Selz, Credit Unions, Crypto Exchanges Top This Week’s News

In this week’s news, we saw Amazon snapping up Selz in addition to new insight on crypto exchanges and credit unions (CUs). The Weekender is here to catch you up.

News

Venmo Expands General Availability Of Credit Card

The Venmo credit card rolled out in beta mode for some customers in October, and all Venmo users can now complete an application.

Why Amazon Snapped Up Selz

A short blog announcement revealed that Amazon is buying Selz, an Australian upstart that was made to help companies sell more online. The deal demonstrates Amazon’s growing interest in finding ways to connect with independent retailers and bring them into its orbit.

PayPal Investor Day: Super App Ambitions Come To The Fore

PayPal CEO Dan Schulman stated at investor day that there are a surplus of financial apps and too much friction for individuals forced to toggle between them. Hence, his aim is to develop a super app to handle payments, savings, shopping, budgeting, investing, identity and crypto in a single location.

Marqeta Files With SEC, Could IPO In April

U.S.-based payment card issuing upstart Marqeta has reportedly confidentially filed for an IPO with the U.S. Securities and Exchange Commission (SEC).

Shopify Smashes Estimates With Q4 Results, But Warns Growth Will Decelerate Post-COVID

Shopify, the online shopping platform, registered better-than-anticipated fourth-quarter results. However, it cautioned that the rate of growth brought on by the pandemic was not sustainable.

Trackers And Reports

Report: Crypto Exchanges Thread The Needle Between Compliance And Privacy

PYMNTS explores how money laundering rules have changed over the history of the digital currency sector and the different defensive protocols exchanges have implemented to prevent cybercrime.

NEW DATA: Assessing The Credit Union, Member Payments Innovation Mismatch

The disconnect between the kinds of innovations in which credit unions are investing and the kinds that their members would like them to prioritize only scratches the surface of the intricate ways in which quick shifts in CU member demand have changed their relationships with their CUs.

Road To Success For Banks In The Digital Era Runs Through Payments

The global value of digital payments is forecast to increase 22 percent year-over-year to reach $6.7 trillion this year. These shifts raise important questions for banks, which have traditionally facilitated and financed commerce.

Fun, Cool And Otherwise Interesting

New Study Shows Retailers Win With Exclusive Online Sales Events

Even though the concept of merchants and manufacturers conducting limited edition promotions is not new, the revamped, three-pronged 21st-century version is definitely trending now. According to a survey conducted by PYMNTS and Scalefast, 75 percent of shoppers who went to a special product drop event said they were “very” or “extremely” satisfied with the experience.

Robinhood CEO Testifies, Apologizes Before House Financial Services Committee

Robinhood Chief Executive Vlad Tenev grew up in Washington, D.C. On Thursday (Feb. 18), the California executive returned home to encounter the U.S. House of Representatives Committee on Financial Services and Rep. Maxine Waters, its chairwoman, in a hearing called “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.”

Walmart Posts Mixed Q4 Results, Promises ‘Aggressive Acceleration’ Of Omnichannel

Walmart’s fourth-quarter revenues increased 7.3 percent to a better-than-anticipated $152.1 billion. However, its $1.39 in adjusted earnings per share fell under the average estimate of $1.51.

Convenience Stores, Groceries Use Digital Strategies To Offset Declining Fuel Sales

The everything-from-home economy has brought pain to the pump – and is making convenience store (and other) operators change gears. Earnings season has displayed the ripple effects of the great digital shift. We’re not on the road as much for work or pleasure. As a result, filling the tank has become a declining necessity.