Today In Payments: POS Startup Valued At $8B; PayPal’s Schulman Says Consumers Moving To Crypto In Droves
In today’s top news, point-of-sale tech startup Toast is valued at $8 billion after a share purchase, and PayPal’s CEO says it’s only a matter of time before central banks launch digital currencies. Plus, Western Union expands its real-time digital payment service to 100 countries.
Record sales following a massive staff reduction prompted point-of-sale (POS) restaurant technology (ResTech) startup Toast to hold a share purchase offering on an $8 billion valuation.
Consumers are moving to digital payments and cryptocurrency in droves, and it’s inevitable that more central banks will issue digital forms of currency, PayPal CEO Dan Schulman said in a televised interview. Schulman said it’s not a matter of if, but when and how. The news comes after PayPal announced that will now let clients purchase, keep and sell cryptocurrency straight from their PayPal accounts.
Western Union now offers its real-time digital payout capabilities to 100 countries, an expansion that encompasses billions of bank accounts. The global remittance giant called the expansion the centerpiece of its digital growth strategy.
Apple has extended a deadline for in-app fees for online events through June of next year, a posting on a developer site says. The original date for the requirement was to be December, but the company said that it recognizes that “adapting experiences from in-person to digital continues to be a top priority.”
SMS-based communication is a valuable tool for everything from onboarding verification to customer outreach, but one that just 39 percent of merchants use today. Sam Shames, co-founder and chief operating officer of wearable technology startup Embr Labs, explains the value of using SMS services to authenticate, engage and convert consumers in this month’s Digital Consumer Onboarding Tracker.
Why should restaurants, quick-service restaurants (QSRs) and convenience stores miss all of the fun of recurring revenue? Paytronix Co-founder and CEO Andrew Robbins tells Karen Webster that giving them new tech to serve up subscriptions to their customers delivers value well beyond the recurring revenue stream.
Former Fed chair Janet Yellen may be head of the Treasury in a new Biden administration. That may portend more oversight of the financial services sector — particularly at banks.