Payments

While there has been a general trend of paying people faster for work already performed, starting with gig workers, COVID-19 has created (or exposed) many issues that are fueling the shift toward on-demand pay, especially for hourly workers.

The simplest of mechanisms, having evolved over time, has now become a trending solution, a beacon of a brighter time and an essential service provider in an hour of need, says PPS' Tessa Unsworth.

Consumers avoiding stores because of COVID-19 have driven triple-digit sales growth of Blackhawk’s digital gift cards sold through retailers’ websites, with the final weeks of the year expected to push digital cards to a tipping point.

Data that mimics the original set is part of coronavirus vaccine trials, and also has ramifications for mapping financial services metrics, says Aite's Ginger Schmeltzer.

Safaricom Plc. is in negotiations with fund managers, investment banks and insurance companies to partner on a raft of mobile phone-based savings and wealth-management products, Chief Executive Officer Peter Ndegwa said in an interview in Nairobi, Kenya’s capital.

Digital financial services provider Vacuumlabs is partnering with Global Processing Services to boost mobile app-based and e-wallet features for businesses of all sizes.

Many companies had to pivot sharply in just a month or two. Others were rewarded richly for their earlier investments in digital technology.

When Mastercard and Visa cut ties with Pornhub in December, it was abrupt but unsurprising. The banking and payments industries have had a long and conflicted history with adult content.

Moving into 2021, curbside will continue to be a significant element of the retail experience as customers grow to prefer the convenience. Getting a head start on streamlining checkout now will set your company up for success in the next digital decade, says Mobiquity's Brittany Mills.

Even with the pandemic's dramatic shift to online commerce, TIAA Bank's Claudia Tabacinic says there's still room to migrate consumers, and lingering reluctance to embrace new technology.

When Mastercard and Visa cut ties with Pornhub in December, it was abrupt but unsurprising. The banking and payments industries have had a long and conflicted history with adult content.

Launching a card is complex, and fintechs have the answer for a more dynamic future, says Railsbank's Dov Marmor.

The U.S. debit networks have always been strong supporters of open standards created through open, consensus building, says the Secure Remote Payment Council's Paul Tomasofsky.

Openpay, the latest firm to enter the U.S.’s booming buy now, pay later instant-credit market, has hired a team clearly braced for heavier competition and regulation ahead.

Manual transaction monitoring doesn't scale to the acceleration of online activity, leading to many potential false negatives, and reduced efficiencies as teams demand quick growth and analysts take time to train properly, says Acuant's Jose Caldera.

Ultimately, whatever options banks and fintechs deliver for this next phase of the pandemic must appease not only the merchants but their customers as well.

FreedomPay and Sightline Payments are partnering to develop a cashless digital payments and patron loyalty platform for casinos, resorts and other gaming operators.

It isn't lost on Fiserv that consumers increasingly are moving to digital financial services. Its deal to acquire Ondot Systems, a digital card solutions platform, aims to capitalize on the shift.

Demand for food delivery has been strong during the pandemic, building on what already had been a strong demand for the $27 billion industry, according to NPD Group.