Today In Payments: SEC Chair Says Congress Should Regulate Crypto Exchanges; Walmart Acquires Telehealth Provider MeMD
In today’s top news, the chair of the U.S. Securities and Exchange Commission (SEC) said cryptocurrency needs more regulation, and Walmart has acquired telehealth firm MeMD. Plus, Square’s earnings report showed positive trends in in-person and online purchases.
In his first public hearing as chair of the SEC, Gary Gensler said that Congress should take a bigger role in bringing regulatory clarity to cryptocurrency proceedings, especially regarding crypto exchanges.
Walmart has expanded its omnichannel health services with the acquisition of multispecialty telehealth provider MeMD. In the next few months, Walmart will use the acquisition to give more access to virtual care around the nation, including urgent, behavioral and primary care.
Many observers may have been focused on bitcoin. And yes, that business was buoyant at Square. But the traditional business saw surging gross payments volume (GPV) and transaction growth — in person and over digital channels. Management pointed to strength in eCommerce and midmarket sellers.
Amid a COVID-fueled boom in eCommerce—and its accompanying fraud—Riskified is considering an initial public offering (IPO) that could come this year. The startup uses machine learning to fight eCommerce fraud and prevent chargebacks.
Keeping data protection front and center can help merchants put first-time customers at ease — and keep them coming back. In The Trust Quotient: How Merchant Trust Drives Shopping Behaviors, PYMNTS surveys 2,563 U.S. consumers to better understand what visual cues consumers seek — and need to build trust — when deciding to check out with a merchant they’ve never shopped before.
Before the pandemic, it was hard to imagine fashion buying without the runway, cool lighting and cocktails. Now, Joor CEO Kristin Savilia told PYMNTS that not only is the fashion buyer doing her buying online but has dragged paper invoices and the analog Excel sheet along for the digital ride.
Higher shipping costs, on the road. Higher container costs, over the seas. Even higher box costs. Retailers have enjoyed the top-line torque of eCommerce. But costs are inching higher, which translates to higher consumer prices — this against, of course, the never-ending battle with Amazon. PYMNTS breaks it down.