It’s a week from Black Friday, but the Black Friday ads are already running in full force. To help you get through the weekend while you shop online, we’ve got our popular Friday global payments news roundup ready for your weekend reading.
Payments Trends to Watch in 2019
As fast as technology is growing today, Moore’s law posits that it will only continue to rocket forth at a staggering velocity. Bankers must be prepared to respond to the technological evolution and shifting customer behaviors with innovative solutions that are fast, simple and delightful for customers to use. In this special report, the ABA Banking Journal delves into several key trends will shape the conversation around payments in 2019 and beyond. Read more…
Alibaba’s Singles Day makes double-digit record sales of $30.8 billion
Another year, another Alibaba’s Singles Day sales record with sales reaching $30.8 billion (RMB213.5 billion), up 27% for the one-day e-commerce extravaganza. Last year, sales were $25.3 billion for the promotion, also known as Alibaba’s 11.11 Global Shopping Festival. The company said it handled more than one billion orders through its fulfillment network, Cainiao Smart Logistic. In 2017, it handled 812 million orders. Read more…
8 ways Amazon can shake up a city
Amazon is rightfully thought of as an e-commerce juggernaut, but the company’s latest move — opening additional headquarters in the New York and Washington, D.C. areas — has drawn attention to how its presence changes the physical world. But the company can still have a major impact, even if it doesn’t locate a significant staff presence in a particular area. Amazon has targeted cities as proving grounds for numerous initiatives as it looks to disrupt traditional approaches to retail. Read more…
Walmart is about to overtake Apple in e-commerce
With one of the fastest growing e-commerce businesses in retail, Walmart (including Walmart, Sam’s Club, and Jet.com) is about to overtake Apple as America’s No. 3 e-retailer, according to the latest forecast from eMarketer. The estimate comes as the retail giant registered 43% growth in e-commerce in its third quarter, with a 32% rise just in the US. Read more…
Visa, Chase to roll out contactless payments to millions of cardholders
JP Morgan Chase and Visa are rolling out contactless payments to millions of the bank’s cardholders starting later this year, including debit, credit, and co-branded cards, according to a blog post from the card issuer and company release from the bank. Starting later this year, Chase customers receiving their renewed cards or being issued a new Visa card will get the contactless Tap to Go capabilities in their new cards, starting with Chase Freedom Unlimited and Chase Slate customers. Read more…
IoT payments a novelty now but will reach $410 billion by 2023
Internet of Things (IoT) payments will total an estimated $24.5 billion in 2018 but Juniper Research predicts the IoT payments market will grow at an impressive average of 75% per annum over the next 5 years, reaching $410 billion by 2023. A large portion of that future growth will come from in-vehicle payments, according to the report. Read more…
Retailers, payment platforms unveil mobile technologies to raise omnichannel game
The increasing demand for omnichannel shopping options means that retailers need to convert millennial and Generation Z consumers from passive shoppers into paying customers on a mobile platform with a service that can securely handle a large volume of traffic, engage the customer and hopefully draw those same customers into the store to potentially make more purchases. Read more…
Walmart & Ford test driverless deliveries in Miami
Shopping at Walmart got even easier if you live in Miami, thanks to a collaboration between Walmart, Ford and delivery service Postmates. The new test drive lets customers shop for groceries online, have their order picked and packaged by Walmart’s personal shoppers and delivered in a driverless delivery vehicle. Read more…
Nordstrom takes hit over credit card overcharges
The Seattle-based retailer erroneously charged delinquent credit-card accounts a too-high interest rate, resulting in a $72 million hit to earnings – 28 cents per share – before interest and taxes. The company is assessing the impact on each individual credit-card account and is preparing to issue refunds or credits. Fewer than 4 percent of accounts will receive refunds, typically of $100 or less. Read more…
FAO Schwarz Returns to NYC With a New Flagship Toy Store
FAO Schwarz opens its doors today with a new flagship location in New York City. The beloved toy store spans 2.5 levels with over 20,000 square feet of signature toys, interactive experiences, and shops crafted to instill a world of wonderment and deep nostalgia for parents and children alike. With a nod to the deep history of the brand in New York and a wink to its future, the new store designed by Chute Gerdeman capitalizes on the Art Deco architecture of its new home and amplifies memories of the best FAO experiences from years past. Read more…
LET’S CONNECT