Today In Payments: Citi Partners With Mastercard For Google Pay Plex Accounts; PayPal Boosts Xoom’s Money Transfer Capabilities
In today’s top news, Citi partners with Mastercard to power its Google Pay Plex accounts, and PayPal upgraded Xoom’s money transfer services. Plus, the CFO of Walgreens doesn’t feel threatened by Amazon’s foray into the pharmacy industry.
Citi and Mastercard are teaming up as network partners for the digital checking and savings account Citi Plex on Google Pay, available for both Android and iOS. Citi Plex account holders will receive a digital debit Mastercard, and, upon request, can opt for a contactless-enabled, physical debit Mastercard with access to 60,000-plus fee-free ATMs.
PayPal on Thursday (Nov. 19) unveiled a major upgrade to Xoom, enabling customers across the United States to use the mobile payments app to send money straight to the bank account of a family member, friend or another recipient.
Walgreens Chief Financial Officer James Kehoe said he doesn’t think Amazon’s push into the online pharmacy world is cause for concern. He reminded attendees at the Wolfe Healthcare Conference on Thursday (Nov. 19) that most people remain fiercely loyal to physical drugstores for their pharmaceutical needs.
Affirm has become just one of several FinTechs and platform companies to file for an initial public offering (IPO), revealing in an S-1 SEC filing that gross merchandise values (GMVs) are surging, while losses are narrowing.
Rewards programs are no longer a perk for banks but a necessity, with more than 20 percent of U.S. consumers willing to switch financial institutions (FIs) to access the reward options they seek. In the Cardholder Loyalty Engagement Report, PYMNTS surveys 2,115 U.S. consumers to find out how FIs can tap the demand for rewards programs to boost engagement, retain customers and attract new cardholders.
No two customers are alike, and the restaurant loyalty programs and digital ordering options they receive shouldn’t be either, Nicole West, vice president of digital strategy and product management for Chipotle, tells PYMNTS. She explains how personalizing rewards initiatives and ordering experiences can help quick-service restaurants (QSRs) satisfy individual customer needs.
The pandemic has spurred increasing adoption of mobile wallets, where contactless convenience and safety are prized. That opens the door for more merchants to offer that payment option — and paves the way for the rise of the super app.