Embedded Finance Becomes More Popular Across Industries

Global firms such as Amazon, IKEA, Mercedes-Benz and Walmart are cutting out traditional financial institutions in favor of financial technology, or “fintech” — startups offering everything from banking and credit to insurance. Embedded finance, a term for companies integrating software to offer services like “buy now pay later” at check out, are poised to disrupt the status quo, according to Reuters, which reports that while “banks are still behind most of the transactions,” analysts are warning that as they “get pushed further away from the front end of the finance chain” they’ll be frozen out of lucrative consumer data mining. Continue reading Embedded Finance Becomes More Popular Across Industries

Amazon’s POS System Will Take on Shopify, Square, PayPal

Amazon is developing a new point-of-sale system designed to lure small businesses that use Shopify, Square and PayPal for checkout needs. The new POS system manages in-store and online transactions, adds Amazon checkout options, provides inventory counts and offers business analytics. The system also integrates with existing Amazon services, including the Prime membership program, the One palm-based identification technology, and the Flex delivery network. Amazon also reportedly tasked its “Project Santos” team with a POS system that could be sold to third-party sellers. Continue reading Amazon’s POS System Will Take on Shopify, Square, PayPal

Bitcoin Experts & Advocates Lobby Congress Over Tax Rules

Faced with new tax rules for cryptocurrencies, Ashton Kutcher, Elon Musk and Square chief executive Jack Dorsey were among those who brought the fight to Washington. They and others in the industry including lobbyists, executives and trade group officials reached out to Congress over a provision in the massive new infrastructure bill that would “expand and strengthen tax enforcement of crypto transactions.” Dorsey “brought the Twitter heat” over the issue, igniting a grass roots reaction among thousands of crypto enthusiasts. Continue reading Bitcoin Experts & Advocates Lobby Congress Over Tax Rules

Square Will Purchase Afterpay Credit Company for $29 Billion

Square announced it will acquire Australia-based financial tech company Afterpay in an all-stock deal worth about $29 billion, with Square chief executive Jack Dorsey stating that the two companies “have a shared purpose.” Afterpay appeals to a younger demographic that mistrusts traditional credit companies; its technology lets a consumer pay for goods in four interest-free installments and receive the goods immediately. Customers only pay a fee if they miss an automated payment, which also locks their account until the balance is repaid. Continue reading Square Will Purchase Afterpay Credit Company for $29 Billion

PayPal, Visa Enable Streamlined Cryptocurrency Transactions

PayPal announced the launch of Checkout with Crypto, which allows customers to purchase certain items online via cryptocurrencies. The new feature is part of the company’s new unit focused on blockchain and crypto/digital currencies and adds to its current capability for customers to buy, sell and hold cryptocurrency. Bitcoin, Litecoin, Ethereum and Bitcoin Cash are the cryptocurrencies accepted, which are processed with clear conversion rates and no additional fees but only one type of cryptocurrency is accepted for each purchase. Continue reading PayPal, Visa Enable Streamlined Cryptocurrency Transactions

Square Acquires Majority Stake in Jay-Z’s Tidal Music Service

Digital payment firm Square is spending $297 million in cash and stock for a majority share of the subscription-based Tidal streaming music service. Tidal owner Jay-Z, born Shawn Carter, will join Square’s board. Now, musicians on Tidal will be able to use Square’s Cash App payment service to digitally store and transfer money. Square hardware lead Jesse Dorogusker, who will temporarily lead Tidal, said, “we’re interested in a 360-degree view of artists as small-business owners,” noting live performances, merchandise and collaborations. Continue reading Square Acquires Majority Stake in Jay-Z’s Tidal Music Service

Bitcoin Tops $51,000 in Value as Major Firms Support Crypto

Bitcoin’s price surged above $50,000 for the first time yesterday as companies including Tesla, Mastercard, PayPal and BNY Mellon showed support for the cryptocurrency. Tesla bought $1.5 billion worth of Bitcoin and plans to accept it as payment for its cars, while Mastercard added that it too would accept Bitcoin as payment for “some of its products.” Coin Metrics reported that Bitcoin broke the $50,000 metric by rising 3 percent on Tuesday to $50,487, and hitting a fresh record high of $51,715 earlier today. Meanwhile, SEC commissioner Hester Peirce has called for crypto regulation. Continue reading Bitcoin Tops $51,000 in Value as Major Firms Support Crypto

CES: Industry Experts Discuss the Cryptocurrency Landscape

Cryptocurrency entrepreneurs convened in early December to record The Cryptocurrency Landscape session that CES 2021 released today. Panelists discussed how Wyoming has established legal and regulatory protocols for Bitcoin to make cryptocurrency activities compatible with existing banking regulations. They also discussed how institutions and businesses are getting more comfortable with cryptocurrency investments, how online payment services such as PayPal and Venmo have added Bitcoin to their transaction options, and how cryptocurrency’s provable scarcity makes it more attractive to investors and the general public as countries issue more currency to prop up their economies during the COVID shutdown. Continue reading CES: Industry Experts Discuss the Cryptocurrency Landscape

Investments in Bitcoin Increase During the COVID Pandemic

Cryptocurrency Bitcoin is on a roll, rising to a record high since the advent of the global coronavirus pandemic. In March it had skidded to below $4,000. This time, however, its growth is not being driven by the same speculative forces that led to its peak of $19,783 in 2017. Instead, American companies and other traditional investors are gravitating to Bitcoin as an alternative asset, similar to gold, that enables them to place part of their financial portfolio outside the influence of governments and the traditional financial systems. Continue reading Investments in Bitcoin Increase During the COVID Pandemic

Twitter Reports Increase in Daily Users But a Drop in Revenue

In the quarter ending June 30, Twitter’s number of daily users rose 12 percent from the previous quarter to 186 million, while revenue dropped 19 percent from a year earlier to $683 million. The former number surpassed the expectations of analysts polled by FactSet whereas the latter was below the predicted $702 million estimate. It adds up to a $1.23 billion loss, impacted by a reversal of a $1+ billion tax benefit in 2019. Twitter has not provided forecasts for revenue or operating income in its latest earnings report. Continue reading Twitter Reports Increase in Daily Users But a Drop in Revenue

Tech Sector Workers Fearful of Losing Jobs to AI Automation

A KPMG report revealed that 67 percent of tech sector employees fear losing their jobs to automation and 70 percent worry their jobs will be eliminated due to the economic downturn. In other industries, only 44 percent of workers are concerned about losing their jobs to automation and 57 percent worry their jobs will disappear. Conducted in April, the survey queried 1,000 full-time/part-time workers, of whom 223 were in the tech sector. Twitter founder and CEO Jack Dorsey stated that, in the future, AI will write its own software. Continue reading Tech Sector Workers Fearful of Losing Jobs to AI Automation

Twitter Settles With Activist Investor, Dorsey Keeps Position

Twitter and activist investor Elliott Management have come to an agreement to keep chief executive Jack Dorsey in his position, at least for now. Elliott Management, a $40 billion hedge fund that has a 4 percent stake in Twitter, sought to oust Dorsey from his position, claiming that, by splitting his attention between Twitter and Square, the chief executive let the former company lose its competitive edge and slip behind rivals. On February 21, Elliott nominated four candidates for Twitter’s board to add to the pressure. Continue reading Twitter Settles With Activist Investor, Dorsey Keeps Position

Tech and Media Industries Feeling Impact of the Coronavirus

Hollywood, digital media and technology are among the growing number of industries being impacted by the coronavirus. As the virus continues to spread globally, a range of business sectors are feeling the effects, including media production, movie theaters, theme parks, touring performers, music acts and consumer electronics. In addition, major tech conferences such as Google I/O, Facebook’s F8, Adobe Summit and Mobile World Congress in Barcelona have been canceled, representing about $500 million so far in lost revenue for airlines, hotels, restaurants, and related businesses. China’s film industry has lost close to an estimated $2 billion in box office grosses since its theaters closed earlier this year. Continue reading Tech and Media Industries Feeling Impact of the Coronavirus

PayPal Monetizing Venmo, Which Now Has 40 Million Users

PayPal Holdings’ Q1 earnings report revealed that 40 million people used its digital money transfer service Venmo in the last year, making it one of the most popular financial apps in the United States. Venmo is also growing dramatically in overall volume with the total number of payments made on its platform skyrocketing 73 percent to $21.3 billion in Q1 2019. Most Venmo transactions are between two people, with the company swallowing the processing fee. But PayPal prizes the app since a younger, more active cohort favors it. Continue reading PayPal Monetizing Venmo, Which Now Has 40 Million Users

Japan’s Recruit Aims to Compete With Top Global Websites

In Japan, Recruit Holdings, the center of a corporate scandal that ended with the ousting of the prime minister, is being put back together by a group of employees. Whereas the former Recruit was a magazine publisher and job-placement firm, the new version is an Internet behemoth that combines the capabilities of LinkedIn, Zillow, Yelp, eHarmony, Booking.com, Square and many other apps. Recruit chief executive Masumi Minegishi is betting the company has the experience and resources to dominate consumer spending by 2030. Continue reading Japan’s Recruit Aims to Compete With Top Global Websites

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