Today In Payments: Police Allege Money Launderers Using Chinese eCommerce; Square Launches On-Demand Payroll
In today’s top news, Chinese authorities have made several arrests alleging cybercriminals laundered $2 billion through faux eCommerce purchases, and Square announced the launch of two real-time payment features. Plus, Facebook could face a Federal Trade Commission (FTC) antitrust suit.
Chinese authorities have made a series of arrests alleging more than $2 billion was laundered at offshore gambling sites through faux eCommerce purchases. The alleged cybercriminals made the online purchases while the same sum was then credited to their gambling account.
Square on Tuesday (Sept. 15) announced the launch of “On-Demand Pay,” to give workers faster access to their wages, and “Instant Payments,” letting employers fund payroll in close to real time.
The FTC is looking into potentially launching an antitrust lawsuit this year against Facebook over allegations that the social media giant has stifled competition. Staffers have been asking about Facebook’s past acquisitions and issues on how the company responds to app developers using its programs.
Nuance Communications, through a partnership with Microsoft, is aiming to gather medical patient data through artificial intelligence (AI) to give doctors more time to focus on patient care. Nuance’s new Dragon Ambient eXperience (DAX) program will be activated via the Microsoft Teams workflows, and the AI “securely captures” the details of a virtual medical visit so that they are immediately available
Merchants once thought of digital as a new channel alongside their physical stores. But the consumer’s growing digital preferences over the last six months has turned that thinking on its head. PayPal Senior Vice President Jim Magats told Karen Webster that retailers now design their physical stores around customers’ digital-first journeys. Here’s why he said that’s a shift that will stick.
People like the convenience of subscribing to meal kit services, but not always how much they cost. In the PYMNTS Subscription Commerce Tracker(R), Julie Marchant-Houle, U.S. CEO of Marley Spoon and Dinnerly, explains how budget-friendly, high-frequency plans are becoming key to retaining consumers who crave convenience — and affordability — now more than ever.
Will the slew of offerings Apple announced this week be enough to bring new users into its ever-expanding ecosystem, and also keep current consumers?