Today In Payments: NYC Approves Restaurant Surcharge; SWIFT To Create New Cross-Border Real-Time Rails
In today’s top news, New York City changed a rule banning restaurant surcharges, and SWIFT announced plans to retool its platform to enable instant transactions. Plus, the combined value of the largest FinTechs has reached $1.07 trillion.
The City Council approved an optional 10 percent fee restaurateurs can charge to ease the financial hardship brought on by the pandemic, ending a ban on restaurant surcharges that was implemented in the 1970s.
SWIFT, a global provider of secure financial messaging services, announced Wednesday (Sept. 16) that its cross-border platform will be retooled to enable financial institutions to deliver instant transactions.
The biggest FinTechs have been rising in valuation faster than the largest banks. The combined valuation of Square, Visa, PayPal and Mastercard is $1.07 trillion.
In court documents, Apple accused Epic Games of sabotaging itself. It said Epic “started a fire, and poured gasoline on it, and now asks this Court for emergency assistance in putting it out” when it broke Apple’s rules and made an in-game payment option for the Fortnite game.
With brick-and-mortar retailers reopening worldwide, consumers are heading back to stores — and they’re taking their newfound digital shopping and payment habits with them, said Joan King, senior vice president of eCommerce for retailer Crate and Barrel. In the latest Commerce Connected Playbook, King discusses how merchants can tailor their operations to provide a unified shopping experience regardless of which channel consumers use to discover products, order and pay.
A tale of two outcomes is emerging for businesses as the pandemic wears on. Some have been bolstered by the shift to digital that the pandemic has pushed, while others have been pushed to the edge. Both open the window for companies to use their core strengths to find the pockets of opportunity that will drive growth and scale, Kount CFO Scott Klossner told Karen Webster.
The race to develop central bank digital currencies (CBDCs) is underway, but it seems the Reserve Bank of Australia may not be in the running.