In today’s top news, Apple is developing a pay later tool, and Verizon Business and Mastercard have teamed up on payments innovation. Plus, J.P. Morgan’s earnings report revealed strong consumer spending — both debit and credit.
Apple is developing a perk for Apple Pay users that will allow them to buy products and pay for them in monthly installments. Goldman Sachs, which is the bank behind the Apple Card, would serve as Apple’s partner for the Apple Pay Later initiative.
Verizon Business and Mastercard are teaming up to work on innovations in the payments industry, tools that would range from contactless shopping and autonomous checkout technology to cloud-based, point-of-sale (POS) systems.
Among the first earnings reports out of the gate, J.P. Morgan Chase’s second quarter showed continued strength in debit and credit spending along with better card balance pay-downs, and a boost in mobile customers.
Goldman may be known as a Wall Street mainstay, but the company’s second-quarter results show continued traction in consumer banking (Marcus included).
Twenty-nine million adult U.S. consumers have used buy now, pay later (BNPL) for online retail purchases within the past year — and almost one-quarter of those did so to manage their spend and build their credit scores. In Buy Now, Pay Later: The Financial Self-Care Revolution Report, PYMNTS surveyed 7,024 U.S. consumers and found that these financially underserved consumers are three times more likely to use BNPL at checkout and spend more with those merchants when they do.
Eighty percent of credit union (CU) members feel satisfied with their CUs’ innovation efforts, but CUs with digitally savvy competitors and digital-first members aren’t resting on their laurels. The Credit Union Innovation Study takes a 360-degree view of consumers, CU decision-makers and FinTech executives to learn how CUs are realigning their innovation priorities to stay competitive.
Global food and beverage giant Pepsico told investors Tuesday that it expects the post-COVID consumer preference for digital commerce, stay-at-home activities and healthier lifestyle choices to be permanent changes, and it is retooling its businesses to capture the trend.