Tuesday , October 19, 2021

39% Would Ditch Banks and other Digital Transactions News briefs from 9/28/21

  • Thirty-nine percent of consumers would ditch traditional banking for peer-to-peer and social media app payments, found a survey of 1,000 U.S. consumers from GoCardless, which provides account-to-account payment services. Younger consumers are much more inclined than older consumers with 54% of Gen Z, the youngest, and 56% of Millennials, willing to make the change. That compares to 31% of Gen X and 14% of Boomers.
  • LawPay, an online payment provider for legal professionals, launched ClientCredit, an installment payment option for clients. Participating law firms are paid in full, while clients use the buy now, pay later plan. Details, such as how long repayment plans last and if interest is charged, were not disclosed.
  • Working with Stride Bank, digital-banking provider Payfare Inc. announced it will initiate real-time wage payouts to U.S. gig-economy workers through The Clearing House Payments Co.’s Real Time Payments network.
  • Payments provider Personas Social Inc. said it has begun supporting email money transfer services for online transactions initiated by Canadian consumers. The service is typically offered by banks to facilitate peer-to-peer payments.
  • Corporate card provider Trust said it is working with payments provider Plastiq to allow businesses to pay marketing invoices from businesses that do not normally accept cards, including advertising platforms from Amazon, Facebook, Snapchat, Pinterest, and others.
  • Pushpay, a payments provider for churches and nonprofits, added Sumita Pandit and John M. Connolly to its board of directors. Pandit is chief operating officer for fintech dLocal. Connolly is senior advisor to Sixth Street, an investment firm and Pushpay’s largest shareholder.

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