Today In Payments: Affirm Preps For IPO |

Today In Payments: Affirm Preps For IPO; China Considers Alipay, WeChat Pay Antitrust Probe

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.

Affirm Eyes Possible IPO That Could Value POS Lender at $10B

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 Regulator Considers Antitrust Probe of Alipay, WeChat Pay

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.

Apple Doubles Services Revenue

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.

Amazon Crushes Earnings as Online Grocery Sales and Prime Viewership Soar

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.

PayPal’s Plan for Seamless, Touch-Free QR Code Commerce

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.

Report: Reinventing the Bean-to-Bar Chocolate Supply Chain

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 Big U.S. GDP Crash Reverses Economic Growth Of Last 11 Years

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.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.