| Banks fumble SMB loan program; Visa Secret Service team to flatten COVID fraud curve, Mobile wallet use at POS flatlines | | | Mobile Wallet Adoption Q1 2020 Report⢠|
| New Data: 95 Pct. Of Consumers Donât Use Mobile Wallets For In-Store Purchases On the rare occasions when consumers venture out to shop for necessities amid the COVID-19 pandemic, they naturally seek to limit physical transactions as much as possible. Yet, according to PYMNTSâ Mobile Wallet Adoption 2020 report, of 3,230 consumers who shopped in a physical store in early March, just 5 percent of in-store shoppers are using their mobile phones to pay at the register. Hereâs why. |
| How Visa And The US Secret Service Are Flattening The COVID-19 Fraud Curve While COVID-19 is rampaging, a secondary fraud epidemic is gearing up to start, U.S. Secret Service Special Agent in Charge Thomas C. Edwards and Visaâs Vice President of North American Risk Lori Hodges told Karen Webster. Cybercriminals are in a newly target-rich environment and are eager to get to work. The best cure? Prevention â and inoculating consumers with the information they need to avoid getting conned. |
| ClassPass CEO: The Feds Need To Flex Their Muscles To Help The Fitness Industry The COVID-19 outbreak has hit gyms, studios and wellness centers particularly hard â which like restaurants were forced to shut their doors nearly overnight. ClassPass CEO Fritz Lanman talked with Karen Webster about how its live-streamed platform is an effort to keep those studios afloat as the COVID-19 tide rises higher. |
| Is Amazon Missing Its Time To Shine? Many had high expectations for Amazon at the start of the U.S. COVID-19 outbreak, as the world's ranking experts on delivering goods to the doors of social distancing consumers. Reality, however, has not quite lived up to expectations, with labor quarrels and shipping delays plaguing the service at exactly the wrong time. Does this give other players the chance to step in to recover the fumble? |
| Banks Tap Resilience To Weather The COVID-19 Storm As bad as conditions have gotten of late economically speaking, it could be worse – banks could be failing. The fact that they aren't, OnPay President and CEO Neal Anderson told PYMNTS, is a testament to lessons properly learned after the last crisis in 2008 that made them resilient enough to weather this storm. The challenge now, he said, is to start applying the new lesson to ride out the next one. |
| | KLW Commentary | | New Data: Why COVID-19 Will Be The Connected Economyâs Inflection Point In the last 22 days, Americans have shifted, en masse, from living in a digital-often world to one that is largely digital-only â and PYMNTS' third study of 2,000+ U.S. consumers during the course of the global pandemic offers compelling new data as proof, including a tripling in the number of consumers who buy groceries online. Karen Webster says that the COVID-19 crisis has resulted in a quantum jump in the connected economy, and faster growth. The tragedy is that many traditional physical businesses appear to have lost the possibility of a soft landing, or of gradually transitioning themselves to this digital-only world. Hereâs the data and the details. |
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