In today’s top news, Advance America is teaming with Western Union to offer its payment solutions, and Square generated $1.7 billion in revenue from cryptocurrency in Q4. Plus, Affirm is partnering with Vacasa to offer vacation rental installment payments.
Advance America Teams With Western Union For Money Transfer Tools
Financial services platform Advance America is partnering with cross-border payment firm Western Union Co. to expand its suite of payments solutions. The partnership will enable Advance America to offer Western Union’s bill pay, money order services and person-to-person (P2P) payment solutions.
Square Doubles Down On Bitcoin; Generates $1.7 Billion In Crypto Revenue
On top of its solid Q4 earnings, Square is piling on the bitcoin. CEO Jack Dorsey called it an “empowering” native currency. Apparently, Square’s users agree. In 2020, more than three million customers purchased or sold bitcoin on Cash App, and, in January 2021, one million purchased bitcoin for the first time.
Affirm Teams With Vacasa For Vacation Rental Payments
Vacation rental management platform Vacasa is partnering with buy now, pay later (BNPL) FinTech Affirm to bring flexible payments to the travel industry. People intend to travel more in 2021, and the demand for vacation rentals is on the rise. A BNPL option opens up more rental possibilities to the consumers.
FDIC: 2020 Bank Profits Dropped 36.5 Pct
U.S. bank profits fell 36.5 percent in 2020 compared to the previous year due to the large volume of money set aside to cover potential losses caused by the coronavirus pandemic, according to a report from the Federal Deposit Insurance Corporation (FDIC).
Santander Bank: Cloud ATMs Improve Access, Manage Costs
Consumers’ shifting cash use has banks second-guessing the effectiveness of the strategies they use to support their ATM networks. In this month’s Digital-First Banking Tracker, PYMNTS spoke with Santander Bank’s Tamara Zaichkowsky about how turning to a cloud-based ATM-as-a-Service model is helping the bank tap efficient ATM management capabilities without sacrificing its customer satisfaction standards.
NY Fed Economists: ‘This Time is Different’ Compared To Great Recession
An alien from another planet looking at GDP data for the last several decades would be hard-pressed to identify the current pandemic-fueled recession, senior New York Fed economists Andrew F. Haughwout and Donghoon Lee, told Karen Webster. That’s because this time is different, they say. Here’s why.
Lowes.com Sales Spike 121 Pct, Driving Q4 Results And Topping Home Depot
Lowe’s record fourth-quarter results were led by a 121 percent increase in its digital business, a key metric that is helping it close the gap against archrival Home Depot.