Trends in the global payments business

spike

Global payments preferences for consumers vary considerably around the world, reflecting an infinite diversity of historical, technical, cultural, economic and regulatory factors.

Alternative payment methods like digital wallets and bank transfers are now in the mainstream, if not in the outright majority, and legacy methods like credit cards and cash continue to decline.

Widespread disruptions created a profound shift in commerce and payments, accelerating the adoption of digital wallets in e-commerce while hastening the decline of cash at the point of sale – according to the recently released Global Payments Report 2021.

Digital wallets thrive as e-commerce surges

E-commerce

Read More

Trump administration abruptly postpones New Mexico oil and gas auction

spike

FILE PHOTO: Drilling rigs operate in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File Photo

(Reuters) – The Trump administration abruptly postponed an auction of oil and gas leases in New Mexico that had been scheduled to begin on Wednesday morning without providing a reason for the move.

Bureau of Land Management (BLM) spokeswoman Allison Sandoval confirmed the delay, which was first announced on a government website. She said the agency “will provide further information at a future date.”

The parcels that were scheduled for sale are in

Read More

HSBC first-quarter profit halves on increased loan loss provisions due to coronavirus crisis

spike

FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid

HONG KONG/LONDON (Reuters) – HSBC Holdings PLC’s (HSBA.L) first-quarter profit nearly halved from a year-ago, missing estimates, after boosting provisions against bad loans as the coronavirus pandemic hits borrowers worldwide.

Europe’s biggest bank by assets said profit before tax came in at $3.21 billion for January-March, down from $6.21 billion a year ago and below an average analyst forecast of $3.67 billion compiled by the bank.

The bank increased its expected credit impairment charges by

Read More

Exclusive: Stay off Zoom, Google Hangouts, Standard Chartered chief tells staff

spike

SINGAPORE/NEW YORK (Reuters) – Standard Chartered Plc (STAN.L) is the first major global bank to tell employees not to use Zoom Video Communications Inc (ZM.O) during the coronavirus pandemic due to cybersecurity concerns, according to a memo seen by Reuters.

A 3D printed Zoom logo is placed on the keyboard in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration

The message, sent by Chief Executive Officer Bill Winters to managers last week, also warned against using Alphabet Inc’s (GOOGL.O) Google Hangouts platform for virtual gatherings.

Neither service offers the level of encryption of conversations

Read More