Today In Payments: Amazon Opens Three Brazilian Logistics Hubs; US Business Leaders Hope For Pandemic Relief
In today’s top news, Amazon is opening three new logistics hubs in Brazil, and U.S. business leaders are calling for a peaceful transition of power in the U.S. election in the name of economic recovery. Plus, Figure is seeking a national bank charter.
Amazon is opening three new logistics hubs in Brazil, upping the total amount of hubs in the country to eight. The expansion — Amazon’s most extensive in Brazil since its 2012 opening — will generate 1,500 jobs and add an additional 807,000 square feet of distribution space.
Several powerful business interests, including representatives from J.P. Morgan Chase, Microsoft and the travel industry, are publicly urging a peaceful transition of power after the U.S. election to help with future stimulus efforts and the economy overall.
Financial services firm Figure Technologies, Inc. is seeking a national bank charter from the Office of the Controller of the Currency (OCC). With a charter, the company could streamline its compliance activities toward the requirements of one regulator and provide a cohesive collection of offerings throughout the country.
The federal Paycheck Protection Program (PPP) that provided about $525 billion to 5.2 million businesses is beset by extensive instances of fraud. Banks administered the loans on behalf of the government and were not required to ensure that applicants were telling the truth about their financial situations.
Consumers’ shift to online shopping channels has been more profound than many realize — including merchants. The Global Digital Shopping Index reflects responses to what 2,170 U.S. consumers say is important when choosing which channel to shop and what 500 merchants believe they want. The disconnect is the difference between getting and keeping their business.
A year from today, 18 months into the pandemic, retailers will put the finishing touches on their 2022 plans to tap into the pent-up demand of a consumer eager for the social experiences of the physical world. Karen Webster says that whether that pent-up demand is little more than a short-lived burst of physical activity will depend on how well they’ve integrated digital into their physical world experiences — and learned from the industry’s top performers.
Open banking is entering its third year in Europe, and in the U.S., the journey is just beginning. PYMNTS takes stock of the drive toward data sharing, APIs and collaboration between financial institutions and FinTechs, and what may be on the regulatory horizon.