Today In Payments: Scammers Target Used Car Buyers; California Voters Uphold Gig Worker Status
In today’s top news, scammers are targeting used car buyers amid an uptick in digital sales, and California voters passed a proposition that upholds gig worker status. Plus, Wayfair released a blockbuster quarterly earnings report.
Scammers Take Used Car Buyers For A Ride Amid Pandemic
Scammers are preying on used car buyers as demand surges for pre-owned vehicles amid the pandemic. The Better Business Bureau (BBB) has estimated that it will process over 450 complaints this year about used car scams, with victims losing in excess of $1 million.
Prop 22: California Side With Uber And Lyft, Nix AB 5 Gig Worker Law
California voters passed Proposition 22, which exempts tech platforms like Uber, Lyft and DoorDash from state law AB5, which forced them to reclassify gig workers as employees.
Wayfair, Home Furnishings Sector Looks Past COVID Winter
Led by a blockbuster quarter from Wayfair, the home goods sector is flourishing during the pandemic, as “stay at home” turns into “furnish your home.”
No Open And Shut Path For Open Banking As CFPB Mulls Rules
The Consumer Financial Protection Bureau (CFPB) has said it will look to issue advance notice of proposed rulemaking on “open banking” by the end of this year.
NEW DATA: Five Payments Innovations For Winning The Digital-First Shopper
Tens of millions of Americans are now going online to buy everything from groceries to retail products, but a cookie-cutter approach to digital innovation won’t ring the register. The How We Shop: Winning The Digital-First Shopper report, done in collaboration with PayPal, surveyed 2,029 consumers to examine the key digital innovations that merchants must offer to win digital-first shoppers across all demographics.
Onyx CEO On Blockchain, The JPM Coin And Simplifying Payments
Four hundred banks can’t be wrong. That’s the number of banks who’ve signed onto J.P. Morgan’s blockchain network to explore how blockchain and digital currencies can simplify payments and processes once tied to legacy systems, Umar Farooq, CEO of J.P. Morgan’s Onyx, tells Karen Webster. Here’s why cross-border and paper check payments top that list.
Ant’s IPO Journey Faces Regulatory Hill — Is Lending In Crosshairs?
Chinese regulators may be spoiling Ant’s initial public offering (IPO) listing picnic — drawing a bead perhaps on lending activities, which are getting more oversight from China's central bank. Will it be a slowdown or a full stop on the march to a public listing?