Today In Payments: Digital Chipotle Orders Account For 50 Pct Of All Sales; Affirm To Buy Returnly For $300 Million
In today’s top news, Chipotle’s earnings showed a massive shift to digital ordering, and Affirm is acquiring Returnly. Plus, SPAC deals have dropped significantly thus far in the second quarter of 2021.
Chipotle Mexican Grill reported first-quarter 2021 earnings that soared past forecasts, with year-over-year digital orders up 133.9 percent to $869.8 million and now accounting for 50.1 percent of all sales. This is the first time the Southern California chain had more digital orders than in-restaurant sales.
San Francisco-based Affirm announced Wednesday (April 21), that it has struck a deal to acquire Returnly, which deals with online returns and post-purchase payments, for a total of $300 million in cash and equity.
SPAC activity has slowed to a crawl. While there were more than 100 new deals in March alone, that number has shrunk to 10 SPACs so far in April. The slowdown in investor interest comes as the Securities and Exchange Commission (SEC) began eyeing the boom in SPAC deals.
Software firm UiPath, which uses digital transformation technology to connect the disparate front and back-end office functions, ended its first publicly traded day at $69, up from its opening of $56. The company also ended the day with a $36 billion valuation.
PayPal has come a long way from its first iteration as an online “buy” button. As CEO Dan Schulman told PYMNTS CEO Karen Webster in the PYMNTSTV video kick-off to the ConnectedEconomy™ series, his plan is to advance the connected economy with a suite of services for both consumers and merchants to be able to navigate and thrive in the digital era.
Quick-service restaurants (QSRs) are dishing out mobile-enabled loyalty programs, but fraudsters are also eager to take a bite out of them. In the Mobile Order-Ahead Tracker, Joella’s Hot Chicken’s Katie Wollrich and Christina Happel explain how QSRs can use data analytics and code-based redemption features to keep loyalty offerings fraud-free.
The basic existential questions about what cryptocurrencies are and how they would operate may be answered, at least in part, by a new working group devoted to those issues — and by creating a framework to help improve primary and secondary markets.