It’s the end of another work week, and the PYMNTS Weekender is here to catch you up on the latest news. We have deep dives on subscriptions, accounts receivable (AR) automation and Paycheck Protection Program (PPP) loan forgiveness.
Treasury Says PPP Loan Forgiveness Coming Soon
The U.S. Department of the Treasury said this week that it would start forgiving loans granted under the PPP in the near future. Lenders and borrowers had complained that the Small Business Administration (SBA) and the Treasury have failed to reply to requests for forgiveness.
Amazon One Lets Consumers Pay With Their Hand
Amazon has reportedly debuted the newest contactless way to make a payment at checkout through its Amazon One offering, which allows users to make a payment with a palm at some of its retail locations.
Square Unveils QR-Code Based Ordering for Eateries
Square has announced a quick-response (QR) code-based self-service ordering function for restaurants that utilizes Square Online, allowing diners to place orders via their mobile devices.
Target Pilots Buy Now, Pay Later With Sezzle
Installment payments platform Sezzle will be working on buy now, pay later (BNPL) offerings with Target in a collaboration that will involve limited tests with a small share of the retailer’s eCommerce shoppers in two product categories.
34 Payments Execs Weigh In On Payments, The Pandemic And New Possibilities (Q3 eBook)
Firms throughout any number of industries had to make both significant and small changes to the ways they meet consumers and fine-tune their roadmaps. PYMNTS asked 34 professionals from the payments space about the single most meaningful changes they made in response to the coronavirus.
Trackers and Reports
How Voice Assistants Help Win Consumer Spend – And Their Trust
Utilizing mobile apps that support voice assistant functionality can be a particularly strong combination for food sellers. Research indicates that 35 percent of all consumers are interested in harnessing voice assistants to order lunch, and many more consumers would like to utilize them for other takeout choices.
How Subscription Commerce Companies Can Keep Millions Of Consumers From Hitting ‘Cancel’ Post-Pandemic
Individuals are spending more time in their residences, and a number of entertainment outlets are shuttered or running at restricted capacities. As a result, many individuals are turning to streaming and other subscription offerings for entertainment. PYMNTS explores how COVID-19 has bolstered subscriptions in a number of areas and what firms can do to keep this momentum going.
Pandemic Pushes 70 Pct of Businesses to Automate Accounts Receivable
Hurdles connected with managing accounts receivable (AR) processes have become more troubling with the onset of COVID-19, as companies now must find alternative ways to handle functions that were historically conducted manually in office settings. In fact, 83 percent of business-to-business (B2B) companies have reshaped their AR procedures as of Mid-March.
Banking-as-a-Service Helps Corporates Monetize New Payments Flows
The possible value of the Banking-as-a-Service (BaaS) market could reach almost $4 trillion during the next 10 years, according to a recent report. The forecast shows the extent to which platform-based banking services can reshape every part of the economy, from insurance to home lending and business financing.
Fun, Cool and Otherwise Interesting
Super Apps Gain Ground (and Investments) Globally
The rise of the super app appears to be on the short-term horizon, powered by the funds required to build out functionality and roll out into new markets.
Online Auto Sales Are Where the Rubber Meets the Road
Overall, the auto market is coming off some fairly steep lows. However, the great digital shift to eCommerce sales has some road ahead, and it indicates where the rubber truly meets the road.
Will a Surge in New Business Filings Blunt Pandemic’s Impact on Main Street SMBs?
New U.S. business formation is reportedly increasing at its quickest clip in over 10 years, even with the pandemic.
US GDP declined by 31.4 percent in Q2, Slightly Better than Estimates
The Commerce Department reported this week that GDP fell by 31.4 percent in Q2 as measured quarter over quarter, a couple of basis points better than the 31.7 percent estimated previously.
Fed Sees Possible Path to ‘Direct Issuance’ of Digital Dollars
Cleveland Federal Reserve President Loretta Mester noted in a speech this week that a digital dollar could theoretically be a form of a money transfer that would let the Fed disburse funds to all people in the country.