Today In Payments: Saudi Arabia Plans $1.3B Reliance Retail Investment; Commerzbank Warns Of Pandemic-Related Bankruptcies
In today’s top news, The Public Investment Fund of Saudi Arabia is planning to invest roughly $1.3 billion for a part of Reliance Retail Ventures Ltd., and Commerzbank is preparing for widespread bankruptcies among small and mid-sized business clients amid the pandemic. Plus, Uber touted its delivery business on its Q3 earnings call.
The Public Investment Fund of Saudi Arabia intends to invest approximately $1.3 billion for an equity share of roughly 2 percent in Reliance Industries subsidiary Reliance Retail Ventures Ltd. The investment reportedly values Reliance Retail Ventures at approximately $62.4 billion in “pre-money equity value.”
Uber’s ride-hailing business continued to see diminished use as ridership was lower by 52 percent year on year, a drop-off not fully displaced by the 190 percent YOY growth its delivery business experienced in Q3. “As some people stay closer to home, more people are ordering from Uber Eats than ever before,” CEO Dara Khosrowshahi said on the call.
Square registered Q3 results that displayed ongoing tailwinds in CNP transactions, an ongoing migration to bigger seller contributions to gross payment volumes (GPV) and increasing embrace of Cash App.
Germany’s second-biggest bank, Commerzbank, is getting ready for broad bankruptcies among small and mid-sized business clients as COVID-19 keeps weighing heavily on the international economy.
COVID-19 has disrupted the capital management field, turning what was once only a financial field into a game of personal leverage. PYMNTS explores how firms can gain an analytic edge by teaming with third-party developers.
The concept of sharing a vehicle just when you need it – instead of owning one all of the time – is catching on. Sweeping lifestyle changes caused by COVID-19 and consumers’ heightened embrace of technology are proving to be a catalyst for upending the traditional car ownership regime.
Retailers are expediently adapting to a quickly digitizing environment, caught between aiming to create an easy, seamless experience for their good clients and seeking to prevent fraud as attacks rise in both count and activity level. While there aren’t any silver-bullet solutions, there is data to be harnessed to create a better, safer experience and bolster business operations.