Shopify Digital Main Street Tops Week’s News
In this week’s news, we saw healthcare patients asking for more clarity on payment options. And Paypal has announced its super-app. The Weekender is here to catch up with you.
PayPal’s new super-app positioned to deliver a next-level connected experience
PayPal announced on Tuesday, September 21, the launch of its much-anticipated new super-app, which market watchers see as a watershed moment in the advancing space of fragmented apps and the rise of the connected economy.
Earlier this year, PayPal CEO Dan Schulman told Karen Webster, CEO of PYMNTS, that “no consumer will have 40 or 50 apps on their phone,” adding “there must be have awesome apps that come together to consolidate all your financial instruments. And by the way, these financial instruments include reward points and the ability to choose to buy now, pay later or even use QR codes.
Shopify aims to make social media a ‘digital main street’
Shopify’s recent collaboration with TikTok to add shopping functionality to the video-sharing app, announced last month, did not surprise most industry watchers, saying ecommerce and social media are on the rise. natural partners.
âCreators are paving the way for a new kind of entrepreneurship where content, community and commerce are essential,â said Harley Finkelstein, president of Shopify, in a statement. “By enabling new in-app shopping experiences and product discovery on TikTok for the first time, Shopify is fueling the creator economy on one of the world’s fastest growing social and entertainment platforms. . “
BNPL Company Affirm deploys adaptive payment
The Buy Now, Pay Later (BNPL) Affirm network launched on Wednesday, September 22, Adaptive Checkout, which the company says enables merchants to offer more choices to customers when it’s time to pay.
The San Francisco-based company says Adaptive Checkout provides “optimized biweekly and monthly payment options for every transaction side-by-side in a single, integrated payment solution.”
Robinhood pulls new growth arrow from its quiver and launches into crypto wallets
Robinhood is embarking on crypto as it faces regulatory challenges for its online investing and trading business, testing a cryptocurrency wallet it says will be rolled out next month.
Consumers would be able to send and receive digital currencies, including bitcoin, without having to convert holdings into fiat currency (e.g. dollars). Features have been tied to a beta of the company’s iPhone app – and there is already a waitlist for the Robinhood wallet.
Trackers and reports
New report: half of US patients ignore healthcare payment options
According to a PYMNTS study, only 30% of consumers are able to access a cost estimate for health services before making an appointment. With 64% of patients paying healthcare fees or prescriptions after seeing their doctor, this lack of transparency in payments has become a major concern for consumers.
Consumers have spent an average of $ 1,150 on direct health expenses in excess of the cost of insurance premiums over the past 12 months, for example. Millennials and Gen Z consumers spent even more, paying an average of $ 1,400 in out-of-pocket expenses.
New Data: Almost 25% of U.S. Cross-Border Money Senders Use Crypto
PYMNTS research reveals that many consumers (24%) see the option of sending funds in cryptocurrency as a key motivation in choosing a payment service provider (PSP).
In âThe Digital Currency Shift: The Cross-Border Remittances Reportâ, a collaboration of PYMNTS and the Stellar Development Foundation, we found that 70% of consumers pay fees to send money abroad, with variable fees averaged 6.2% and fixed fees set at $ 14.80. .
The highest percentage of peer-to-peer (P2P) payments were sent to friends or family facing economic hardship due to the pandemic (32%).
Lease-to-buy options can help durable goods merchants reach 79 million unseen in retail
Capital leasing has become a popular option among consumers who are facing or have endured financial hardship.
According to Finding Retail’s Invisibles: Levering Flexible Digital Payments To Reach New Durable Goods Customers, a collaboration between PYMNTS and Katapult, many consumers have said that option-to-buy lease options are the only way for them to complete a transaction ( 75%) and enabled them to get the items they needed immediately (73%).
Live assistance is essential for credit unions to elevate the loan application process
PYMNTS research shows that 84% more credit union members get second mortgages from other financial institutions (FIs) this year than in 2020.
Despite their lack of urgency, 85% of CU executives reported in PYMNTS ‘latest Credit Union TrackerÂ® that members refinancing mortgages with another FI would have a negative impact on their institutions’ profit margins.
Fun, cool and otherwise interesting
Musk asks Dogecoin to lower fees for consumers
Elon Musk, the famous head of Tesla and SpaceX, said he believes dogecoin fees should be reduced to make purchases cheaper for things like movie tickets.
The news comes after AMC recently announced that it plans to allow the use of other cryptocurrencies such as bitcoin and ethereum to buy tickets and other things in its theaters. CEO Adam Aron then conducted a poll to determine if he should include dogecoin in the list, which ended up seeing users voting for it.
Twitter Adds Strike API for Bitcoin Tips
The Strike digital wallet has announced the launch of the Strike API platform for markets and traders, according to a blog post by Esther Crawford, product manager of Twitter staff, announcing the global launch of Tips and the ability to tip bitcoin using Strike.
Strike’s API will allow Twitter users to tip bitcoin around the world with a Bitcoin Lightning wallet, and users in the United States and El Salvador – where bitcoin is now accepted as legal tender – to bring tips through their Strike accounts.
UK FinTech Monneo to Accept Crypto for Bill Payments
European FinTech startup Monneo has partnered with cryptocurrency exchange Coinbase to enable cryptocurrency bill payments, UK Tech News reported on Wednesday (September 22nd).
Monneo customers can monitor and control access to all of their international bank account numbers with a single login, while receiving and sending payments in over 130 currencies around the world.
Honda to integrate Google functionality into cars
Honda will team up with Google to create features for infotainment systems in future cars, according to a Google Company blog post.
Google will be integrated into Honda models with a lot of features including Google Maps, Google Assistant and downloading apps with Google Play etc., the post said. Google functionality can be found in Ford, General Motors, Polestar, Renault and Volvo models.