Today In Payments: US Consumers Pay Down $10B In Credit Card Debt In Q3; Amazon Takes On Pharmacies
In today’s top news, U.S. consumers paid off $10 billion in credit card debt in the third quarter of 2020, and Amazon Pharmacy launched for consumers to order prescription medications. Plus, Walmart+ gets a closer look after the retail giant’s third-quarter earnings call.
Americans paid off $10 billion in credit card debt in the third quarter of 2020, following a record $76 billion drop in credit card debt in the second quarter. On the other hand, overall consumer debt hit $14.35 trillion, as consumers borrowed more for car and housing loans.
Amazon is going all-in with its pharmacy vertical, launching a separate storefront with two-day prescription delivery for Prime. Amazon Pharmacy’s self-serve platform gives users the ability to create a profile with insurance information and payments and the ability to manage their medications and refills.
Ever since Walmart launched its Walmart+ subscription service in mid-September, the question has been how the product actually stacks up against Amazon Prime. Walmart’s earnings call didn’t give a clear answer, but it did give assurance that Walmart got what it was looking for in terms of offering a positive customer retention strategy.
Adyen, a FinTech platform that enables retailers and other merchants to accept payments online, in-app or in-store, is partnering with Affirm to bring the installment company’s buy now, pay later (BNPL) technology into its payments platform.
India’s cash on delivery model is starting to change as more Indian consumers embrace digital alternatives amid the pandemic, says Karthik Raghupathy, head of strategy for digital wallet provider PhonePe. In this month’s Smarter Payments Tracker, Raghupathy discusses how offering streamlined mobile payment experiences can convert cash-loving shoppers and ease merchants’ headaches.
Some $30 trillion a year is still paid by check, even though more and more payees want instant payments. Mastercard and Ingo Money have partnered to make it easier for treasury banks to deliver instant payments to their corporate customers. Ingo Money CEO Drew Edwards and Mastercard’s Sherri Haymond, executive vice president of digital partnerships, tell Karen Webster how it will work.
As the vaccine news looks brighter, some “stay at home” companies like Amazon and Netflix took a shot from Wall Street, thinking that the digital shift was only temporary. However, PYMNTS data tell a completely different story about the permanence of the digital shift.