The information you need to start your day, from PaymentsSource and around the web:
Shop stream
WeChat is collaborating with Guangzhou, a southern Chinese city, to host a shopping festival on livestream in early June, using a venue for consumers to interact with merchants, place orders and make payments in real-time.
It's a relatively older technology, predating the more common short videos on mobile apps, but it's a way for shoppers who may be skittish about returning to stores to engage with staff, reports
Alibaba, JD.com and Pinduoduo have also increased livestreamed shopping, following an announcement from the Chinese government pushed livestreamed e-commerce as a way to boost shopping in China, which has reopened sooner than most other countries.
Cashless train
Amtrak is the latest to weigh in. The rail service is restoring some Acela express trips between Boston and Washington on June 1, and will not allow cash payments for fares, reports
Cash has declined during the coronavirus outbreak due to concerns it can spread disease. The move bumps up against rules that require cash as an option, including in Philadelphia and New Jersey, which are parts of Amtrak's Northeast Corridor.
Compliance chief
Wirecard has appointed former Deutsche Borse AG compliance director James Fries as its chief compliance officer and head of a new department called Integrity, Legal and Compliance.
Fries, who assumes the role at Wirecard on July 1, has a long career in compliance, including a stint as director of the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN), and head of the U.S. Financial Intelligence Unit.
App bug
Venmo, Spotify, DoorDash, Pinterest and other iPhone apps have experienced crashes because of a bug in Facebook's software development kit.
The glitches were caused by a new release from Facebook that triggered crashes in the operating system, according to
The SDK is included in apps because it enables a deeper dive into metrics for Facebook's ads. Facebook told Ars Technica it has repaired the bug.
From the web
TECHCRUNCH | Sat May 9, 2020
Robert F. Smith, one of the world’s wealthiest private equity investors, called for an infusion of cash into community development financial institutions and for a new wave of technology tools to support transparency and facilitate operations among these urban rural communities that aren’t served by large banking institutions.
FORTUNE | Sun May 10, 2020
In an interview with Fortune, Max Levchin said the pandemic will cause an immediate effect, which is the decline in using cash.
THE GUARDIAN | Sat May 9, 2020
Virgin Money has reversed a decision to block some customers from making new purchases on their credit cards, saying that it has listened to feedback and decided it is not the right time to make the changes.
More from PaymentsSource
U.S. card issuers aren’t getting the full benefit of the contactless phenomenon because of their slower contactless card rollout strategies.
The failure to bring decades-old processes into the digital era not only continues to cost companies dearly but has only become increasingly disruptive in the current Covid-19 environment.
When Fiserv purchased First Data in 2019, it was part of an industrywide push to combine bank and merchant technology under one roof. A year later, a key piece of First Data’s technology — and its top executive — have become Fiserv’s path through the pandemic.
Citing a need to better serve its customers in the future and also boost the image of the XRP cryptocurrency, Ripple announced this week it was joining the ISO 20022 standardization committee.
A mix of consumer debt and economic anxiety is shining a light on firms that offer alternatives to revolving credit. This, in turn, creates a chance to further tie financing directly to checkout.
JetBlue Airways Corp. sold loyalty points to Barclays Plc for $150 million, making the carrier among the first in the U.S. to use the method to raise cash as the coronavirus pandemic all but extinguishes demand for travel.
Modern society is going through a crisis that could irrevocably change how people interact with one another. In response, supply chains are reshaping and adapting, remote work and communication are accelerating, and broader parts of the population are ordering everyday items online. So, as any industry must ask itself, what will the payments industry do to adapt to these new challenges?
The coronavirus pandemic is changing consumer habits around the world. As consumers are forced to stay at home, offline retail, restaurants, and bars are all but completely shut down. Many consumers are trying food and grocery delivery services for the first time, and many retail players are at a loss as to how to handle this unique situation.