Today In Payments: Singapore Non-Banks Access Real-Time Payments; Airbnb, DoorDash Seek Higher IPO Valuations
In today’s top news, non-bank lenders in Singapore will soon have access to digital payments platforms PayNow and FAST, and Airbnb and DoorDash are seeking higher-than-expected IPO valuations. Plus, the market for wearable technology continues to grow.
Non-bank lenders in Singapore will soon be granted access to the country’s digital payments platforms PayNow and FAST, according to a statement from the country’s central bank, the Monetary Authority of Singapore (MAS). PayNow and FAST enable people to move funds between banks and digital wallets.
Airbnb and DoorDash are expected to release higher-than-expected valuation ranges for their upcoming initial public offerings (IPOs), which shows strength for the market. Airbnb is reportedly targeting a range around $30 billion to $33 billion, and DoorDash will target a range of $25 billion to $28 billion.
A hacker is reportedly selling information from hundreds of C-suite executives’ Microsoft-based email accounts, spanning CEOs, vice presidents and directors. The accounts are selling for between $100 and $1,500. Cyber attacks have increased in scope and volume amid the pandemic, with fraudsters taking advantage of the quick digital shift to prey on victims.
Mastercard has announced its virtual mobile card solution for businesses aimed at marrying the security of virtual cards with the ease-of-use of mobile payments. Senior Vice President of Travel and Expense Adam Jones spoke with PYMNTS about how these features intersect to drive a behavior change in commercial payments.
A PYMNTS survey of a national sample of 2,147 U.S. consumers shows that 75 percent of Black Friday 2020 shoppers made purchases online — and 30 percent of those shoppers used only digital channels. COVID-19 played a role, but shoppers overwhelmingly cited convenience as the No. 1 reason why they shopped online — leaving physical retailers to ponder their futures as digital-first and digital-only consumers seem just fine leaving physical retail behind
Geolocation data offers banks great potential in the fight against fraud, yet only 28 percent of consumers are currently sharing such details with their banks. Why the disconnect? According to a new study — Location, Location, Location: How Location Data Can Help Banks Fight Fraud — 2,000 U.S. consumers say they aren’t being asked, but say they would gladly share if they were and understood why.
Whether you want to track your run times, monitor sleep or avoid a sunburn, the market for wearable technology is growing and evolving. While the market experienced a temporary stall in the second quarter, its long-term trajectory remains solidly intact. Forecasts call for double-digit percentage growth for years to come, driven by an array of new products from a range of new mass-market companies.