Today In Payments: JPMorgan Takes On Square, PayPal At POS; Visa Expands Tap To Phone To 15 Countries
In today’s top news, J. P. Morgan launches a no-fee instant payment option for small and medium-sized businesses (SMBs) and Visa expands Tap To Phone to 15 countries. Plus, Amazon introduces free one-hour grocery pickup at Whole Foods.
J.P. Morgan Chase is launching no-fee instant payments for SMBs with QuickAccept to edge out FinTech rivals Square and PayPal. The banking giant is also introducing a business checking account associated with the service.
Visa is expanding its contactless Tap To Phone (TTP) payment systems to more than 15 markets worldwide, following a 12-month global pilot program. It will be launched in the United States sometime next year.
Amazon is rolling out free, one-hour grocery pickup at Whole Foods across the U.S. for Prime members for orders over $35.
Netflix’s latest earnings shows that the torrid pace of subscriber additions cooled slightly — but enough to disappoint investors. In other words, after two quarters of massive subscriber adds spurred by the pandemic, perhaps the runway is getting a bit shorter. Or maybe it’s just a pause.
Going public in the midst of a global pandemic may seem a volatile choice, but for Paya Holdings, which went public on the Nasdaq Stock Market earlier this week, the current market climate has opened up even greater opportunities. That’s because middle-market firms are driving the demand for integrated payments solutions, Paya Holdings CEO Jeff Hack told Karen Webster.
Congress should pass more targeted stimulus for small businesses, but bashing Big Tech is getting “irksome,” U.S. Rep. Patrick McHenry (R-N.C.) tells Karen Webster. McHenry, the ranking Republican on the House Financial Services Committee, thinks Congress can extend the PPP program’s best parts on a bipartisan basis. But he believes current bipartisan bashing of Apple, Amazon, Facebook and Google ignores their contributions to SMBs and the broader economy.
Home is no longer where the heart is — it’s where everything is, becoming a commerce command center from which consumers control nearly all of their daily routines.