Today In Payments: ECB Outlines Use Cases For Digital Euro; Goldman To Pay $2.5B For GM’s Credit Card Business
In today’s top news, the European Central Bank outlines use cases for a digital euro, and Goldman Sachs will buy GM’s credit card business. Plus, Walmart is partnering with Clover Health for its new health centers.
The European Central Bank says Europe should be ready to adopt a digital euro so residents can access money amid the evolving retail payment landscape.
Goldman Sachs will buy General Motors’ credit card business for approximately $2.5 billion, beating out competitor Barclays. The purchase furthers Goldman’s push into Main Street lending and gives Goldman access to over one million cardholders, who account for roughly $8.5 billion in spending per year.
Walmart is partnering with insurance startup Clover Health to aid seniors at their new Walmart Health centers in the Atlanta area, using Clover’s technology to track patient health and improve the quality of care. The partnership marks the retail giant’s foray into privately managed Medicare Advantage plans.
India is reportedly planning to launch its own app store as an alternative to Google and Apple’s app stores, in a bid by the country to become more self-reliant.
As shoppers continue to move to digital channels, merchants’ chief financial officers and treasurers won’t only be tasked with ensuring consumers’ online payment demands are met. J.P. Morgan Merchant Services CEO Max Neukirchen tells Karen Webster how CFOs must wield the power of data to adjust their liquidity management strategies in an omnichannel sales environment.
The pandemic has spawned mergers and acquisitions, and even an IPO boom within the tech and FinTech spaces. Jim McCarthy, president at i2c, tells Karen Webster that the great digital shift will spur tie-ups of all sorts as incumbents move quickly to modernize their tech stacks. Here’s who might be in the crosshairs and why.
Although auto sales are coming off recent lows, it remains to be seen how sustainable any rebound might be, as economic troubles linger. But one thing is certain: Online vehicle sales are where the rubber meets the road. And that journey may be a turbocharged one.