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JPMorgan Chase said it was purchasing Stamford, Connecticut-based cxLoyalty, a major credit card loyalty platform, in an effort to enrich its own card loyalty programs when travel resumes after the pandemic global.
Chase will earn a full-service travel agency as well as gift cards, merchandise and point-based banking from cxLoyalty Group Holdings, which will operate as a new business unit of Chase, according to company press releases. Financial terms of the acquisition, which is expected to close shortly, were not disclosed.
The deal means that over time, users of the Chase’s Ultimate Rewards loyalty program will have access to enhanced travel experiences through the cxLoyalty platform, according to the statement from Chase.
Ripple Labs – which was recently sued by the United States Securities and Exchange Commission, which alleged fintech improperly sold the XRP cryptocurrency to consumers – has a Japanese financial services company in its corner.
Tokyo-based SBI Holdings claimed this week that under Japanese law Ripple’s XRP is a “cryptocurrency asset” and not a security, Coindesk reports. SBI said in a statement that it will continue to expand its use of Ripple’s services locally and internationally.
The SEC lawsuit alleges Ripple raised $ 1.3 billion by selling XRP over seven years without registering it as a security. The SEC named Ripple CEO Brad Garlinghouse and former executive Chris Larsen as defendants, along with the San Francisco-based company.
Some Americans eligible to receive cash under the recently approved second round of stimulus payments will get payments within days through direct deposit, with the bulk of checks and prepaid payments coming out early next year. , reports CNET.
In the first round of payments this year, about 75% of recipients were paid by direct deposit, while 22% received a paper check and 3% opted for a prepaid debit card, the IRS said.
As with the previous wave of payments, citizens who are not required to file an income tax return will automatically receive a stimulus payment. Others who haven’t received a payment by January 15 can claim their stimulus funds when filing income tax.
The effect of COVID-19 on the restaurant industry has been mixed, with traffic to some restaurant chains declining while delivery and drive-in spending increased. Overall, spending at U.S. restaurants fell only slightly, according to Zenreach, who worked with TOP Data to analyze spending for a million U.S. consumers.
Grubhub food delivery service has seen a 56% increase in year-over-year consumer spending since the start of the pandemic, while Sonic drive-in chain spending has increased by 42% and Chick-fil-A spending increased 23%, San Francisco-based Zenreach said.
The chains where consumers spend less year over year are Olive Garden, which saw a 33% drop in Zenreach’s spending measure; Subway, which is down 27%; and Chile, where consumer spending fell 17%.
On the Web
Rare payoff for small businesses keeps payments hopeful
THE WALL STREET JOURNAL | Tuesday, December 29, 2020
Restaurant owners and other small businesses are making slow progress in tackling pandemic-related business interruption payments from their real estate insurers.
Estonian Proptech Rendin raises € 1.2 million in seeds for its long-term rental platform
TECHCRUNCH | Tuesday, December 29, 2020
Rendin, an Estonian proptech start-up that wants to improve the home rental experience, including offering a no-deposit feature, has raised € 1.2 million in seed funding. Tera Ventures, Iron Wolf Capital, Truesight Ventures, Atomico’s Angel Program and Startup Wise Guys are supported.
Coinbase suspends trading in XRP
REUTERS | Monday, December 28, 2020
Cryptocurrency exchange Coinbase announced on Monday that it will suspend XRP cryptocurrency trading after US regulators accused associated blockchain company Ripple last week of leading an unregistered securities offering of 1.3 billion dollars.
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Where Blackhawk landed in 2020
Michael Moeser, Senior Analyst at PaymentsSource, speaks with Jennifer Philo, Vice President of the U.S. Commerce Group at Blackhawk Network, about how the global pandemic has transformed the use cases for gift cards, prepaid cards and loyalty products that the company supports.
The balance of digital / human interaction has never been more important
The permanent digital switchover also requires changes in the way businesses communicate with consumers, says Diane O’Hara of Medallia.
11 fintech mergers and acquisitions that define 2020
The year 2020 has been disruptive and chaotic. And while it has derailed or delayed the growth plans of some companies, it has also created opportunities for new combinations – or, at the very least, has not slowed them down.
JPMorgan Chase acquires CXLoyalty credit card loyalty platform
JPMorgan Chase purchases Stamford, Connecticut-based cxLoyalty, a leading credit card loyalty platform, in a bid to enrich its own card loyalty programs when travel resumes after the global pandemic.
Walmart promotes cash as AT&T pursues repairs in Nashville
Tennessee retailers turned to cash acceptance as they continued to recover from the Christmas Day explosion in downtown Nashville on Monday.
Blockchain is not a one-off innovation, but a big umbrella
It is important to take into account the different uses and types of blockchains depending on the needs and the project management strategy for financial and payment technologies, explains Hubert Marteau of Worldline.
Vaccinees in Los Angeles can put proof of it in Apple Wallet
Recipients of the Covid-19 vaccine in Los Angeles County, a major hotspot of the virus, will be offered a digital recording that will help them get a second injection and could eventually be used to access concert halls or air flights.
Access Denied: Financial Media
Much like the industries they cover, the lack of representation of Blacks in the media acts as a barrier to understanding and eliminating systemic racism.
No holidays as banks, payment networks clean up after SolarWinds hack
With Microsoft, Equifax and others acknowledging that the SolarWinds hack of U.S. government entities had affected their holdings, security teams and vendors put the holidays aside while continuing to monitor around the clock to ensure that ‘no financial service or payment network has been hacked.