Hola! Our payments news roundup covers the latest from around the world starting with a look at MSTS’s “Credit as a Service™.” Then there’s the growing problem of password hygiene, according to new research from PC Matic. The future of retail is convenient and connected and a Walker Sands report says listening to millennials is critical. Gartner research shows B2B marketplaces are a big business opportunity.
Other news includes Microsoft’s moves to attract retailers and compete with Amazon. The US Chamber of Commerce says grocery stores are alive and growing. Trump’s tariffs cost US businesses $3.4 billion in June according to the Tariffs Hurt the Heartland coalition. Deutsche Bank created Fyrst – a digital bank for freelancers, founders, and entrepreneurs. MasterCard acquired Danish real-time payments firm Nets, gaining it a stronger foothold in the EU market. Swedish payments company Klarna raised $460 million for expansion in the US market. Good reading and enjoy your weekend!
What’s new in B2B payments? Credit as a Service
If you’re a typical SMB, one of your biggest challenges is managing B2B accounts receivables (AR) and slow-paying clients, particularly when you offer net 30- to net 60-day terms of payment. With the evolution of new digital services and technology, you can expect to see a rise in what financial solutions provider MSTS calls “Credit as a Service” (CaaS). Read more…
Research: Password hygiene is a dirty problem
It’s a growing cybersecurity problem that consumers and business simply can’t seem to clean up. It’s password hygiene and it’s a big challenge according to new research from PC Matic. The research provides surprising insights into the frequency passwords are changed, how often the same credentials are used in different settings, and how passwords are stored. And there are implications for businesses and payments providers too. Read more…
The future of retail? Connected and convenient
Walker Sands’ 2019 Future of Retail report suggests that all consumer purchase decisions boil down to two key factors: convenience and connection. When shopping, consumers are now conditioned to expect convenience, including selection, availability, and same-day delivery. At the same time, successful retailers are moving beyond a simple omnichannel strategy to finding ways to create deeper connections, particularly with millennials. Read more…
Gartner: How marketplaces create growth for business
Why would a business allow competitors and other companies to sell products on their own website? In a word, opportunity, according to Gartner analysts. Online marketplaces aren’t just for digital-native companies like Amazon & Airbnb. In a report on the advantages of marketplace sales models, Gartner says they provide an opportunity for companies to grow their digital business faster with a range of other benefits. Read more…
How Microsoft is courting retailers to compete with Amazon
Microsoft continues its competitive trudge with Amazon in the retail space. Earlier this week, Microsoft announced that it purchased marketing technology platform PromoteIQ for an undisclosed amount of money. PromoteIQ provides a platform that lets retailers place digital ads on their e-commerce storefronts. The acquisition, though small, is the latest in Microsoft’s attempts to level up with Amazon. Over the last few years, it’s garnered individual partnerships with retailers. Read more…
Despite headlines to the contrary, grocery stores are alive and well
Ignore the headlines that scream grocery stores are becoming extinct due to the battle between online and brick-and-mortar grocery retailing. They’re not true. What is true is that online is now the fastest-growing grocery retail channel, with a compound annual growth rate of 19.5%, according to the grocery retail research firm IGD. But despite that double-digit growth rate, online still represents only 2% to 5% of the $743 billion US grocery retail market, according to CBRE Research. Read more…
Trump’s tariffs cost US businesses $3.4 billion in June, trade advocacy group says
President Donald Trump’s tariffs cost U.S. businesses $3.4 billion in June alone, according to Tariffs Hurt the Heartland, a coalition of trade associations and agriculture commodity groups. That represents a $2.4 billion increase from what businesses paid the same month last year, despite a 31% decline, or $7.5 billion, in imports. The figures compiled from U.S. Census Bureau data capture the first month after the escalation of tariffs from 10% to 25% on $200 billion worth of Chinese goods. Read more…
Deutsche Bank creates digital bank Fyrst
Deutsche Bank has started a digital bank called Fyrst, designed for freelancers, founders, and entrepreneurs. However, the project is currently suspended by their former subsidiary, Postbank. The banking newcomer has announced that it is the first digital bank specifically for self-employed workers which offers the ‘promise of security’ – although it is not to be confused as an additional digital bank, rather it is an offer from the private and corporate bank DB. Read more…
Mastercard acquires Nets’ real-time payment business
Mastercard has purchased Nets Group’s real-time payment business this week for $3.19bn – its biggest acquisition to date. The Denmark-based company, with its instant payment services and e-billing solutions, will enable Mastercard to shift from being a pure card payments company to a ‘multi-rail’ payments group serving governments, consumers, and businesses with a larger, more scalable customer base, faster open banking solutions and value-added services such as data analytics and fraud protection. Read more…
Klarna becomes Europe’s most valuable fintech with $5.5bn valuation
Buy-now-pay-later platform Klarna has completed a massive funding round that values the firm at $5.5bn, ranking it as the largest private fintech in Europe and as one of the largest in the world. The Swedish firm, founded in 2005, has landed $460m in funding, which it says it will use to boost its push into the US market. The start-up provides delayed payment services to over 130,000 merchants around the world such as Ikea, Adidas, and Zara, and claims 60 million customers globally. Read more…
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