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Square: Restaurant Worker Pay Jumps 66% in 7 Years
Labor costs continue to weigh on restaurants, according to a new report by Square. The point-of-sale payments company’s Quarterly Restaurant Report, released Tuesday (May 14) notes that average hourly earnings for restaurant workers have risen by 66% since 2017 compared to 40% for retail workers. However, these costs aren’t...
75% of Large Banks Agree to Reimburse Victims of Authorized Fraud
The Federal Reserve’s FraudClassifier divides fraud into two categories: authorized fraud and its unauthorized counterpart. Authorized fraud occurs when a legitimate party initiates a payment only to have a bad actor intervene and hijack the funds. Unauthorized fraud, on the other hand, happens when bad actors initiate or redirect a payment through an account takeover or by stealing account-holder credentials.
Square Adds 5 New Integrated Solutions for Restaurants
Square has formed several new integrations and partnerships with organizations serving food and beverage (F&B) companies. The provider of commerce solutions also said that 45% of F&B sellers adopt a third-party solution within their first year of using Square, according to a Tuesday (May 14) press release. “Restaurants today rely...
Fashion Shoppers’ Shift to Digital Sends Retailers Packing
Consumers are increasingly buying clothing from third-party digital marketplaces, forcing more retailers to close shop. Most recently, Ted Baker’s North American business announced Friday (May 10) that amid bankruptcy proceedings in the United States, it is closing 40 locations across the U.S. and Canada, kicking off liquidation sales. It also announced closing sales at eight Brooks Brothers locations and seven Lucky Brand stores in Canada.
Home Depot Continues B2B Push as Consumer Spending Pulls Back
Rather than going to catch it, as the old prank phone call goes, Home Depot told investors during its first-quarter 2024 earnings call Tuesday (May 14) that many of today’s consumers are sitting out on major home projects as a result of high interest rates and macro pressures. “Goods...
Lyft Extends 70% Pay Standard to Drivers Nationwide
Ride-hailing platform Lyft said it wants to lift its driver’s earnings. Earlier this year, the company introduced a new standard for drivers, ensuring they will always earn 70% or more on fares per week, after external fees. If drivers are ever under 70% at the end of the week, Lyft pays them the difference.
Klarna Reports Internal AI Assistant Answers 2,000 Employee Questions Daily
Klarna reported that over 87% of its employees across the company are now using generative artificial intelligence in their daily work. The global payments network and shopping assistant also said that its internal AI assistant, Kiki, is answering 2,000 employee questions per day and has responded to more than 250,000 inquiries since it was launched in June, according to a Tuesday (May 14) press release.
Uber Pays $950 Million for Delivery Hero’s Taiwan Foodpanda Business
Uber is acquiring Delivery Hero’s foodpanda delivery business in Taiwan for $950 million. The deal, announced Tuesday (May 14), is expected to close in the first half of next year and comes as Delivery Hero has been looking to reduce its operations in Asia. “Due to its existing presence...
Bank of America Head: Consumers Show Spending ‘Resilience’
Bank of America’s CEO says consumer spending is still healthy despite steep interest rates. Spending has risen between 3% and 4% this month compared to a year ago, Brian Moynihan said in an interview with Bloomberg News Monday (May 13). He added that uptick is indicative of a slower-growth,...
Mistral AI Names Marjorie Janiewicz as US General Manager
French artificial intelligence firm Mistral AI has named a new general manager for the U.S. Appointed last month, Marjorie Janiewicz will be responsible for bolstering the company’s go-to-market presence in the U.S. and leading its American operations, Mistral said in a news release provided to PYMNTS Tuesday (May 14).
Walmart Reportedly Slashing Jobs and Ending Remote Work
Walmart is reportedly eliminating hundreds of corporate jobs and ending most remote work. That’s according to a report late Monday (May 13) by the Wall Street Journal (WSJ), citing sources familiar with the matter. One of the sources says that the retail giant — and America’s largest employer —...
APAC Middle-Market Leaders Embrace External Financing for Growth
We are in the midst of a working capital revolution — one that is increasingly driven by innovation and made more necessary by the macroeconomic backdrop, particularly for those middle-market firms generating annual revenues between $50 million and $1 billion. As more firms seek out and put external capital...
Open-Loop Payments Help Advance Smart City Innovation
The concept of the connected commuter is gaining momentum, driven by the increasing reliance on digital solutions for travel and commuting needs. PYMNTS Intelligence research highlighted this trend, revealing an increase in the prevalence of apps and platforms to streamline everyday commuting journeys. This growing shift has led to an...
Tanger Outlets Court the Digital, Aspirational Shopper
May 2020. The COVID-19 lockdown was starting to ease, but it was in its second month. Consumers were flocking toward the dramatic digital shift that would eventually be the hallmark of the pandemic. At physical retail locations — like outlet centers — the outlook ranged from cautious optimism to downright grim.
Anthropic Launches AI Assistant Claude in Europe
Artificial intelligence (AI) startup Anthropic has launched its AI assistant Claude in Europe. The web-based version Claude.ai, the Claude iOS app, and the subscription-based Claude Team plan that allows businesses to access the Claude 3 model family, are now available across Europe, the company said in a press release. These...
Intellicheck Posts Record Quarter as Identity Fraud Continues to Run Rampant
As identity fraud continues to plague business verticals from banking to automotive and even higher education, verification company Intellicheck posted record Q1 earnings Monday (May 13). “The landscape of the market for identity verification is evolving against the backdrop of a growing sense of urgency being fueled by across-the-board incidents...
Fed Says Consumers See Higher-for-Longer Inflation
Consumers are girding for inflation to settle in over the long haul. But they intend to keep spending. As reported on Monday (May 13), the Federal Reserve Bank of New York’s Center for Microeconomic Data detailed that, per the April Survey of Consumer Expectations, inflation’s expected to be higher one year from now, slightly lower at the three year mark, and then higher than had been seen previously for the five year horizon.
Access Group to Acquire AP Automation Provider Lightyear
Business management software provider the Access Group agreed to acquire accounts payable (AP) automation provider Lightyear. Subject to regulatory reviews, the acquisition will extend the Access Group’s enterprise resource planning (ERP) software offering globally, the companies said in a Friday (May 10) press release. “Lightyear is a great fit...
OpenAI Delivers Subscription Model Upgrade for GPT-4o
OpenAI, the artificial intelligence (AI) company behind the widely popular ChatGPT, announced Monday (May 13) the launch of GPT-4o — with “o” meaning “omni” — a new language model free for all users. The text, vision and audio processing improvements could boost commerce applications.
59% of UK Consumers Still Prefer to Buy Groceries In-Store
Adopting Click-and-Mortar™ shopping allows consumers to leverage the best of both online and in-person features to maximize their buying experience. For instance, a shopper might use digital features like price matching and promo codes to get the best deal, finalize their purchase, and make an in-store appearance to pick it up.
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