The Digital Shift, Real-Time Payments, Stimulus Funding Top This Week’s News

It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives on the digital shift, real-time payments and stimulus funding.

Top News

Next Economic Stimulus Package Could Hit $1T

The Trump administration anticipates that a $1 trillion figure could be ahead for the new round of stimulus funding, with an eye toward potentially including liability protections, back-to-work incentives, and more.

The Future Of Payments Beyond The Pandemic

Predictions are hard. But in the final installment of the “Powering the Digital Shift” series with Karen Webster, six experts talked about one sure bet: “Digital optional” is no option as we progress toward contactless commerce.

Visa’s Kevin Phalen: Moving B2B Payments From Acceleration To Execution

The pandemic has inspired the great digital shift throughout all pillars of the worldwide economy and has become a catalyst for change, at a pace not seen in decades.

Kevin Phalen, global head of Visa Business Solutions, told Karen Webster in a recent conversation, that it has “actually accelerated processes and forced organizations to rethink how they can make sure that they can continue to make their B2B payments properly.”

PayPal, Facebook Take Stakes In Gojek

PayPal and Facebook are working together on a funding round for the Indonesian digital payments company GoJek. Terms of the deal were not made known. 

The Rise Of Card-On-File Commerce

Retailers have rushed to enable a “contactless” payment experience to make them feel more comfortable shopping and checking out in their shops.

With an absence of contactless card penetration in the U.S., among other factors, Karen Webster says a number of retailers are getting creative in how they define what it means to provide a contactless payment experience that now includes a completely cardless, card-on-file experience.

Trackers And Reports

Exclusive Data: Twenty-Five Percent of Consumers Say Retail, Online Grocery Digital Shift Will Stick 

Consumers have no plans to return to their pre-pandemic shopping habits, as parts of the American economy continue to open again. They are shopping from the safety of their residences and are purchasing more through the web — not less — than they were prior to the start of the reopening.

Real-Time Payments’ Real-Time Achilles Heel

Lagging processing times and a lingering dependence on paper checks have long plagued B2B payments, and the shift to application programming interfaces (APIs) has mitigated some of these challenges but also opened new avenues for fraud.

In the June B2B API Tracker, PYMNTS examines how the need for real-time payments has required equally fast security measures prior to the time that stolen funds are forever lost.

Keeping Grocery’s ‘Digital Shifters’ Loyal Post Pandemic  

Consumers have not fully abandoned in-store shopping or physical store services such as curbside pickup. As a number of consumers are using a mix of methods for their supermarket experiences, grocers need to be ready to adapt innovative tools – both in store and online – that can help maintain a seamless experience for consumers.

WSFS Bank: Plain Vanilla Digital Banking Won’t Cut It Any More

Financial institutions (FIs) today know about the challenges of supporting digital platforms as more customers turn to online-only offerings, as the transformation to digital may have possibly been accelerated in the wake of the coronavirus.

As a result, it is important for FIs to ensure that the services they provide can support client needs at speed and that these tools completely meet their evolving needs, according to Lisa Brubaker, executive vice president and chief technology officer for Delaware-based community bank WSFS Bank.

Fun, Cool and Otherwise Interesting

Should Las Vegas Casinos Bet On The Tourists Returning?

With casinos in Las Vegas shuttering in mid-March due to the coronavirus, Nevada’s unemployment rate surged to 28.2 percent. Even with some of the largest casinos planning to open again, questions remain as to whether the city’s appeal can survive despite its risks.

‘Travel Bubbles’ Key To Getting Consumers To Travel Cross Border

International travel seems to be on hold for this summer, with too many people worried about coming down with the coronavirus while abroad. But Lithuania, Estonia, and Latvia started the idea of “travel bubbles,” letting residents move between the three countries but keeping out all other international travelers.

SMBs May Be On the Hook for Losses Amid Social Unrest

Will small and medium-sized businesses (SMBs) face crippling losses connected to looting amid the social unrest dominating the nation? Landlords require that business tenants have basic liability insurance, but individual small business owners get to decide how much coverage they want to carry – or can afford.

The Drive-In Dance Club And The Future Of Social Gatherings

Index, a German nightclub, is providing consumers with a completely new way to go to the clubs on Saturday nights: by driving in and remaining in your car.

US Savings Rate Soars As Consumer Spending Sinks — A Bad Sign For SMBs

Personal income was higher by 10.5 percent in April, but consumption was down 13.6 percent. The result is a soaring savings rate, at 33 percent and much higher than the 12.7 percent seen in March.