Mastercard Opens Network to Crypto
Digital Commerce Alliance member Mastercard announced it will offer support for select cryptocurrencies on its network in 2021. The credit-card company joins others, including payments companies Square and PayPal, to enable new digital currencies including cryptocurrencies. The announcement comes on the heels of Tesla’s news that it will soon accept bitcoin as a form of payment.
Cryptocurrencies are the next new opportunity in the payments and digital commerce industry, opening new ways for consumers and merchants to transact, as well as other players in the payments ecosystem. Moves like Mastercard is making are inevitable, but will be incremental until compliance measures are in place and trust among the mainstream is earned.
DCA CEO Advocates for Industry on New Proposed CFPB Data Rules
Comment Letter to CFPB
The Digital Commerce Alliance CEO, Silvio Tavares, recently met with the staff of the Consumer Financial Protection Bureau and also submitted formal written comments regarding the agency’s proposed rule making relating to financial data. To read the DCA CEO’s comment letter please visit here.
The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. DCA is committed to providing advocacy and common standards for the financial data industry and recently announced the Financial Data Forum, a division of the non-profit trade association that promotes standardization and best practices for financial data transparency, security and interoperability. DCA supports the diverse set of perspectives from multiple industries among its members by providing governing bodies the information and insight they need to assure a sound and efficient environment for digital commerce.
DCA Consumer Data Transparency Rights
DCA recently submitted commentary to CFPB in response to a proposed new rule regarding consumer access to financial records under the Dodd Frank Act. The comment letter draws heavily from DCA’s Consumer Data Transparency Rights. These cross-industry consumer data standards, developed by DCA member companies, under the auspices of the DCA in 2018 and 2019, reflect the combined aspiration of members to implement common industry best practices and standards for the safe and effective use of consumer financial data.
Financial Data Forum and CardLinx Forum
DCA and its divisions (including CardLinx and the Financial Data Forum) will continue to take a leadership role on important initiatives to protect consumers while also eliminating friction for digital commerce, and will continue to keep you apprised of important developments in this field.
For more information email DCA member services at email@example.com
Walmart to Acquire Digital Marketing Tech
Retail giant Walmart announced that it is acquiring technology from Thunder Industries to launch a self-service tool to help advertisers display ads targeting its stores’ shoppers. The self-service tool will enable suppliers to make and buy numerous versions of display ads and test them for effectiveness.
Retailers have been slower than big tech companies like Amazon, Google and Facebook to leverage targeted advertising to generate revenue. Target, Kroger and now Walmart are making the foray to not only drive sales, but to serve up offers that enhance the shopping experience, and drive repeat business.
Shopify Payment System Now on Facebook & Instagram
Shop Pay, Shopify’s checkout and payment processing system, will be available on some Facebook platforms this week. Consumers will have the ability to use Shop Pay to complete transactions on social sites Instagram and on Facebook Shops. This is the first time Shop Pay has been available outside e-commerce stores of Shopify clients.
Until now consumers’ only options to complete a purchase on a social site were through PayPal, manually entering card information, or leaving the site to buy direct from the retailer. Spotify gives them another automated way to pay, so they’re more likely to buy when and where they see an offer that interests them. This and similar moves by payments companies are driving the rise of social commerce spending—now expected to grow almost 40% this year (Emarketer).
Cash is Dead – Long Live Alternative Currencies
In this week’s episode we speak with Keith Smith, Chief Executive Officer of Payouts Network, based in Bozeman, Montana. Keith discusses how alternative currencies, including paying with points, are the next big wave in digital commerce.
CardLinx members include the largest and most innovative companies in fin-tech, payments, retail, ecommerce and mobile wallets. Members include Microsoft, Samsung, Rakuten, UBS, RBC, Mastercard, Discover, Collinson, FIS, LVMH-24S, Hilton, Fidel, Augeo and many more in 17 countries and 4 continents.
We are bringing their insights from around the world straight to you in an informative new podcast called Commerce Code. The podcast features insights, interviews and the latest news from CardLinx members around the world. Stay connected and subscribe to Commerce Code.
CardLinx Forum March Webinar
Google Pay and Rakuten – The Future of Shopping Smarter
March 24, 2021 | 9am – 10am PST
Learn more about how Rakuten is incentivizing consumers to fill their shopping carts through a new partnership with Google Pay. Now it’s easier than ever for merchants to engage with customers via the offers, rewards and customized, dynamic content that drive sales and build loyalty.
Speaker | Jennifer Medeiros, Dir. of Strategic Partnerships – Rakuten In-Store Network
CardLinx hosts a live, interactive webinar each month featuring speakers from some of the most influential companies in the world. They share insights on important and relevant topics for your business—including the impact of Covid-19 on consumer credit behavior, mobile wallet adoption, card-linking and lending trends. The webinar is always free to members and non-members are invited to attend at $149 per registration. Members and non-members are encouraged to register now as space is limited.
Curated 1:1 Video Meeting Among Webinar and Forum Attendees
DCA Meet-Ups is an opportunity to privately network one-on-one with another company attending the meeting. DCA Meet-Ups is available at all DCA online conferences and webinars. Please make sure to send all networking preferences to to firstname.lastname@example.org no later than Friday, February 5th for the next webinar and Friday, February 19th for CardLinx Europe.
Please join me in welcoming Bits of Stock to Digital Commerce Alliance!
Bits of Stock™ is a brand loyalty and investment app creating a new currency for reward programs – fractional shares of stock. Their mission is to give wealth back to our communities through stock ownership. Consumers can take on “Ownership Mentality” by receiving free stock rewards when they shop online with leading brands and millions of products. By seamlessly integrating good investing habits with their desire for instant gratification, Bits of Stock™ helps consumers effortlessly achieve financial well-being by shopping with the brands they love.
Learn more at www.bitsofstock.com.
CardLinx Commerce Tracker
The CardLinx Forum brings to you an interactive world map that tracks the top 20 national economies of the world.
Stay up to date with the constantly changing restrictions and reopenings of economic activity related to Covid-19 with the CardLinx Commerce Tracker.