Today In Payments Around The World: UK Banks Prepare For Firms Extending BBLS Terms; UN Report Highlights eCommerce Surge

In today’s top payments news around the world, banks in the United Kingdom are bracing for a wave of requests from firms to extend terms for the Bounce Back Loan Scheme (BBLS), while eCommerce around the globe comprised 19 percent of total retail sales in 2020. Plus, Tesco will reportedly be the first U.K. retailer to offer sustainability-linked supply chain finance to its supply base.

UK Banks Anticipate Avalanche Of Firms Extending BBLS Terms

Banks in Britain are preparing for a flood of requests by companies to extend terms for the BBLS. As of the rollout of the program in May 2020, banks have loaned over 46 billion pounds (about $64 billion) to small- to medium-sized businesses (SMBs) through the BBLS. The one-year, interest-free debts are coming due in May.

UN Report: eCommerce Now Makes Up 19 Pct Of Global Retail Sales

In a report, the United Nations Conference on Trade And Development (UNCTAD) said that the global value of business-to-consumer (B2C) and business-to-business (B2B) eCommerce sales reached nearly $26.7 trillion in 2019. “This corresponded to about 30 percent of GDP and represented an increase of 4 percent from 2018 ($25.6 trillion),” according the report.

Tesco To Offer Sustainability-Linked Supply Chain Financing

Tesco will be the first British retailer to provide sustainability-linked supply chain finance to its supply base. “In this critical year for climate action, we’re delighted to be able to offer thousands of suppliers access to market-leading supply chain finance linked to sustainability,” Tesco Chief Product Officer Ashwin Prasad said.

Economists Revise US, Eurozone Forecasts Upward

Sizable economic powers, such as Europe and the United States, have a good probability of recouping lost ground from the pandemic by this year’s conclusion. The European and U.S. economies have reportedly been more resilient than anticipated. And, in Europe, the progression of vaccine rollouts is anticipated to offer an economic boost in future months.

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