Today in payments: Chinese merchants accept cash
In today’s top news, the People’s Bank of China ordered traders to accept cash and the EU threatened to dissolve big tech companies if they break anti-competitive rules. In addition, PAYFORT, now Amazon Payment Services, now offers installment payments.
Chinese central bank asks traders to accept cash
The People’s Bank of China (PBoC) has warned traders that they must accept cash or face investigation and disciplinary action. Most businesses in China have gone digital, and some have stopped taking money altogether – partly because of the coronavirus, but also as a means of controlling costs and user demand.
EU threatens big tech disruption due to anti-competitive practices
Brussels has published its technological legislation projects for the Digital Services Act (DSA) and the Digital Markets Act (DMA). If adopted, they will have an impact on digital service providers both inside and outside the EU. Regulation would essentially hold tech companies accountable for any illegal behavior on their platforms.
MENA region PAYFORT is now Amazon Payment Services
Amazon-owned payment service provider PAYFORT, based in the Middle East and North Africa (MENA) region, has changed its name to Amazon Payment Services and will now offer installment payments.
Square, POWDR Team For Contactless Payment On The Tracks
As skiers and snowboarders begin to return to the slopes, Square has partnered with POWDR to offer contactless transactions at ski resorts across the United States and Canada. Over the past year, POWDR has strived to bring Square hardware, software and payments to its mountains.
Study: Manual AR Treats Slow Payment Collection Up to 67%
Businesses that rely on manual processes take 67% longer to keep track of overdue payments than those that use automated accounts receivable (AR), which is difficult in today’s economic climate. In the latest B2B Payments Innovation Readiness book, PYMNTS examines how AR automation can dramatically reduce the average number of unpaid sales days for businesses.
Virtual cards streamline and simplify B2B healthcare payments
Healthcare claims processors often have to pay various amounts to a multitude of physicians, which is difficult when these payments can go up to 100,000 physicians. In the Digital Shift Report, Brett Rodewald, president and CEO of healthcare claims processor Lucent Health, discusses how virtual cards help claims processors manage supplier payments flexibly and quickly.
Commuters enjoy the ride – as long as there is high-speed connectivity
The connected economy intersects with work in many places, including commuting. New studies from PYMNTS and others show that commuters are connected – but not necessarily eager to get on with the daily grind.