Today In Payments: Walmart Debts $12.95 Membership, SEC Eyes Probe of Robinhood
In today’s top news, Walmart debuts its membership program, Walmart+, and the U.S. Securities and Exchange Commission (SEC) is eying a probe of Robinhood over alleged poor management of the app. Plus, TikTok could announce a sale as soon as today.
Walmart Inc. has accelerated its rivalry with Amazon.com Inc. as it introduces Walmart+, a subscription that offers free delivery, no lines and discounts on fuel for $98 annually or $12.95 a month.
Robinhood, a FinTech focused on online stock brokerage for those not expertly versed in that subject, has attracted much praise and activity — but with that also comes a regulatory probe from the U.S. Securities and Exchange Commission into alleged poor management of the app.
The winning bidder for TikTok’s U.S., New Zealand and Australian operations could be announced as soon as Tuesday (Sept. 1), but it’s not clear whether the winning bidder will be the team of Microsoft Corp. and Walmart Inc., Oracle, Twitter or an unnamed company that has negotiated under the radar.
Wish, the online marketplace, has confidentially filed paperwork to go public with the U.S. Securities and Exchange Commission (SEC), the San Francisco-based company announced Monday (Aug. 31). The company did not provide financial details or reveal how many shares it would sell or at what price.
Nearly one-third of the 2,200 consumers that PYMNTS recently surveyed said they’ve opened new bank accounts in the past three months. For more than half, deciding where to do that came down to one thing: trust in the financial institution. The PYMNTS Leveraging The Digital Banking Shift study examines what consumers look for when opening new accounts, especially at FIs that may not be their primary bank.
Fraudsters today are operating at the intersection of U.S. government jobless benefits, vulnerable populations and digital payments. Mike Lemberger, senior vice president of risk for North America at Visa, tells Karen Webster that the impact of unemployment fraud on consumers, banks and state governments prompted Visa’s fraud detection teams to use its network assets to find fraud by following the money flows.
With fewer correspondent banks to move money, what might replace a clunky system in a world where payments are becoming ever more global?