In this week’s news, we saw Apple Pay Later loom as a threat to card issuers. And Visa’s rebrand is about being a global acceptance network. The Weekender is here to catch you up.
Apple Pay Later Could Pose Larger Threat to Card Issuers Than to BNPL Players
The “Pay Later” pure-play stocks took a drubbing last week on the news that Apple Pay and Goldman, who partnered on the Apple Card, are doing it again to build a BNPL product. Based on what’s been attributed to “unnamed sources,” however, the real target may not, in fact, be the pure-play BNPL competitors, but rather the card issuers whose relationship with Apple — and Apple Pay — have been a bit strained since the start.
Visa Rebrand Redefines What It Means to Be a Global Acceptance Network
Visa would like to change its perception as just a way to pay, Chief Global Marketing Officer Lynne Biggar told PYMNTS CEO Karen Webster, and made that the cornerstone of its rebrand and “Meet Visa” campaign, which launched this week. What they need to know is that Visa is also a powerful tool for getting paid and for making sure money can move smoothly and securely and for any pair of senders and receivers, no matter the context.
As Sales Soar, Coca-Cola Warns Against Over-Optimism
Away-from-home sales may be recovering, but Coca-Cola does not believe that the effects of the pandemic are behind us. Stressing multiple times the “asynchronous” nature of this recovery domestically and internationally — less than half of the United States population is fully vaccinated, as is only 13.2 percent of the world’s population — company executives warned against regarding this moment as a return to normal.
Tesla’s Latest Boost and Automotive Subscriptions’ Shifting Future
It looks like Tesla’s long-awaited self-driving car package is ready. As of the Tesla app’s latest update, consumers have the option to purchase the firm’s Full Self-Driving package, which adds several features for self-driving cars, including navigating on autopilot and auto-park, as well as a full self-driving computer and traffic light and stop control. The monthly cost of the upgrade will be $199 a month for new drivers and $99 a month for those who had previously bought into the now-discontinued Enhanced Autopilot package.
Revolut’s $33B Valuation Reflects the Promise of Open Banking
As reported last week, Revolut, the FinTech focused on banking services, raised $800 million in a funding round that was led by investors that included SoftBank and Tiger Global. With that capital raise, the company is valued at $33 billion. The latest figure is a marked increase from the $5.5 billion at which the company had been valued only a year ago.
Trackers and Reports
New Data: ‘Generation SuperConnected’ Want FIs, Merchants to Ditch the Password
New PYMNTS research shows that today’s urban consumers are more than digital channel enthusiasts — they’re “superconnected” centers of multichannel digital activity who are well aware of the vulnerability of their data. Superconnected consumers are banking, working and relaxing using multiple devices to remove friction from routine tasks and save time. PYMNTS research found that many of these consumers are concerned that as they share personally identifiable information (PII) that allows merchants and marketers to tailor offers, they are also providing criminals with opportunities to compromise their accounts and steal their information.
NEW PYMNTS DATA: 60 Pct of Cryptocurrency Users Want Merchants to Offer Payment Discounts, Rewards
PYMNTS’ research finds that two-thirds of users who held cryptocurrencies purchased them to make transactions, and another 53 percent purchased them because of FOMO, which is up from 32 percent over previous levels. When it comes to making purchases, 93 percent of cryptocurrency users would consider using crypto in the future, and even 59 percent of those who have never held cryptocurrency are interested in doing so.
Dapper Boi Sees BNPL as ‘One-Size-Fits-All’ Fix for Unique Customer Styles and Needs
According to Charisse Pasche, co-founder of gender-neutral clothing label Dapper Boi, more customers are turning to buy now, pay later (BNPL) to purchase the fits they seek without going over their budgets. In this month’s feature story, Pasche discusses how BNPL solutions factor into the company’s approach to inclusivity.
Fun, Cool and Otherwise Interesting
FinTechs Bank on Reimagining Business Banking
Business banking is being reimagined by FinTechs in an interconnected way – one that, conceptually, creates a one-stop-shop for enterprises to accept payments, interact with supply chains and tap working capital to finance growth.
Nowhere might that be more readily apparent than Square’s announcement that it has launched Square Banking. The offering combines a range of accounts and payment modalities in an effort to help small businesses manage cash flow by linking checking accounts, savings accounts, cards and lending options.
Crocs’ Old Demand Problem Has Become Its New Supply Problem
Crocs saw its revenue nearly double year over year to $640.8 million in the second quarter, beating both internal and Wall Street expectations as direct-to-consumer (D2C) and digital sales accelerate amid the reopening of retail locations and increased demand.
The Colorado-based casual footwear company had earlier this year predicted between 60 percent and 70 percent revenue growth in the second quarter; in reality, revenue grew by 93 percent compared to 2020 and 79 percent compared to 2019.
For Visa, APIs — and Acquisitions — Target Cross-Border Payment Pain Points
On Thursday (July 22), Visa said it had spent 700 million U.K. pounds (about $963 million USD) to buy B2B cross-border payments firm Currencycloud. Visa, which already had a strategic partnership in place with the firm, now takes the Currenclycloud APIs and platform fully into its fold.
Currencycloud offers real-time notification on FX and access to multi-currency wallets, as well as virtual accounts. As reported, Currencycloud has relationships with about 500 banking and technology clients spanning 180 countries.
Uber Eats Devours Ride-Share Business as Company Doubles up on Groceries
Uber announced on Monday (July 19) that it is growing its grocery delivery capabilities, with the service now available in 400 United States cities and towns. This expansion increases Uber Eats’ grocery delivery presence more than twofold, made possible by a partnership with major grocery chain Albertsons Companies that adds 1,200 grocery stores to the platform.