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 quick-service restaurants (QSRs), cybersecurity and government stimulus.
In Reversal, Trump Will Sign $1,200 Stimulus Check To Americans ‘Immediately’ if Congress Agrees
President Donald Trump wrote in a pair of tweets on Tuesday (Oct. 6) that he would be in favor of another round of $1,200 direct checks to Americans, billions to meet the payroll of air carriers up to March and a Paycheck Protection Program extension.
Square Capital Chief to Step Down
The leader of Square Capital, Jacqueline Reses, is stepping down as of Oct. 30, according to a published report. Square Capital is Square’s small business financing unit, offer loans between $300 and $10,000.
BBB: Scammers Are Stealing Money Via Cash App
More scams are occurring in the COVID-19 era, and scammers are now reportedly harnessing the Cash App to bilk consumers.
Oracle, SWIFT Add Fast Cross-Border Payments for SMBs
Oracle Banking Payments announced this week that it is supporting SWIFT’s newest offering to accelerate effortless cross-border payments for consumer markets and small and medium-sized businesses (SMBs).
How Consumers Forced Big Merchants to Up Their Digital-First Game
Health-first has sped up the consumer’s transition to digital-first, and continues to influence consumers’ choices. That has caused merchants to reshape their own habits, and to meet customers where and how they want to shop, pay, order and consume their food.
Trackers and Reports
Report: Helping Online SMBs Bridge the AML Compliance Knowledge Gap
Knowing the modus operandi of money launderers is key for payments providers, but knowing the usual spending habits of customers and retailers is just as important, if not more so, to find anomalies. PYMNTS explores how anti-money laundering (AML) and know-your-customer (KYC) processes must be solid, but also easy to follow for a broad array of clients.
REPORT: The QSR’s Digital Checklist for Surviving the Long Haul
COVID-19 has made QSRs reconsider their business models from the ground up, as social distancing decelerates walk-in traffic. PYMNTS explores how a QSR put curbside pickup and bulk grocery orders into place to meet the needs of clients and to break even, at a time when making a profit is more difficult than ever.
Report: Dosh CEO on Giving Online Shoppers Safety and Speed at Sign-Up
Users who are worried about fraud are putting a much higher value on cybersecurity. PYMNTS explores how one cashback app is using email and text verification tools to safely and simply onboard new clients as well as gain users’ trust.
Fun, Cool and Otherwise Interesting
What Capitol Hill’s ‘Horizontal’ Block Means for Big Tech – and Connected Economies
A House panel is reportedly getting ready to present a report that would aim to change the regulatory environment for BigTech. Among the proposals, companies like Apple would reportedly be barred from, say, operating its App Store, and Google wouldn’t have the ability to house its search engine or YouTube.
Uber CEO’s 900,000 Reasons Why AB5 Shouldn’t Fly
“According to our research, if Uber instead employed drivers, we would have only 260,000 available full-time roles — and therefore 926,000 drivers would no longer be able to work on Uber going forward,” Uber CEO Dara Khosrowshahi wrote in a blog post regarding the cost of making drivers employees.
James Bond’s License to Close Movie Theater Chains
Reports have come to the surface that Cineworld – the owner of Regal Cinemas and the biggest U.K./Irish theatre chain – is mulling temporarily re-closing all of its cinema locations beginning this week. The firm said it’s “considering the temporary closure of our U.K. and U.S. cinemas, but a final decision has not yet been reached.”
Pandemic Has Consumers Embracing QR Codes and Contactless Payments
Even though the coronavirus has impacted nearly every firm, consumer demand for everything contactless is spiking – and has even been a catalyst for the growth of quick-response (QR) codes. 2020 could go down as the year that American retailers and consumers completely embrace those squiggly merchant codes.