Today In Payments: Biden Getting Pushback On $1.9 Trillion COVID Stimulus; Instacart Reducing In-Store Shoppers
In today’s top news, President Joe Biden’s COVID relief plan is getting pushback from Republican lawmakers, and Instacart is terminating almost 1,900 jobs. Plus, Revolut and Chubb are partnering to provide users with purchase protection coverage.
President Joe Biden’s $1.9 trillion coronavirus relief plan is already getting pushback from Republicans, tripping up a seamless passage by Congress. Biden’s plan includes a $1,400-per-person payment to most households, on top of the recently-passed $600 check; a $400 boost to weekly unemployment through September; and an expanded child tax credit.
Instacart is terminating about 1,900 jobs, including those held by union workers in Illinois, while it also plans to launch two “distinct Instacart Pickup models” and trial a new feature that enables full-service shoppers to fulfill pickup orders.
Insurance provider Chubb will provide Revolut customers with access to a range of insurance coverage, including purchase protection, refund protection and ticket cancellation in places where the Revolut account is used. Chubb will also allow for coverage for customers who test positive for COVID-19 and are now unable to use tickets they had bought with their Revolut account.
British payments group TransferWise will file its anticipated initial public offering (IPO) with joint coordinators Goldman Sachs and Morgan Stanley, two of the biggest U.S. banks. TransferWise is expected to blow past last year’s valuation of $5 billion by the time it files in London.
Quick-service restaurants (QSRs) are overlooking a key piece of the data-gathering process that could enrich customer loyalty: onboarding. In this month’s Order-To-Eat Tracker, Jonathan Muhtar, executive vice president and chief concept officer at Red Robin, explains how collecting customer information like birthdates and food preferences during onboarding can help deliver personalized rewards experiences from Day One.
The pandemic created an opportunity for treasurers to leverage technology to optimize cash and manage liquidity. Lori Schwartz, managing director, head of EMEA liquidity solutions and global liquidity product solutions specialists, treasury services at J.P. Morgan tells Karen Webster that treasurers are taking a more aggressive approach to their digitization efforts.
Bitcoin prices slid double-digit percentage points into the end of the week — spotlighting (central banker) concerns over volatility, and illicit activities. Recent comments by the European Central Bank President Christine Lagarde over the state of the EU’s economy may underscore the growing interest in digital fiat (possibly at the expense of cryptos).