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There is no shortage of headlines about the partial government shutdown that is now on its 27th day, and no shortage of articles speculating how long it will go on, what will be affected and (most often) what it will take to finally bring it to an end. There is, yet, one simple takeaway from all of them: So far, there is no end in sight. While that can — and hopefully will — change any day now, the reality is that the longer the government remains partially closed for business, the longer 800,00
When talking about advances in home automation and artificial intelligence (AI)-guided systems for consumers, the conversation has a natural tendency to drift toward younger consumers, particularly millennials. That focus isn’t unwarranted, as there are 75 million millennials, and the older half of that generation (the group PYMNTS has termed Bridge Millennials ) is much more likely than the average consumer to own a smart device, and more likely to use it to make a purchase.
Tech companies are taking more time to reach their initial public offerings, with the median gap between their early financing and their IPOs hitting 10.1 years in 2017, up from 6.9 years in 2013, according to a recent estimate. A robust supply of private capital reportedly is one of the main reasons for that, along with corporate cultures that are averse to public markets.
With the global mobile point of sale (mPOS) market projected to experience a compound annual growth rate (CAGR) of 18.8 percent from 2017 to 2026, many solution providers are looking to use partnerships as a boost to snag a bigger share of the growing market. Around the mPOS space, providers are teaming up, merging or making acquisitions. In the January mPOS Tracker , PYMNTS charts the latest developments.
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
Amazon has its eyes on expansion for its Whole Foods brand in closed Sears and Kmart stores, according to a report by Yahoo! Finance. The recent woes of Sears and other struggling retailers are seen as an opportunity for the online retail giant. Sources told Yahoo! that the company is visiting sites of now defunct retail spaces. For example, Whole Foods managers went to a site in Utah that used to be a Kmart.
Africa as next great eCommerce frontier? The ingredients for a revolution in payments across the region, fueled by demographics and technology, seem to be there. In an interview with PYMNTs’ Karen Webster, Saqib Nazir, managing director of Africa at Emergent Technology delved into the ways the payments landscape across Africa is ripe for digital and mobile conduits, and a “cash light” mentality that focuses on the needs and desires of a burgeoning and youthful population.
While commercial card innovation certainly accelerated in 2018, progress can always continue. One area of development that J.P. Morgan Managing Director and Head of Commercial Card Product Management Naney Pandit says should be a focus this year is in mobilizing the corporate card. It’s not altogether an unfamiliar concept, of course. Much attention has been paid to mobile business payments in the fleet sector in particular, with Comdata launching its mobile app, Comdata OnRoad, that links
While commercial card innovation certainly accelerated in 2018, progress can always continue. One area of development that J.P. Morgan Managing Director and Head of Commercial Card Product Management Naney Pandit says should be a focus this year is in mobilizing the corporate card. It’s not altogether an unfamiliar concept, of course. Much attention has been paid to mobile business payments in the fleet sector in particular, with Comdata launching its mobile app, Comdata OnRoad, that links
A new report has revealed that Fortnite’s in-game currency is being used to launder money from stolen credit cards. According to a report by The Independent and cybersecurity firm Sixgill , a hacker will access someone else’s credit card information, and then use it to create a Fortnite account and buy V-bucks, which is the game’s currency. Once the account fills up with V-bucks, it is then sold through a legitimate vendor like eBay, or on the dark web, for lower rates that the $10 for 1,000 gam
In Asia, blockchain continues to get a boost from government and regulatory efforts, especially in the realm of trade finance done across borders. In one example from the past several days, the China Banking Association (CBA) — the regulatory agency tied to the sector — has launched a new blockchain-underpinned initiative focused on trade finance.
Stripe, the San Francisco digital payments startup, has landed a $100 million investment from Tiger Global Management, boosting its valuation above $20 billion. According to a report in CNBC , citing The Information, with the $100 million investment by Tiger Global Management , Stripe now has a valuation of $22.5 billion. It comes on the heels of Stripe raising $245 million in a Series E round of fundraising last fall.
Mastercard was slapped with a $648.3 million fine by the European Union, which alleged that the payments company raised the costs of card payments artificially. According to a report in Reuters , citing the European Commission, the bloc’s antitrust regulator, the move is part of an effort on the part of European regulators to stamp out fees that U.S. credit card companies charge.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
Before consumers started to trade brick-and-mortar shopping experiences for eCommerce websites, retailers could bring customers through their doors with window displays. Now, with this shift, retailers are creating engaging experiences that digitally-connected consumers can tap into online with the help of virtual reality (VR) and augmented reality (AR) technologies.
In a recent report published by Protiviti and North Carolina State University, analysts found just how important technology and innovation are becoming for corporate executives. Their December 2018 survey found “digital readiness” to be the c-suite’s top priority for 2019, with executives also reflecting their concern that the biggest risks their companies face are intensifying.
New York has banned the ban. In the wake of court filings this week that effectively ended a challenge to surcharges on credit card transactions in New York, merchants in the Empire State can indeed embrace those fees, contingent upon stating those costs to consumers up front. The merchant plaintiffs and the state of New York filed motions on Jan. 8 to dismiss a challenge to such charges, seemingly capping a battle stretching back years.
China’s startup market had a good year in 2018, with close to 100 technology companies garnering a valuation of more than $1 billion. Known as unicorns, the companies were led by eCommerce and video streaming services, the Financial Times reported, citing data from Hurun’s ranking of China’s top tech companies. According to the report, Hurun, which also produces the annual rich list for China, found there are 186 Chinese tech startups that have valuations of more than $1 billio
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
It looks like we can finally have a serious conversation about the impending collapse of physical retail in the U.S. All it took was a 160-year old retailer and a $34 billion kick in the stomach to the retail sector to get everyone’s attention. News last week that Macy’s profits would take an unexpected Q4 nosedive set off a retail stock market shock wave that wiped $34 billion in value from the sector.
Here’s a 2019 prediction that we guarantee will come true: There will be no human being or business adamantly hoping to be paid slower in 2019 than they were in 2018. We also guarantee that this prediction will hold, regardless of who one is talking about or the use case to which it pertains. That could be the small merchant wanting access to their daily sales on the same day instead of seven days later, the dad who just sent $100 to his college-age kid to buy food for the weekend, an Uber drive
The rapid rise of smart cities promises to connect citizens with a wide range of municipal services. By some accounts , approximately 70 percent of the world’s population will reside in smart cities by 2050. Citizens in this type of environment will find a host of connected devices designed to enhance their daily routines, such as smart parking meters that help drivers find and pay for parking.
As fraudsters become more brazen in their efforts, banks are realizing they need to do more than simply respond to suspicious activities as they find them. Instead, a deeper understanding of fraud — down to its genetic outline — is needed to be truly effective in fighting it. The new Digital Banking Tracker highlights how banks are adopting new approaches to protect their customers and clients from nefarious actors.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
New technologies face numerous tests that go beyond whether they work. Will consumers use them for daily or near-daily tasks? Are there pragmatic business models associated with them? How will they scale? And how will regulators and lawmakers respond? Artificial intelligence — arguably one of the most important digital technologies going into 2019 — could soon face export regulations set by the U.S.
Robots have taken their place inside eCommerce and other commerce-related warehouses, and will in the coming years take even larger roles in fulfillment, according to estimates. Hot on their trail are machine learning and artificial intelligence (AI) technology — the software and algorithms promising to reduce the risks of overstocking and understocking, and providing other benefits that can boost retailers’ revenue.
On the face of it, the lure of real-time payments might seem like an inevitability. The concept is gaining traction and deployment across any number of avenues and several countries. In a recent example, in the U.S., a number of leading tech companies have become vocal in their support of a real-time payments (RTP) network, to be created under the leadership of the Federal Reserve and different from what has been previously proposed by the big banks.
Online retail and mobile commerce had their shining moments over the 2018 holiday shopping season — the latest evidence of that comes from Adobe Analytics , which said that U.S. consumers spent a record $126 billion online during that period, above the company’s earlier projection. The new figure comes amid fresh questions coming out of that holiday season about the viability of brick-and-mortar retail sales.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
Mastercard , the payments company, said late last week that it is still committed to operating in China. In a press release , Mastercard said that it is making every effort to secure the license to access the domestic Chinese market and confirmed it is in active talks with different solutions. Mastercard said it plans to present another application for a bank card clearing license shortly.
The new year brings time for reflection and projection. To that end, any number of analyses are coming in the blockchain arena. According to an article via the MIT Technology Review , this will be the year that blockchain becomes “boring,” with innovative projects that will “bear fruit” this year even amid the declines seen last year in the sector, and in cryptocurrencies.
Apple Pay, in a move that will let users in Australia skip credit card fees at places that support EFTPOS (electronic funds transfer), now has support for dual-network debit cards, according to reports. Previously, the default Visa payment option had users pay a fee they otherwise wouldn’t have had to fork out if they were using a physical card. The feature, called “Choose Payment Option,” allows an Apple Pay user to decide whether they want to use Visa or EFTPOS on a dual-network card.
New data shows that eCommerce traffic was up this holiday season, even after Christmas Day. According to the 2018 Holiday Retail Index by Verizon , average daily eCommerce traffic to the top 25 U.S. retailers increased by 7.5 percent year-over-year on Thursday, Dec. 27 and 7.7 percent year-over-year on Friday, Dec. 28. And while there was a 20 percent year-over-year decline in U.S. online retail traffic on Sunday, Dec. 30, eCommerce traffic saw a boost every day compared to the previous year bet
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
Ripple, the blockchain company that has the XRP digital currency, reached a milestone on Tuesday (Jan. 8) by reaching 200 customers. According to a blog post , Ripple said that in addition to the 200 customers, it has seen a 350 percent increase in customers who are sending live payments over its blockchain platform. The company announced that 13 new financial institutions, including Euro Exim Bank, SendFriend, JNFX, FTCS, Al Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCo
Mastercard has released its latest report on the FinTech landscape, with analysts fixing their eyes on the small business (SMB) community to drive competition and innovation. In its “ What to watch for FinTech in 2019 report ,” developed in conjunction with CB Insights and Mastercard Start Path, Mastercard explores the role of artificial intelligence and open banking in driving the next phases of FinTech innovation.
At the World Economic Forum in Davos, Switzerland, executives of PayPal and Mastercard touted partnerships between financial technology companies and banks as a positive way to gain customers’ trust and innovate new ways for customers to interact with their finances. On Tuesday (Jan. 22), the executives talked about how financial companies had nothing to fear from these types of partnerships, and PayPal Chief Operating Officer Bill Ready said the idea that banking institutions have something to
There’s a canary in the faster payments coalmine. It flew in on Dec. 14, the Friday before the week before Christmas, so you might not have noticed. That was the day that an advocacy group, Financial Innovation Now (FIN), submitted a public comment letter to the Fed in response to its proposal to create and operate a real-time payments system in the U.S.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
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