investigation so far has provisionally found that the \u201cvast majority\u201d of publishers and advertisers use Google\u2019s 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.
\nEnser said in the press release that many businesses are able to\u00a0offer 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.
\n\u201cThat\u2019s why it\u2019s so important that publishers and advertisers \u2014 who enable this free content \u2014 can benefit from effective competition and get a fair deal when buying or selling digital advertising space,\u201d Enser said in the release.
\nThe CMA plans to accept comment\u00a0on its statement of objections from December through March 2025 and to consider these comments from April 2025 through December 2025, according to the update.
\nGoogle\u2019s\u00a0ad tech\u00a0business also faces a challenge in the United States, where the\u00a0Department 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.
\nThe post UK\u2019s CMA\u00a0Says Google\u2019s Ad Tech Practices May Violate Competition Law appeared first on PYMNTS.com.
\n", "content_text": "The United Kingdom\u2019s\u00a0Competition and Markets Authority (CMA) said Friday (Sept. 6) that it has found that Google may have harmed competition by using its dominance in online display advertising to favor its own ad technology services.\nThe regulator added that it will accept comments on this \u201cstatement of objections\u201d before deciding whether the company has violated competition law, according to an\u00a0update on the investigation that was posted Friday.\n\u201cWe\u2019ve provisionally found that Google is using its market power to hinder competition when it comes to the ads people see on websites,\u201d\u00a0Juliette Enser, interim executive director of enforcement at the CMA, said in a Friday\u00a0press release.\nGoogle did not immediately reply to PYMNTS\u2019 request for comment.\nIn a statement provided to the Wall Street Journal, Google Vice President of Global Ads\u00a0Dan Taylor said the company\u2019s advertising technology tools help publishers fund their content and enable businesses to reach potential customers.\n\u201cGoogle remains committed to creating value for our publisher and advertiser partners in this highly competitive sector,\u201d Taylor said, per the WSJ\u00a0report.\nThe CMA opened its investigation focusing on Google\u2019s ad tech stack in May 2022 and then combined it with a separate investigation into the company\u2019s header bidding services in March 2023, according to the update.\nThe regulator\u2019s investigation so far has provisionally found that the \u201cvast majority\u201d of publishers and advertisers use Google\u2019s 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.\nEnser said in the press release that many businesses are able to\u00a0offer 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.\n\u201cThat\u2019s why it\u2019s so important that publishers and advertisers \u2014 who enable this free content \u2014 can benefit from effective competition and get a fair deal when buying or selling digital advertising space,\u201d Enser said in the release.\nThe CMA plans to accept comment\u00a0on its statement of objections from December through March 2025 and to consider these comments from April 2025 through December 2025, according to the update.\nGoogle\u2019s\u00a0ad tech\u00a0business also faces a challenge in the United States, where the\u00a0Department 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.\nThe post UK\u2019s CMA\u00a0Says Google\u2019s Ad Tech Practices May Violate Competition Law appeared first on PYMNTS.com.", "date_published": "2024-09-06T11:37:01-04:00", "date_modified": "2024-09-06T11:37:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Google-UK-CMA-advertising.jpg", "tags": [ "advertising", "Anticompetitive", "Antitrust", "Big Tech", "cma", "Competition and Markets Authority", "EMEA", "Google", "international", "News", "PYMNTS News", "regulations", "Technology", "uk", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2095144", "url": "https://www.pymnts.com/cryptocurrency/2024/mastercards-crypto-debit-card-integrates-with-apple-and-google-pay/", "title": "Mastercard\u2019s Crypto Debit Card Integrates With Apple and Google Pay", "content_html": "More than half a billion people own crypto, primarily as a speculative investment.
\nAnd 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\u2019s network, those people can start using their crypto to actually pay for things in the real world.
\n\u201cIndividuals holding crypto who want a convenient way to use their assets for everyday purchases can now benefit from Mercuryo\u2019s Spend crypto debit card, which allows users to spend their crypto directly from their wallet. This eliminates the need for an intermediary,\u201d Mercuryo said in a statement, noting that the new crypto payment solution \u201cintegrates with both Apple Pay and Google Pay.\u201d
\nUsers 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.
\nPYMNTS Intelligence has found that a positive\u00a0checkout experience\u00a0keeps customers coming back to a merchant \u2014 and that debit cards are now the preferred method underpinning digital wallet payments.
\nRead more: Web3 Fans Say Apple NFC Chip Access Will Jumpstart Crypto Payments Era
\nThe 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.
\nThe 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.
\nAnd the debit card is not even the only crypto payment offering Mastercard launched this summer. In August, Mastercard\u00a0introduced a crypto-to-fiat card with Web3/blockchain platform\u00a0MetaMask\u00a0and cryptocurrency payments firm\u00a0Baanx. The\u00a0MetaMask Card\u00a0lets MetaMask wallet customers use crypto for everyday purchases in fiat currency wherever Mastercard is accepted. The card is being piloted on a limited basis \u2014 a few thousand digital-only cards \u2014 for European Union and U.K. users.
\nElsewhere,\u00a0Wirex\u00a0has launched its mainnet, making its decentralized payment method,\u00a0Wirex Pay, live and ready to use. This blockchain-based payment method allows users to\u00a0make transactions\u00a0using cryptocurrencies at more than\u00a080 million merchants\u00a0in more than 200 countries, the company said Aug. 28.
\nThis news comes about a month after Wirex and\u00a0Visa\u00a0teamed up to promote the use of\u00a0digital currencies\u00a0in Europe and the United Kingdom, saying their collaboration will \u201cexplore new opportunities to leverage and integrate innovative Visa cards and reduce friction in payment experiences.\u201d
\nResearch in \u201cThe Embedded Finance Ecosystem: Logistics and Wholesale Trade Edition,\u201d a\u00a0PYMNTS Intelligence\u00a0and\u00a0Carat from Fiserv\u00a0collaboration, found that a majority of marketplaces (57%) are \u201chighly interested\u201d in further innovating their existing digital wallet offerings.
\nSee also: Crypto Is Minting Millionaires, but Its Payment Utility Remains Uncertain
\nThe 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.
\nAny 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.
\n\u201cIt\u2019s important to know that\u00a0crypto\u00a0is not just bitcoin and Doge and NFTs,\u201d\u00a0Solana Foundation\u00a0Head of Payments\u00a0Sheraz Shere\u00a0told PYMNTS in May. \u201c\u2026 Blockchains are\u00a0really\u00a0alternative rails for payments and financial assets.\u201d
\nAnd PYMNTS Intelligence finds that blockchain technology, the fundamental technology underpinning cryptocurrencies and digital assets, could have\u00a0tremendous potential\u00a0for use in regulated industries, such as finance and healthcare.
\nOf course, it all comes against a payments and commerce backdrop where other advances and innovations are simultaneously making strides.
\nThe post Mastercard\u2019s Crypto Debit Card Integrates With Apple and Google Pay appeared first on PYMNTS.com.
\n", "content_text": "More than half a billion people own crypto, primarily as a speculative investment.\nAnd 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\u2019s network, those people can start using their crypto to actually pay for things in the real world.\n\u201cIndividuals holding crypto who want a convenient way to use their assets for everyday purchases can now benefit from Mercuryo\u2019s Spend crypto debit card, which allows users to spend their crypto directly from their wallet. This eliminates the need for an intermediary,\u201d Mercuryo said in a statement, noting that the new crypto payment solution \u201cintegrates with both Apple Pay and Google Pay.\u201d\nUsers 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.\nPYMNTS Intelligence has found that a positive\u00a0checkout experience\u00a0keeps customers coming back to a merchant \u2014 and that debit cards are now the preferred method underpinning digital wallet payments.\nRead more: Web3 Fans Say Apple NFC Chip Access Will Jumpstart Crypto Payments Era\nBoosting Adoption of Cryptocurrencies as Payment Mechanism \nThe 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.\nThe 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.\nAnd the debit card is not even the only crypto payment offering Mastercard launched this summer. In August, Mastercard\u00a0introduced a crypto-to-fiat card with Web3/blockchain platform\u00a0MetaMask\u00a0and cryptocurrency payments firm\u00a0Baanx. The\u00a0MetaMask Card\u00a0lets MetaMask wallet customers use crypto for everyday purchases in fiat currency wherever Mastercard is accepted. The card is being piloted on a limited basis \u2014 a few thousand digital-only cards \u2014 for European Union and U.K. users.\nElsewhere,\u00a0Wirex\u00a0has launched its mainnet, making its decentralized payment method,\u00a0Wirex Pay, live and ready to use. This blockchain-based payment method allows users to\u00a0make transactions\u00a0using cryptocurrencies at more than\u00a080 million merchants\u00a0in more than 200 countries, the company said Aug. 28.\nThis news comes about a month after Wirex and\u00a0Visa\u00a0teamed up to promote the use of\u00a0digital currencies\u00a0in Europe and the United Kingdom, saying their collaboration will \u201cexplore new opportunities to leverage and integrate innovative Visa cards and reduce friction in payment experiences.\u201d\nResearch in \u201cThe Embedded Finance Ecosystem: Logistics and Wholesale Trade Edition,\u201d a\u00a0PYMNTS Intelligence\u00a0and\u00a0Carat from Fiserv\u00a0collaboration, found that a majority of marketplaces (57%) are \u201chighly interested\u201d in further innovating their existing digital wallet offerings.\nSee also: Crypto Is Minting Millionaires, but Its Payment Utility Remains Uncertain\nOvercoming Traditional Barriers to Crypto Use and Adoption \nThe 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.\nAny 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.\n\u201cIt\u2019s important to know that\u00a0crypto\u00a0is not just bitcoin and Doge and NFTs,\u201d\u00a0Solana Foundation\u00a0Head of Payments\u00a0Sheraz Shere\u00a0told PYMNTS in May. \u201c\u2026 Blockchains are\u00a0really\u00a0alternative rails for payments and financial assets.\u201d\nAnd PYMNTS Intelligence finds that blockchain technology, the fundamental technology underpinning cryptocurrencies and digital assets, could have\u00a0tremendous potential\u00a0for use in regulated industries, such as finance and healthcare.\nOf course, it all comes against a payments and commerce backdrop where other advances and innovations are simultaneously making strides.\nThe post Mastercard\u2019s Crypto Debit Card Integrates With Apple and Google Pay appeared first on PYMNTS.com.", "date_published": "2024-09-06T11:16:06-04:00", "date_modified": "2024-09-06T11:16:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Mastercard-crypto-debit-card.png", "tags": [ "Apple Pay", "Bitcoin", "Crypto payments", "Cryptocurrency", "debit", "debit cards", "digital wallets", "ecommerce", "EMEA", "Google Pay", "MasterCard", "Mercuryo", "News", "PYMNTS News" ] }, { "id": "https://www.pymnts.com/?p=2095145", "url": "https://www.pymnts.com/economy/2024/labor-market-slows-dimming-hopes-workers-looking-change-jobs/", "title": "Labor Market Slows, Dimming Hopes of Workers Looking to Change Jobs", "content_html": "On the face of it, the jobs report released Friday (Sep. 6) had some good news \u2014 at least for those looking for confirmation that the Federal Reserve will cut rates this month.
\nAdditionally, as a sign that the Bureau of Labor Statistics\u2019 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.
\nU.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.
\n\u201cIn August, job gains occurred in construction and healthcare,\u201d the bureau said in its release. Employment showed \u201clittle change over the month in other major industries,\u201d including services, finance and retail.
\nAs 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.
\nBut as the PYMNTS Intelligence report \u201cNew Reality Check: The Paycheck-to-Paycheck Report: Why One-Third of High Earners Live Paycheck to Paycheck\u201d found, a few key avenues for alleviating the pressures of individuals and households living paycheck to paycheck are narrowing.
\nThroughout 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.
\nFifty-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.
\nYounger demographics, including 57% of Generation Z consumers, were also more inclined to look for jobs.
\nA cooling labor market and downward revisions to previous gains \u2014 and the fact that job additions have been concentrated in a few sectors \u2014 may cause paycheck-to-paycheck consumers to reflect on their paths forward into the new year.
\nWithout 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.
\nThe post Labor Market Slows, Dimming Hopes of Workers Looking to Change Jobs appeared first on PYMNTS.com.
\n", "content_text": "On the face of it, the jobs report released Friday (Sep. 6) had some good news \u2014 at least for those looking for confirmation that the Federal Reserve will cut rates this month.\nAdditionally, as a sign that the Bureau of Labor Statistics\u2019 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.\nU.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.\nWhere the Jobs Were \u2014 and Where They Were Not\n\u201cIn August, job gains occurred in construction and healthcare,\u201d the bureau said in its release. Employment showed \u201clittle change over the month in other major industries,\u201d including services, finance and retail.\nAs 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.\nBut as the PYMNTS Intelligence report \u201cNew Reality Check: The Paycheck-to-Paycheck Report: Why One-Third of High Earners Live Paycheck to Paycheck\u201d found, a few key avenues for alleviating the pressures of individuals and households living paycheck to paycheck are narrowing.\nThroughout 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.\nFifty-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.\nYounger demographics, including 57% of Generation Z consumers, were also more inclined to look for jobs.\nA cooling labor market and downward revisions to previous gains \u2014 and the fact that job additions have been concentrated in a few sectors \u2014 may cause paycheck-to-paycheck consumers to reflect on their paths forward into the new year.\nWithout 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.\nThe post Labor Market Slows, Dimming Hopes of Workers Looking to Change Jobs appeared first on PYMNTS.com.", "date_published": "2024-09-06T10:57:39-04:00", "date_modified": "2024-09-06T10:57:39-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/12/jobs-economy-Labor-Department.jpg", "tags": [ "bureau of labor statistics", "Economy", "jobs", "News", "paycheck-to-paycheck", "PYMNTS News", "unemployment", "wages" ] }, { "id": "https://www.pymnts.com/?p=2095123", "url": "https://www.pymnts.com/news/retail/2024/walmart-launches-traveling-tour-to-promote-fashion-products-and-services/", "title": "Walmart Launches Traveling Tour to Promote Fashion Products and Services", "content_html": "Walmart has launched a traveling tour that will promote the fashion products and services the retailer offers in stores and online.
\nThe 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.
\nThe first event on the tour started Friday at the Taste of Chicago, according to the release.
\n\u201cWe\u2019re constantly looking for new ways to meet our customers where they are and add value to their lives,\u201d Kim Tunick, group director, brand experiences and partnerships at Walmart, said in the release. \u201cThe Walmart Style Tour is the first time we are creating this kind of experience for fashion and can\u2019t wait to bring it to communities across the country at events we know our customers are already planning to attend.\u201d
\nAt 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.
\n\u201cThe 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,\u201d the retailer said in the release.
\nWalmart has launched websites that feature the schedule of the Walmart Style Tour and the products that will be featured at the events.
\nOnline fashion rental service Rent the Runway (RTR) is also focusing on in-person events. RTR executives said Thursday (Sept. 5) during the company\u2019s quarterly earnings call that a significant part of RTR\u2019s strategy involves reenergizing its in-person presence, including a Southeast roadshow and mobile tour this fall.
\n\u201cIn real-life events, we\u2019ve seen hundreds of women standing around the block to get into events,\u201d RTR CEO Jennifer Hyman said during the call. \u201cReigniting everything around marketing will not only drive higher org traffic, but higher customer engagement.\u201d
\nMedia companies, too, are launching in-person experiences to cater to consumers who are looking to attend events, PYMNTS reported in June.
\nThe post Walmart Launches Traveling Tour to Promote Fashion Products and Services appeared first on PYMNTS.com.
\n", "content_text": "Walmart has launched a traveling tour that will promote the fashion products and services the retailer offers in stores and online.\nThe 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.\nThe first event on the tour started Friday at the Taste of Chicago, according to the release.\n\u201cWe\u2019re constantly looking for new ways to meet our customers where they are and add value to their lives,\u201d Kim Tunick, group director, brand experiences and partnerships at Walmart, said in the release. \u201cThe Walmart Style Tour is the first time we are creating this kind of experience for fashion and can\u2019t wait to bring it to communities across the country at events we know our customers are already planning to attend.\u201d\nAt 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.\n\u201cThe 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,\u201d the retailer said in the release.\nWalmart has launched websites that feature the schedule of the Walmart Style Tour and the products that will be featured at the events.\nOnline fashion rental service Rent the Runway (RTR) is also focusing on in-person events. RTR executives said Thursday (Sept. 5) during the company\u2019s quarterly earnings call that a significant part of RTR\u2019s strategy involves reenergizing its in-person presence, including a Southeast roadshow and mobile tour this fall.\n\u201cIn real-life events, we\u2019ve seen hundreds of women standing around the block to get into events,\u201d RTR CEO Jennifer Hyman said during the call. \u201cReigniting everything around marketing will not only drive higher org traffic, but higher customer engagement.\u201d\nMedia companies, too, are launching in-person experiences to cater to consumers who are looking to attend events, PYMNTS reported in June.\nThe post Walmart Launches Traveling Tour to Promote Fashion Products and Services appeared first on PYMNTS.com.", "date_published": "2024-09-06T10:15:42-04:00", "date_modified": "2024-09-06T10:15:42-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Walmart-tour-fashion.png", "tags": [ "apparel", "fashion", "News", "PYMNTS News", "Retail", "walmart", "Walmart Style Tour", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2095027", "url": "https://www.pymnts.com/artificial-intelligence-2/2024/ai-startups-1b-windfall-signals-potential-shake-up-in-global-business-landscape/", "title": "AI Startup\u2019s $1B Windfall Signals Potential Shake-up in Global Business Landscape", "content_html": "A three-month-old artificial intelligence (AI) startup\u2019s eye-popping $1 billion funding round could signal a shift in how the technology affects commerce.
\nSafe 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.
\n\u201cAt the end of the day, it\u2019s 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,\u201d Shoab Khan, chancellor of the Sir Syed CASE Institute of Technology, told PYMNTS.
\nThe 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.
\nThe company plans to use the funds partly for hiring, seeking to assemble what it calls \u201ca lean, cracked team of the world\u2019s best engineers and researchers.\u201d
\nThe 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\u2019s brief ousting.
\nWhile 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\u2019s approach to scaling will differ from that of OpenAI, though specifics remain undisclosed.
\nThe focus on safety in AI development comes at a time of increasing discourse about advanced AI systems\u2019 potential risks and rewards. Sutskever\u2019s experience leading a safety team at OpenAI that oversaw AI\u2019s existential risks may inform SSI\u2019s approach, although that team was disbanded shortly after his departure.
\nAccording to Khan, AI in commerce has limitations: \u201cThis depends on accurately modeling data probability distribution. In cases where data doesn’t follow a clear distribution or depends on many factors \u2014 some of which are difficult to measure, such as predicting bitcoin prices \u2014 AI\u2019s effectiveness is limited.\u201d
\nDespite challenges, there is optimism about AI\u2019s potential in business. \u201cI 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,\u201d Khan said.
\nCompanies 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.
\nThe $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.
\nResearch and development efforts at SSI are just beginning, and the broader implications for commerce and industry remain to be seen. The company\u2019s focus on safety in AGI development could set new standards for the industry, potentially influencing how other companies approach AI development and implementation.
\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.
\nThe post AI Startup\u2019s $1B Windfall Signals Potential Shake-up in Global Business Landscape appeared first on PYMNTS.com.
\n", "content_text": "A three-month-old artificial intelligence (AI) startup\u2019s eye-popping $1 billion funding round could signal a shift in how the technology affects commerce.\nSafe 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.\n\u201cAt the end of the day, it\u2019s 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,\u201d Shoab Khan, chancellor of the Sir Syed CASE Institute of Technology, told PYMNTS.\nThe 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.\nA Billion-Dollar Bet on Safety-Focused AGI\nThe company plans to use the funds partly for hiring, seeking to assemble what it calls \u201ca lean, cracked team of the world\u2019s best engineers and researchers.\u201d\nThe 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\u2019s brief ousting.\nWhile 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\u2019s approach to scaling will differ from that of OpenAI, though specifics remain undisclosed.\nThe focus on safety in AI development comes at a time of increasing discourse about advanced AI systems\u2019 potential risks and rewards. Sutskever\u2019s experience leading a safety team at OpenAI that oversaw AI\u2019s existential risks may inform SSI\u2019s approach, although that team was disbanded shortly after his departure.\nBalancing Potential and Limitations\nAccording to Khan, AI in commerce has limitations: \u201cThis depends on accurately modeling data probability distribution. In cases where data doesn’t follow a clear distribution or depends on many factors \u2014 some of which are difficult to measure, such as predicting bitcoin prices \u2014 AI\u2019s effectiveness is limited.\u201d\nDespite challenges, there is optimism about AI\u2019s potential in business. \u201cI 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,\u201d Khan said.\nCompanies 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.\nThe $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.\nResearch and development efforts at SSI are just beginning, and the broader implications for commerce and industry remain to be seen. The company\u2019s focus on safety in AGI development could set new standards for the industry, potentially influencing how other companies approach AI development and implementation.\n\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.\n\nThe post AI Startup\u2019s $1B Windfall Signals Potential Shake-up in Global Business Landscape appeared first on PYMNTS.com.", "date_published": "2024-09-06T09:50:19-04:00", "date_modified": "2024-09-06T09:50:19-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/AI-startup-business.png", "tags": [ "AI", "Artificial General Intelligence", "artificial intelligence", "funding", "Ilya Sutskever", "Investments", "News", "OpenAI", "PYMNTS News", "Safe Superintelligence", "startups", "Technology", "artificial intelligence" ] }, { "id": "https://www.pymnts.com/?p=2094751", "url": "https://www.pymnts.com/real-time-payments/2024/real-time-payments-reach-key-milestones-in-the-us-switzerland-and-australia/", "title": "Real-Time Payments Reach Key Milestones in the US, Switzerland and Australia", "content_html": "Real-time payments continue their rapid global expansion, with banks and governments updating existing systems and introducing new ones for their citizens and customers.
\nAustralia 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\u2019s New Payments Platform (NPP) International Payments Service (IPS), with CBA processing the final leg of BNY\u2019s cross-border transactions.
\nIn 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\u2019s 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.
\nOne notable real-time payments milestone comes from the United States, where the FedNow\u00ae 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\u2019s capabilities to existing Federal Reserve payment services like Fedwire and FedACH. Indeed, FedNow\u2019s swift expansion demonstrates strong industry interest in adopting real-time payments.
\nFinally, 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\u2019s RTP\u00ae 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.
\nThe \u201cReal-Time Payments World Map,\u201d a collaboration with The Clearing House, examines the latest developments fueling the rapid expansion of instant transactions worldwide.
\nThe post Real-Time Payments Reach Key Milestones in the US, Switzerland and Australia appeared first on PYMNTS.com.
\n", "content_text": "Download the World Map\n \n Real-Time Payments World Map\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nReal-time payments continue their rapid global expansion, with banks and governments updating existing systems and introducing new ones for their citizens and customers.\nAustralia 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\u2019s New Payments Platform (NPP) International Payments Service (IPS), with CBA processing the final leg of BNY\u2019s cross-border transactions.\nIn 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\u2019s 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.\nExpansion in the United States\nOne notable real-time payments milestone comes from the United States, where the FedNow\u00ae 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\u2019s capabilities to existing Federal Reserve payment services like Fedwire and FedACH. Indeed, FedNow\u2019s swift expansion demonstrates strong industry interest in adopting real-time payments.\nFinally, 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\u2019s RTP\u00ae 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.\nAbout the Real-Time Payments World Map\nThe \u201cReal-Time Payments World Map,\u201d a collaboration with The Clearing House, examines the latest developments fueling the rapid expansion of instant transactions worldwide.\nThe post Real-Time Payments Reach Key Milestones in the US, Switzerland and Australia appeared first on PYMNTS.com.", "date_published": "2024-09-06T04:02:05-04:00", "date_modified": "2024-09-05T20:46:11-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/real-time-payments-global-expansion.jpg", "tags": [ "Featured News", "Global Payments", "instant payments", "News", "PYMNTS Intelligence", "PYMNTS News", "Real-Time Payments", "Real-Time Payments World Map", "Real-Time Rails", "RTP Network", "The Clearing House", "Tracker Series" ] }, { "id": "https://www.pymnts.com/?p=2094677", "url": "https://www.pymnts.com/news/retail/2024/amazon-counters-walmarts-grocery-lead-with-third-party-delivery-play/", "title": "Amazon Counters Walmart\u2019s Grocery Lead With Third-Party Delivery Play", "content_html": "As Amazon looks to shrink Walmart\u2019s lead in food, the eCommerce giant is expanding its presence in third-party grocery delivery.
\nConsumers in the Seattle area can now order same-day grocery delivery from local merchant Metropolitan Market on Amazon\u2019s marketplace, Chain Store Age reported. Additionally, the online marketplace is also expanding its existing grocery delivery partnership with Weis Markets to six additional locations.
\n\u201cBy teaming up with well-loved grocers like Metropolitan Market, we\u2019re offering our customers in the greater Seattle area even more selection, value and convenience as they shop for their favorite foods online,\u201d said Christian Seitel, Amazon\u2019s head of U.S. grocery partnerships, per the report. \u201cWe look forward to expanding our two-hour delivery window offering to more Metropolitan Market and Weis Markets locations in the future.\u201d
\nThe eCommerce company\u2019s 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.
\nThe move comes as Amazon looks to grow its presence in grocery \u2014 the one retail category in which it trails behind competitor Walmart by a wide margin. The most recent edition of PYMNTS Intelligence\u2019s Whole Paycheck Report, \u201cWalmart Holds Grocery Lead Over Amazon Despite Overall Share Declines,\u201d estimated the two companies\u2019 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\u2019s, at 20% and 2.7%, respectively.
\nAs 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\u2019 existing followings, the marketplace could gain more market share.
\nWalmart, too, is focused on growing its grocery business. The report revealed that the retail giant\u2019s 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.
\n\u201cWalmart U.S. food prices were slightly inflated as we exit Q2, but down 30 basis points versus Q1,\u201d CEO Doug McMillon said. \u201cIn 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.\u201d
\nThese 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.
\nThe post Amazon Counters Walmart\u2019s Grocery Lead With Third-Party Delivery Play appeared first on PYMNTS.com.
\n", "content_text": "As Amazon looks to shrink Walmart\u2019s lead in food, the eCommerce giant is expanding its presence in third-party grocery delivery.\nConsumers in the Seattle area can now order same-day grocery delivery from local merchant Metropolitan Market on Amazon\u2019s marketplace, Chain Store Age reported. Additionally, the online marketplace is also expanding its existing grocery delivery partnership with Weis Markets to six additional locations.\n\u201cBy teaming up with well-loved grocers like Metropolitan Market, we\u2019re offering our customers in the greater Seattle area even more selection, value and convenience as they shop for their favorite foods online,\u201d said Christian Seitel, Amazon\u2019s head of U.S. grocery partnerships, per the report. \u201cWe look forward to expanding our two-hour delivery window offering to more Metropolitan Market and Weis Markets locations in the future.\u201d\nThe eCommerce company\u2019s 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.\nThe move comes as Amazon looks to grow its presence in grocery \u2014 the one retail category in which it trails behind competitor Walmart by a wide margin. The most recent edition of PYMNTS Intelligence\u2019s Whole Paycheck Report, \u201cWalmart Holds Grocery Lead Over Amazon Despite Overall Share Declines,\u201d estimated the two companies\u2019 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\u2019s, at 20% and 2.7%, respectively.\nAs 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\u2019 existing followings, the marketplace could gain more market share.\nWalmart, too, is focused on growing its grocery business. The report revealed that the retail giant\u2019s 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.\n\u201cWalmart U.S. food prices were slightly inflated as we exit Q2, but down 30 basis points versus Q1,\u201d CEO Doug McMillon said. \u201cIn 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.\u201d\nThese 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.\nThe post Amazon Counters Walmart\u2019s Grocery Lead With Third-Party Delivery Play appeared first on PYMNTS.com.", "date_published": "2024-09-06T04:01:51-04:00", "date_modified": "2024-09-05T20:51:48-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/grocery-delivery.jpg", "tags": [ "Amazon", "delivery", "ecommerce", "Featured News", "food and beverage", "grocery", "Metropolitan Market", "News", "partnerships", "PYMNTS News", "Retail", "walmart", "weis markets" ] }, { "id": "https://www.pymnts.com/?p=2094918", "url": "https://www.pymnts.com/news/ipo/2024/lending-platforms-results-mixed-ahead-of-rate-cuts-fintech-ipo-index-slips-3/", "title": "Lending Platforms Results Mixed Ahead Of Rate Cuts; FinTech IPO Index Slips 3%", "content_html": "The just-completed shortened trading week heralds the beginning of Fall, and September\u2019s here.
\nSeptember stands out as the month that will herald the first rate cut by the Federal Reserve after years of hiking interest rates.\u00a0 At least, that\u2019s what the conventional wisdom says.
\nFor 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.\u00a0 Conversely, lower interest rates levied on those loans would impact various earnings metrics.\u00a0
\nRight 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.
\nThe impacts of a rate cut \u2014 or perhaps even rate cuts, plural \u2014 might not be felt for some time, and earnings season won\u2019t be here for another three months.\u00a0 But the platforms, with a spate of partnerships, some corporate finance announcements, and some headlines in the buy now, pay later realm, held sway.
\nShares of Katapult sank 17.7% through the past five sessions, followed by Upstart, which lost 15%.\u00a0 In a release late last week,\u00a0 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.\u00a0Fibre started on the Upstart Referral Network in December 2022.\u00a0\u00a0 In the current relationship, qualified personal loan applicants on Upstart.com who meet Fibre Federal\u2019s credit policies will receive tailored offers as they move into\u00a0 Fibre Federal-branded experience to complete the online member application and closing process.
\nOportun, which lost 7%, announced\u00a0the offering of $223.25 million of fixed-rate asset-backed notes secured by a pool of unsecured and secured installment loans.
\nThe BNPL names helped offset some of the losses that were noted above.\u00a0 Sezzle, as we reported, \u00a0plans 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.
\nThe two companies entered into a strategic partnership program by executing a loan and receivables sale agreement and marketing and servicing agreement last week. \u00a0\u00a0Subject to completion of confirmatory testing and procedures, the program is expected to launch in September, according to SEC filings.
\nUnder the agreement, WebBank will also serve as the exclusive issuer of all Sezzle subscription products and of Sezzle card products, per the filing.
\nAffirm 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%. \u201cThe most exciting thing about reductions at that fund rate is we\u2019ll just have more active users, \u2026 we\u2019ll have more repeat users, because we\u2019ll be able to approve more people,\u201d Levchin said.\u00a0 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\u2019s letter to shareholders. The average transactions per active consumer reached 4.9 in Q4 2024.
\nElsewhere, and still within the platform space, Robinhood announced that it now offers stock lending for British customers, part of the platform\u2019s ongoing U.K. expansion.\u00a0 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.\u00a0 This past week, shares slipped 3.5%.
\nOnce 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.
\n
The post Lending Platforms Results Mixed Ahead Of Rate Cuts; FinTech IPO Index Slips 3% appeared first on PYMNTS.com.
\n", "content_text": "The just-completed shortened trading week heralds the beginning of Fall, and September\u2019s here. \nSeptember stands out as the month that will herald the first rate cut by the Federal Reserve after years of hiking interest rates.\u00a0 At least, that\u2019s what the conventional wisdom says.\nFor 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.\u00a0 Conversely, lower interest rates levied on those loans would impact various earnings metrics.\u00a0 \nRight 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.\nThe impacts of a rate cut \u2014 or perhaps even rate cuts, plural \u2014 might not be felt for some time, and earnings season won\u2019t be here for another three months.\u00a0 But the platforms, with a spate of partnerships, some corporate finance announcements, and some headlines in the buy now, pay later realm, held sway.\nShares of Katapult sank 17.7% through the past five sessions, followed by Upstart, which lost 15%.\u00a0 In a release late last week,\u00a0 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.\u00a0Fibre started on the Upstart Referral Network in December 2022.\u00a0\u00a0 In the current relationship, qualified personal loan applicants on Upstart.com who meet Fibre Federal\u2019s credit policies will receive tailored offers as they move into\u00a0 Fibre Federal-branded experience to complete the online member application and closing process.\nOportun, which lost 7%, announced\u00a0the offering of $223.25 million of fixed-rate asset-backed notes secured by a pool of unsecured and secured installment loans.\nSezzle Taps WeBank\nThe BNPL names helped offset some of the losses that were noted above.\u00a0 Sezzle, as we reported, \u00a0plans 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.\nThe two companies entered into a strategic partnership program by executing a loan and receivables sale agreement and marketing and servicing agreement last week. \u00a0\u00a0Subject to completion of confirmatory testing and procedures, the program is expected to launch in September, according to SEC filings.\nUnder the agreement, WebBank will also serve as the exclusive issuer of all Sezzle subscription products and of Sezzle card products, per the filing.\nAffirm 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%. \u201cThe most exciting thing about reductions at that fund rate is we\u2019ll just have more active users, \u2026 we\u2019ll have more repeat users, because we\u2019ll be able to approve more people,\u201d Levchin said.\u00a0 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\u2019s letter to shareholders. The average transactions per active consumer reached 4.9 in Q4 2024.\nElsewhere, and still within the platform space, Robinhood announced that it now offers stock lending for British customers, part of the platform\u2019s ongoing U.K. expansion.\u00a0 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.\u00a0 This past week, shares slipped 3.5%.\nOnce 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.\n\nThe post Lending Platforms Results Mixed Ahead Of Rate Cuts; FinTech IPO Index Slips 3% appeared first on PYMNTS.com.", "date_published": "2024-09-06T04:00:31-04:00", "date_modified": "2024-09-05T21:16:46-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/fintech-ipo-0905.jpg", "tags": [ "Affirm", "BNPL", "buy now pay later", "Connected Economy", "Featured News", "FinTech IPO", "IPO", "News", "PYMNTS News", "Robinhood", "sezzle" ] }, { "id": "https://www.pymnts.com/?p=2094840", "url": "https://www.pymnts.com/news/faster-payments/2024/70percent-us-consumers-stressed-personal-finances/", "title": "70% of US Consumers Feel Stressed About Personal Finances", "content_html": "In today\u2019s competitive job market, traditional benefits like retirement plans and paid time off are falling short as workers demand immediate access to their earnings. Rising financial pressures and living costs are driving this shift, pushing employers to adapt or risk losing top talent.
\nA PYMNTS Intelligence report, \u201cNo-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction,\u201d created in collaboration with The Clearing House,\u00a0highlights how instant payroll solutions are becoming essential in addressing the growing demand for financial flexibility.
\nWorkers 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.
\nThe push for instant payroll is driven by inflation and a 24% increase in average spending per person, which has strained many workers\u2019 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.
\n![\"instant](\"https://www.pymnts.com/wp-content/uploads/2024/09/Instant-wage-access.png\")
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.
\nAccording to the report, workers are willing to pay for\u00a0real-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%.
\nCompanies 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.
\nProviding 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.
\nFor 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.
\nIn 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.
\nAs 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.
\nThe post 70% of US Consumers Feel Stressed About Personal Finances appeared first on PYMNTS.com.
\n", "content_text": "In today\u2019s competitive job market, traditional benefits like retirement plans and paid time off are falling short as workers demand immediate access to their earnings. Rising financial pressures and living costs are driving this shift, pushing employers to adapt or risk losing top talent.\nA PYMNTS Intelligence report, \u201cNo-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction,\u201d created in collaboration with The Clearing House,\u00a0highlights how instant payroll solutions are becoming essential in addressing the growing demand for financial flexibility.\nThe Urgent Need for Real-Time Pay\nWorkers 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.\nThe push for instant payroll is driven by inflation and a 24% increase in average spending per person, which has strained many workers\u2019 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.\nCompanies Embrace Instant Payroll Solutions\n\nFor 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.\nAccording to the report, workers are willing to pay for\u00a0real-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%.\nCompanies 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.\nRetention and Satisfaction: The Benefits of No-Fee Payroll\nProviding 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.\nFor 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.\nIn 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.\nAs 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.\nThe post 70% of US Consumers Feel Stressed About Personal Finances appeared first on PYMNTS.com.", "date_published": "2024-09-06T04:00:20-04:00", "date_modified": "2024-09-05T18:32:52-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/personal-finances-earned-wage-access-instant-payments.jpg", "tags": [ "earned wage access", "Faster Payments", "Featured News", "Income", "instant payments", "News", "payments", "PYMNTS Intelligence", "PYMNTS News", "real time payments", "salary" ] } ] }