In today’s top news, Affirm is eyeing an IPO that could reach $10 billion, and Alipay and WeChat face an antitrust probe by China’s antitrust regulator. Plus, PayPal talks QR codes.
Point-of-sale lender Affirm’s initial public offering (IPO) could reach as much as $10 billion if it chooses to work with Goldman Sachs. Affirm was recently ranked No. 3 on PYMNTS’ list of BNPL firms.
China’s State Council’s Anti-Monopoly Commission is considering investigating Alipay and WeChat Pay, two of the country’s biggest online payment and money transfer platforms. The People’s Bank of China has alleged that the digital payment companies have used their strong positions to crush the competition.
Consumers might have cut back on spending, but that apparently didn’t apply to Apple products, as the tech giant reported quarterly results that exceeded estimates.
The company’s earnings were off the charts, with Amazon almost doubling its revenue and profit numbers while spending more than $9 billion on capital improvements.
Today, QR codes are the greatest “new” thing in post-pandemic touchless payments convenience. Jeremy Jonker, PayPal’s head of consumer in-store and digital commerce, tells Karen Webster that PayPal sees a bright future for them, and not just on Main Street with small businesses.
For budding U.S. bean-to-bar chocolate makers, ethically sourcing the richest cocoa beans is only half the challenge. Chocolatiers must also ensure that their suppliers — often unbanked and in remote areas — can receive payments in a convenient manner, says Shawn Askinosie, CEO of Askinosie Chocolate. In the Reinventing B2B Payments Report, Askinosie discusses how his firm works to shelter growers from economic uncertainties with rapid, accessible payments.
The U.S. economy shrank by 32.9 percent in the second quarter, the biggest drop in the gross domestic product since the government began tracking it in 1947.