Today in the Connected Economy: FTX, Visa Team to Launch Debit Cards

Today in the connected economy, Visa joins forces with the cryptocurrency exchange FTX to launch debit cards in 40 new countries.

Visa is also teaming up with Web3 loyalty platform ShopNEXT to introduce a Shop-to-Earn model, while Amazon scales back its delivery robot program.

FTX Launches Branded Visa Debit Cards for Purchases

Cryptocurrency exchange FTX is working with Visa to launch debit cards in 40 countries, the companies announced Friday.

“We’re excited to partner with one of the world’s largest payment networks to give our users the ability to use their crypto to fund purchases at millions of merchants around the globe,” said Sam Bankman-Fried, CEO of FTX.

“This card allows users to make use of their FTX crypto balances 24 hours a day, 365 days a year securely and with no administrative or processing fees,” he added.

After launching in the U.S. and Latin America, the next phase of the FTX-branded Visa debit card rollout is expected in Europe before the end of the year, with additional regional launches planned for next year.

Amazon Home Delivery Robots Latest Victims of Cost Cuts

As part of its continued effort to cut costs, Amazon is pulling the plug on the recent test phase of its autonomous home delivery robots.

Scout, Amazon’s self-driving delivery robot that debuted in 2019, with the employees working on the project being offered new jobs.

“During our Scout limited field test, we worked to create a unique delivery experience, but learned through feedback that there were aspects of the program that weren’t meeting customers’ needs,” Amazon spokesperson Alisa Carroll said.

Visa, ShopNEXT Partner to Create Web3 Loyalty Platform for Cardholders

Web3 loyalty platform ShopNEXT has teamed with Visa to debut a Shop-to-Earn model that includes token rewards developed on blockchain, gamification and non-fungible tokens (NFTs).

In this model, user who have Visa cards can earn token rewards by shopping and can increase their rewards through in-app gameplay and NFT cards, ShopNEXT said in a news release.

“Our mission is to help merchants grow their businesses by motivating everyone to shop and earn token rewards, which contributes to rapidly stimulating the world economy,” ShopNEXT CEO Linh Le said. “From there, we also provide the easiest and safest gateway for everyone to start their Web3 journey with the Shop-to-Earn model.”

Businesses Get Creative to Offer Cash-Flow Crunch Solutions

In the wake of a pandemic that upended the idea of “business as usual,” a new set of macroeconomic challenges has financial executives reconsidering the “new normal.”

This may be most apparent than at companies doing B2B sales, where margins are typically the slimmest and legacy processes the most entrenched.

“You can see it in how delinquencies are coming up across the industry,” Mariana Coontz, chief financial officer at DigniFi, a FinTech that provides innovative financing solutions in the used car market, told PYMNTS. “Because particularly when you’re underwriting credit, getting to that early stage is so critical in terms of the performance of the portfolio.”