Visa’s Plaid FinTech Play, RTP And BNPL Top This Week’s News

It’s the end of the workweek, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have a deep dive into real-time payments and news on Visa‘s FinTech play with Plaid and insight into buy now, pay later (BNPL).

Visa’s $5.3B FinTech Play, Wrapped In Plaid

Visa said it will buy Plaid — a company that is geared toward development of application programming interfaces (APIs) that let consumers share their data with thousands of apps — for $5.3 billion. Visa CEO Al Kelly said on a conference call with investors following the announcement that “Plaid opens up new market opportunities by significantly expanding Visa’s network capabilities.”

Visa Tap To Phone Expands POS Acceptance For Retailers

The mobile point of sale (mPOS) landscape became more interesting on Jan. 12 as Samsung debuted its Galaxy XCover Pro, an enterprise-grade smartphone that comes with Visa’s Tap to Phone app pre-installed. Tap to Phone lets sellers with Android phones take contactless payments without the need for additional peripherals or devices.

Wells’ Growth Reportedly Hampered By Old Systems, Tech Failures

Wells Fargo is aiming to refresh its approach to technology to ensure systems stay online, block cybercriminals and satisfy regulators. Regulators have been watching the bank closely after the 2016 incident of bogus accounts and have reportedly handed down edicts that Wells Fargo has had trouble meeting because of obsolete resources and methods.

Goldman Launches Mobile App For Marcus — Three Years Later

Goldman Sachs Group last week debuted its long-awaited app that will integrate with the financial giant’s digital bank Marcus. Loyal customers who wanted to use smartphones for financial transactions had reportedly been frustrated by the company’s lack of an app until now.

Who Will Win The Restaurant Delivery Race?

The restaurant industry is caught in the throes of a digital reinvention as the role of the physical footprint is being reconsidered and as tech plays as much of a starring role in its top- and bottom-line success as the products it produces and delivers.

Trackers and Reports

New Data: 85 Pct. Of Businesses Have Real-Time Payments On Their Roadmaps — Here’s Why

PYMNTS’ newest research strongly suggests that knowledge of real-time payments is spreading far and wide among U.S. firms. A majority of companies consider themselves very aware of real-time payments and are very interested in implementing the system.

Buy Now Pay Later’s Impact On Mobile Checkout Conversion

Mobile is becoming a more important channel to retailers and is one that is much harder to support as space and consumer attention in this area shrinks. The growing number of consumers who are shopping on mobile are sensitive to any hiccup in the checkout experience, and that includes any frustration with their payment options. Adding buy now, pay later (BNPL) solutions into the mobile checkout experience could be one avenue that retailers can utilize to offer the increased convenience and flexibility these customers are already expecting.

How AI Helps Marketplaces Fight Off-Platform Fraud

Participants in the sharing economy have to be sure they are purchasing or selling goods to another trusted party, and it is the job of the platforms that allow these connections to make that the case. For that reason, RV sharing platform RVshare is utilizing artificial intelligence (AI) and machine learning to protect both RV renters and owners, said company CEO Jon Gray in a recent interview with PYMNTS.

Fun, Cool and Otherwise Interesting

Fed Study: Wholesale Payments Vulnerable In Bank Cyberattack

A report from the New York Federal Reserve has detailed the dangers of cyberattacks. The report was written by analysts Thomas M. Eisenbach, Anna Kovner and Michael Junho Lee, and its official title is “Cyber Risk and the US Financial System: A Pre-Mortem Analysis.”

App Annie: Mobile Companies Valued 6X Higher Than Firms Without Mobile Focus

Go mobile or go back home — particularly when it comes to finance and payment. That is one takeaway from the release of The State of Mobile in 2020, the newest and highly anticipated report from App Annie. The report reviews the mobile landscape of last year and serves as a guidepost for coming attractions in this space.

Kohl’s CEO Defends Amazon’s Role In Helping Drive Traffic, Sales

How good a friend is Amazon to other retailers? That’s the question getting traction over the last few days, due to the less-than-stellar holiday sales at Kohl’s. Ask Kohl’s CEO Michelle Gass about the relationships, and you will get an optimistic view.

New Tech Combines To Make Grocery Shopping More Innovative

The grocery battles are heating up in retail, and that is inspiring innovation and could bring about even more disruption. Some of that was on display at the NRF retail show in New York City earlier this week.