Mastercard is deepening its global payments partnership with Uber to improve experiences for drivers, couriers and Mastercard cardholders using the Uber platform. Uber will leverage a range of Mastercard products and services – including Mastercard Move for real-time disbursements, Mastercard One Credential to simplify the payment experience, and Mastercard Gateway capabilities for collections – to support its business operations. The Uber Pro Card, which Mastercard already supports in the United States and Canada, has been renewed in those markets and will be expanded to new ones, including the United Kingdom. The card allows Uber drivers and couriers to receive instant payments at no cost after every trip or delivery and offers benefits like leading cash-back rewards on gas purchases. Along with this expansion, the Uber Pro Card will also deliver enhanced payment experiences by leveraging Mastercard One Credential, a single digitally connected credential offering greater payment choice. With Mastercard One Credential, drivers and couriers will gain flexible and innovative options for managing their finances, supporting greater financial resilience. Uber’s global customer base will also benefit from Mastercard’s consumer payment products and services, including its Offers Platform. This will add increased, unique benefits and value to Mastercard cardholders purchasing delivery and mobility services on Uber’s platform. Mastercard Gateway, the company’s global processing and fraud prevention solution, will also be leveraged to enable Uber to accept a wide range of digital transactions quickly and securely.
Chrome autofill to show reward details for more credit cards — expanded now to over 100; also expanding popular pay-over-time options beyond Affirm and Zip
Google Pay is getting a handful of updates today centered around Chrome autofill, like expanded card benefit details. Last year, Chrome’s autofill dropdown menu started showing credit card reward details to help you decide which payment method to use for a transaction. For example, you might see “1.5% cash back” or “3x points on flights” alongside a photo of the card and full name. Desktop and mobile Chrome now supports over 100 credit cards in the US after initially working with American Express and Capital One. In addition to Affirm and Zip, Klarna, Afterpay, and other providers will appear as “buy now, pay later” (BNPL) options in Chrome autofill. “Pay over time options” will appear beneath credit/debit cards in the menu. You’re then presented with a list of the various options, and can continue from there with a virtual card generated for this purchase. To make “global money transfer easier,” wallet.google.com and Google Search (when you look up currency exchange rates) will “show straightforward fee and exchange rate information with remittance providers like Ria Money Transfer, Xe and Wise.” “Compare quotes & send money” appears below the chart with the ability to specify the amount. In the Wallet website, there’s a new “International transfers” page. Google will also let you send funds with those services “from the U.S. to India, Brazil, Mexico and the Philippines.” …with Stripe processing the funding transaction. This is still in testing and coming soon.
WSJ reports JPMorgan Chase in advanced talks to take over Apple’s credit card program from Goldman Sachs; the deal to entrench its position in retail banking
JPMorgan Chase is in advanced talks to take over Apple’s credit card program from Goldman Sachs. Talks between the largest U.S. bank and the tech giant began last year, as Goldman sought to unwind a partnership that had once been a cornerstone of its consumer banking strategy. The deal would further entrench JPMorgan in the credit card business and add to a string of victories for CEO Jamie Dimon, who has built the bank into a dominant force across retail banking and Wall Street businesses. The bank is among the top credit card issuers in the United States, and competes closely with rivals such as American Express and Capital One. Launched in 2019 with Goldman, the Apple card offered perks such as no fees and cashback, but the bank’s struggles in consumer banking prompted a rethink of the partnership. Since then, Goldman has pivoted to its traditional mainstays of investment banking and trading.
Google will now allows users to select their preferred choice of news sites and blogs to be shown in the Top Stories section of Google’s search results
Google is rolling out a new feature called “Preferred Sources” in the U.S. and India, which allows users to select their preferred choice of news sites and blogs to be shown in the Top Stories section of Google’s search results. Enabling this feature means you will see more content from the sites you like, the company says. When users search for a particular topic, they will see a “star” icon next to the Top Stories section. They can tap on that icon and start adding sources by searching for them. Once you select the sources, you can refresh the results to see more content from your selected sources. Google said that for some queries, users will also see a separate “From your sources” section below the Top Stories section. This feature enables users to get information from sources they like, but that would also likely trap them in an ideological bubble without exposing them to different points of view on a particular topic. Google debuted this feature as a Search Labs feature on an experimental basis, so users had to opt in to enable it. The company said that during the test phase, more than half of the users selected four or more sources. Now, the company is making it available to all users for English language searches in the U.S. and India.
Mastercard’s automated solution for virtual cards adds advanced straight-through processing that fully automates virtual card payments and reconciliation through a single connection, multi-language and secure card-on-file support
Mastercard is launching widescale global availability of Mastercard Receivables Manager, its automated solution that makes virtual cards more efficient, secure and cost-effective for businesses to accept. Mastercard Receivables Manager has been levelled up with new capabilities such as multi-language and secure card-on-file to support digital commerce around the world. Now available globally, acquiring partners are embracing the innovation to modernize supplier virtual card acceptance experiences across major card networks and help customers strengthen buyer-supplier relationships. To give payment service providers greater flexibility in how they offer B2B payment innovations, Mastercard is also introducing Commercial Direct Payments, an advanced straight-through processing solution that fully automates virtual card payments and reconciliation. When the buyer initiates a card payment, Commercial Direct Payments enables it to be processed directly with the supplier’s acquirer – eliminating all manual steps for making and receiving payments. The funds are automatically deposited into the supplier’s account and the detailed remittance data can be seamlessly integrated into the AR workflow. Key benefits include: Driving supplier efficiency with automated reconciliation: Suppliers can easily reconcile payments using the rich remittance data that can flow directly into their ERP systems, freeing up resources to focus on more strategic tasks. Unlocking automated B2B payment processing at scale: Issuers and acquirers can quickly unlock the benefits of straight through processing without the need for multiple costly and time-intensive connections with one another. Commercial Direct Payments streamlines this process by providing a single connection to Mastercard and enabling the flow of secure, standardized payment and remittance data between issuers and acquirers. Strengthening buyer-supplier relationships: Buyers have the flexibility to pay with physical or virtual cards to improve cash flow, while suppliers can get paid securely, efficiently, and on time. Elavon and Run Payments are among the many innovative payment providers in the United States offering Mastercard Receivables Manager to address manual processing and reconciliation challenges – which some 42% of suppliers across the nation note as top barriers to acceptance.
Four ways Google Wallet easily outshines Apple Wallet- custom cards, Wider compatibility across devices, Nearby pass notifications, easily manage Google Wallet online
While Google Wallet and Apple Wallet are similar in nature, they have several key differences that make one stand out over the other. Google Wallet has custom cards. Not all card types or passes are supported by digital wallet apps, such as those for your local library, gym, or coffee shop. That’s where Google Wallet’s “Everything Else” feature comes in handy. It enables you to add a custom card to your Google Wallet for use on the go. If the card has a QR code, Google Wallet can scan it and add it to the custom card. While the custom card might not fully replace the physical card, it offers a convenient way to store and access information like a loyalty card number or QR code when necessary. Wider compatibility across devices. While Apple Wallet does sync across your Apple devices, its compatibility isn’t nearly as extensive as Google Wallet. Google Wallet works with Pixels, of course, as well as Samsung, Motorola, OnePlus, and many other Android brands. I hope someday I can open Google Wallet on my iPhone or use Apple Wallet on my Pixel. Until then, Google Wallet’s broader device support makes it more accessible and versatile. Nearby pass notifications. This feature lets you enable notifications for a specific card or pass when you’re in an area where it can be used. Although not all cards support it yet, it’s a helpful addition, and once more widely adopted, it will be very convenient. You can easily manage Google Wallet online. By visiting wallet.google.com and signing in to your Google account linked to Google Wallet, you can easily handle all your stored cards. Google Wallet’s website allows you to add or remove payment methods, loyalty cards, passes, and gift cards, as well as view your recent transactions. While you can do all this on your smartphone, using your PC is very convenient, especially if you want to review any transactions or update multiple cards.
Mastercard’s automated solution for virtual cards adds advanced straight-through processing that fully automates virtual card payments and reconciliation through a single connection, multi-language and secure card-on-file support
Mastercard is launching widescale global availability of Mastercard Receivables Manager, its automated solution that makes virtual cards more efficient, secure and cost-effective for businesses to accept. Mastercard Receivables Manager has been levelled up with new capabilities such as multi-language and secure card-on-file to support digital commerce around the world. Now available globally, acquiring partners are embracing the innovation to modernize supplier virtual card acceptance experiences across major card networks and help customers strengthen buyer-supplier relationships. To give payment service providers greater flexibility in how they offer B2B payment innovations, Mastercard is also introducing Commercial Direct Payments, an advanced straight-through processing solution that fully automates virtual card payments and reconciliation. When the buyer initiates a card payment, Commercial Direct Payments enables it to be processed directly with the supplier’s acquirer – eliminating all manual steps for making and receiving payments. The funds are automatically deposited into the supplier’s account and the detailed remittance data can be seamlessly integrated into the AR workflow. Key benefits include: Driving supplier efficiency with automated reconciliation: Suppliers can easily reconcile payments using the rich remittance data that can flow directly into their ERP systems, freeing up resources to focus on more strategic tasks. Unlocking automated B2B payment processing at scale: Issuers and acquirers can quickly unlock the benefits of straight through processing without the need for multiple costly and time-intensive connections with one another. Commercial Direct Payments streamlines this process by providing a single connection to Mastercard and enabling the flow of secure, standardized payment and remittance data between issuers and acquirers. Strengthening buyer-supplier relationships: Buyers have the flexibility to pay with physical or virtual cards to improve cash flow, while suppliers can get paid securely, efficiently, and on time. Elavon and Run Payments are among the many innovative payment providers in the United States offering Mastercard Receivables Manager to address manual processing and reconciliation challenges – which some 42% of suppliers across the nation note as top barriers to acceptance.
Visa sees stablecoins ‘massively expanding’ its opportunities to provide fraud prevention, dispute resolution and compliance checks, along with connections to bank payment rails
Visa’s stablecoin strategies could include the launch of its own coin someday. “This is just another mechanism for value exchange,” Cuy Sheffield, Visa’s head of cryptocurrency, said. “I see it massively expanding our addressable market.” Many analysts see stablecoins as a potential opportunity for Visa, and not a threat. Stablecoin payments are in theory cheaper than card fees, they still require services such as fraud prevention, dispute resolution and compliance checks, along with connections to bank payment rails and fiat currency conversion. Visa wants to serve as a bridge as the flow of money shifts, using its infrastructure to help make stablecoins more mainstream for merchants and consumers. “They are going after the land grab of empowering every possible stablecoin platform with a payment capability,” said Richard Crone, chief executive officer of payments consultant Crone Consulting. “This is a really big opportunity.” Visa says, “Our focus is on what we can do today: scale stablecoin-linked cards, enable stablecoin settlement, and work closely with our bank partners to help them leverage stablecoins across a range of use cases. That’s our near-term priority and what’s active in the market right now.” “We are piloting and partnering with stablecoin companies … as we build out our stablecoin settlement stack … we are working to streamline treasury operations, improve liquidity management and enable quick and more cost effective cross-border transactions,” Visa CEO Ryan McInerney said.
PayPal’s BNPL volume growth of >20% that exceeded 18% growth in core business, >65% rise in debit card monthly active accounts, yield rewards on stablecoin holdings and ‘Pay with Crypto’ feature suggest its aggressive play to dominate checkout lanes and increase wallet share
Pivoting from macroeconomic concerns to capturing wallet share, PayPal is making an aggressive play to dominate checkout lanes. PayPal’s own footprint edged higher as active accounts rose 4% from the March quarter to 438 million. PayPal’s installment payment portfolio again grew more than the core business. “In the second quarter, BNPL volume grew more than 20% and monthly active accounts climbed 18%,” CEO Alex Chriss said. He added that average order values using BNPL run “more than 80% higher” than a standard branded checkout transaction, a statistic the company is using to recruit merchants who already accept PayPal but have yet to surface its installment options early in the shopping journey. For merchants, the pitch is that PayPal’s know your customer (KYC) infrastructure and access to “the largest ecosystem of payment-ready wallets” will simplify compliance when bots, not humans, initiate transactions. Debit card TPV across PayPal and Venmo grew more than 60% while monthly active accounts grew more than 65%, Chriss said. Two million users tapped a PayPal or Venmo debit card for the first time in the quarter, reinforcing Chriss’s thesis that cardholders transact more often and choose PayPal at checkout six times as frequently as non-card users. PayPal added yield rewards for holding PYUSD, expanded issuance to the Stellar and Arbitrum blockchains and said PYUSD would power PayPal World transactions that settle in local currency on the back end. The company also announced “Pay with Crypto,” earlier this week, which will convert more than 1,100 cryptocurrencies into PYUSD or fiat at checkout. Chriss said it positions PayPal as processor, not custodian. PayPal reported second-quarter net revenue of $8.29 billion, up 6% from the March quarter’s $7.79 billion and 5% year over year. Total payment volume rose by the same sequential 6% to $443.5 billion. Active accounts inched up to 438 million, reversing last year’s attrition but still growing more slowly than volume. Transaction margin dollars, a company metric that strips out operating costs, increased 7% year over year to $3.84 billion, or 8% when interest on customer balances is excluded. Non-GAAP earnings per share climbed 18%. Management again raised full-year guidance for both transaction‑margin dollars and earnings per share, even while acknowledging an “uneven” consumer backdrop in some corridors. The absence of dire macro commentary was itself a signal: PayPal believes its checkout strategy, not the economic cycle, will determine whether it can accelerate growth.
Amazon reveals most significant grocery expansion
Amazon has announced a major grocery expansion. Tens of millions of Prime members in more than 1,000 cities and towns can now shop for fresh groceries with their Same-Day Delivery orders. The company has plans to expand this offering to over 2,300 cities and towns across the United States by year-end. This marks one of the most significant grocery expansions for Amazon as the company introduces thousands of perishable food items into its existing logistics network. Amazon has been piloting the service in regions including Phoenix, Ariz., Orlando, Fla., and Kansas City, Mo., with these consumers having embraced the convenience. According to the company, many of these shoppers were first-time Amazon grocery customers who now return to shop twice as often with Same-Day Delivery service compared to those who didn’t purchase fresh food. “We’re seeing strong customer adoption as 75% of customers who’ve used the service this year are first time shoppers for perishables on Amazon, with 20% of customers who use the service returning multiple times within their first month,” commented CEO Andy Jassy. Amazon is finding success delivering perishables thanks to its specialized temperature-controlled fulfillment network that ensures customers receive fresh grocery items. Doug Herrington, CEO of Worldwide Amazon Stores said, “By introducing fresh groceries into our Same-Day Delivery service, we’re creating a quick and easy experience for customers.