Should Amazon Consider Issuing its Own Cryptocurrency?
Customers of e-commerce giant Amazon have expressed the desire to be able to buy cryptocurrency from the company, a new survey by Investing.com says. The survey asked customers what kinds of new offerings they would like to see from the company. 13% of respondents said they would be interested in purchasing crypto from Amazon, around the same amount interested in Amazon-branded health-care coverage (15%), public transportation (13%), and medical marijuana (13.5%). [Finance Magnates]
Some consumers expect Amazon to one day offer its own cryptocurrency (Getty)Getty
Good News for Debit Card Holders: Now It’s Easier to Rent a Car
Rental car companies tend to view debit card customers as riskier than those who pay with credit cards: They take the lack of a credit card as a warning sign of bad credit. So rental car companies force debit card holders to jump through hoops. They may have to put down extra deposits, undergo a credit check and demonstrate a credit score of at least 660, and provide additional forms of identification. This is quite a barrier to car rental for a significant fraction of the population. Something like 25% or 30% of American adults don’t have a credit card. It will come as good news to them that Dollar and Thrifty, both units of Hertz, now accept debit cards on nearly equal footing with credit cards. [Intellegencer]
U.S. Consumer Credit Tops $4 Trillion for the First Time in December
For the first time ever, consumer credit has risen above $4 trillion, according to the Federal Reserve. Revolving credit, like credit cards, rose 2% in December, after increasing by 5.6% in November and 11.7% in October. Nonrevolving credit, typically auto and student loans, rose 6% in December. For the year, credit card debt was up at a 2.75% pace while nonrevolving credit was up at a 5.5% pace. The data does not include mortgage loans. With low unemployment and steady income growth, consumers have been tapping into credit lines. The Fed reported earlier this week that banks are starting to tighten standards on credit cards. [MarketWatch]
Over 25% of Shoppers Pay for Purchases via Smartphone
Smartphones are continually changing the way people shop. According to the Remote Payments Study from PYMNTS, mobile shopping is changing the way people discover new products to buy. Only 32.2% of respondents found their most recent purchases in a store, compared to 47.6% who made the discovery online. Consumers may be eliminating that discovery process altogether though. Nearly 42% of survey participants said they know what they want to purchase before they browse for new products. Over one-quarter (25.7%) of shoppers said they normally use a mobile device to pay for their purchases, whether in-store or online. [LowCards.com]
Wells Fargo Nationwide Outage Affecting Debit Cards, Online Banking
Many Wells Fargo customers are unable to use their debit cards or log onto the website or mobile app Thursday because of a power shutdown at one of their facilities triggered by smoke. The bank said that during routine maintenance, smoke was detected, and systems shut down. The bank did not say what the facility was or when systems will be up and running. This is the second time in a week Wells Fargo has experienced technical issues. Last Friday, a typical pay day, the company’s online banking and mobile app wasn’t working. [WECT]
Amex, Bill.com Launch Vendor Pay
American Express and Bill.com announced a partnership to introduce an accounts payable solution to joint customers. The companies revealed the rollout of American Express Vendor Pay by Bill.com. The solution allows Bill.com users to pay suppliers with an American Express Business or Corporate Card using virtual card technology, negating the need for companies to open a new card account. Joint customers will also have the option to pay using Bill.com’s ACH and check payment functionality. Bill.com provides firms with a unified interface through which they can manage and obtain real-time status updates on invoice payments. [PYMNTS]
Mobile Shoppers Make More Purchases Through App As Compared To Website
With the evolution of smartphone technology, more companies realize they need to have a mobile app for their businesses to see new heights. While the percentage of mobile users have surpassed the percentage of desktop users way back, app usage has also seemed to overshadow the website usage lately. Research shows users spend 90% of their time on mobile apps and just 10% browsing the rest of the internet. Consumers prefer mobile apps over websites due to seamless user experience, speed, various features, and special deals and offers. [Mobile App Daily]
Nearly Half of People Would End a Relationship over Irresponsible Spending
Personal finance site WalletHub conducted a survey of couples and their Valentine’s Day spending and came up with this shocker: nearly half—46%—said they would break off the relationship if their significant other spent irresponsibly. Since married couples are responsible for one another’s debts, financial compatibility has become more important in relationships. [Consumer Affairs]
This New Credit Card Helps Build a Credit Score for People Who Don’t Have One
For Petal founder Jason Gross, launching the company last fall was all about extending credit to people who have previously been locked out of the system. A study from the U.S. Federal Reserve found that only 42% of people earning less than $25,000 per year have a credit card. To enable people to receive a line of credit without a traditional credit history, Petal analyzes a combination of factors: regular payments like rent, checking account cash flow, or history with prepaid debit cards or secure credit cards. [Fast Company]
Mobile Banking App Steps into a No-Fee Mobile Bank Account for Teens
The days of asking your parents for a crisp 20 are all but over for today’s teens especially with apps like Venmo. A new fee-free mobile banking startup called Step has an answer for the 75 million kids under 21 in the United States who still use cash. This market isn’t the “unbanked.” Instead, it’s the “pre-banked. [The Hustle]
Mastercard Names Vocalink’s Stoddart as President of New Payment Platforms
Mastercard named Vocalink CEO Paul Stoddart as its president of new payment platforms, starting March 1. Stoddart has been CEO after Mastercard acquired the firm in 2017. Stoddart will oversee Mastercard’s development and integration of real-time payment capabilities, beyond traditional card payments These include Vocalink, the Homesend cross-border payments joint venture and Mastercard Send. [Mobile Payments Today]
Provided by LowCards.com