Today In Payments: Visa Commercial Pay Launches For Virtual Cards, B2B Payments; Biden Chief Tech Aide Could Bring Tighter Big Tech Oversight
In today’s top news, Visa and Conferma Pay launched Visa Commercial Pay, and Biden’s top technology advisor signals a future administration that is tough on tech. Plus, PayPal and Square are on a crypto buying spree.
Visa and Conferma Pay have partnered to launch Visa Commercial Pay, a suite of B2B payment solutions for enterprises making the shift to digital transactions.
Bruce Reed, Joe Biden’s top technology advisor, sets the stage for a Biden White House administration that will get tough on tech. Reed was involved in California’s watershed privacy law, which could act a model for a national law.
PayPal and Square’s Cash App digital currency buying spree has reportedly triggered a bitcoin rally. It appears that PayPal and Cash App have bought almost 100 percent of all newly-issued bitcoins, according to an analysis from Pantera Capital.
Silicon Valley global eCommerce unicorn Wish has filed for a $1 billion initial public offering (IPO) on Nasdaq. Wish, the third-biggest eCommerce marketplace in the U.S. by sales, posted a net loss of $176 million on $1.7 billion for the first half of 2020. The platform has 100 monthly active users (MAU) buying more than 2 million products daily from over 500,000 merchants.
In June 2019, a third of U.S. consumers said sign them up for a super app experience, and Google and Amazon (in that order) were the companies they trusted to deliver it. Less than a week ago, Google Pay introduced its redesigned app, one that Karen Webster says looks like and acts just like one. While it’s far too soon to tell whether Google Pay is super enough to become the go-to super app, she says it raises the bar for everyone. Especially Apple.
Small and medium-sized businesses (SMBs) that have survived the impacts of the pandemic are now confronting new hurdles: winter and a potential second COVID-19 wave. In the 2021 New Merchant Business Models Playbook, Katie Swett Miller, eCommerce product lead at Square, runs down which payments and tech innovations restaurants and retailers must take into the new year — and what they should leave in the rearview mirror.
Exploding eCommerce demand. Clogged shipping lanes. Surcharges. Higher shipping rates — and ultimately, higher prices paid by consumers. We’re headed into an eCommerce season like no other, and things may get expensive.