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Today In Payments: Amazon’s PayFort To Boost Middle East Startups; Next Economic Stimulus Package Could Hit $1T – pymnts.com


In today’s top news, Amazon is looking at buying a stake in India’s Bharti Airtel, and the Trump administration expects the next round of stimulus funding to hit $1 trillion. Plus, Grab expands its shopping and delivery app to eight countries in Southeast Asia.

Amazon Eyes Deal For $2B Stake In Indian Telecom Bharti Airtel

Amazon may become the latest American tech giant to buy its way into India’s fast-growing telecom market as it eyes a deal to take a $2 billion stake in Bharti Airtel, India’s third-largest telecom operator. The potential move could reshuffle India’s mobile market by infusing cash into the up-and-coming telecom as it challenges the market’s dominant player, Jio, which has recently received major investments by U.S.-based tech companies.

Next Economic Stimulus Package Could Hit $1T

The Trump administration anticipates a $1 trillion figure could be in the cards for the next round of stimulus funding, with an eye toward possibly including back-to-work incentives, liability protections and more. Talks on the matter that had been scheduled for this week have been delayed, however, and McConnell said no action on additional stimulus measures will be taken before the two-week recess that begins July 3.

Grab Rolls Out Shopping And Delivery App In SE Asia

On Thursday (June 4), Grab announced it has added Cambodia to the list of countries serviced by its GrabMart shopping and delivery app, now available in eight Southeast Asian countries.

Klarna Hits 7.85M Customers For BNPL Services

Global payment and shipping service Klarna has reached a new milestone with 7.85 million U.S. customers, as it offers partnerships with a variety of companies, including H&M, Sephora, Timberland, The North Face, Shein, Fender, Anine Bing, FORWARD and ModCloth.

Keeping Grocery’s ‘Digital Shifters’ Loyal Post Pandemic

Consumers who were once loyal to in-store grocery shopping are now going digital to avoid visiting stores during the pandemic. Keeping these “digital shifters” loyal means grocers must replicate their in-store experience on digital channels, says John Ross, CEO of the Independent Grocers Alliance. In the latest Commerce Connected Playbook, Ross discusses the challenges that come with enabling that experience — and how merchants can overcome them.

The EU’s COVID-19 Contactless Limit — Too Little, Too Late?

The EU’s new €50 contactless payment limit came out of a need to extend more seamless transactions to consumers. But in the wake of COVID-19, more consumers want to pay contactless even for high value transactions, causing concern for purchase abandonment. In the latest Merchants Guide To Navigating Global Payment Regulations, PYMNTS speaks with financial and payments trade association UK Finance to discuss how the pandemic is impacting customer conversion rates — and what lies ahead.

Strong May US Jobs Report Could Show The Worst Is Over For Hardest-Hit Sectors

Headline numbers released Friday (June 5) by the Labor Department show that the U.S. economy added a record 2.5 million jobs in May — a far cry from the 8.3 million job losses that analysts had expected. The U.S. unemployment rate also fell to 13.3 percent from April’s record 14.7 percent. Will we look back at today as the turning point in the battle against the pandemic — not in terms of flattened curves, but in terms of the job market?

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.





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