Economic

Connected Economy: Amazon Expands Payments

Today in the connected economy, Amazon is reportedly preparing for the largest ever rollout of its palm print payment technology.

Also, Kohl’s expands its buy online, pickup in-store offering to each of its 1,100 stores, and U.S. regulators propose stricter regulations for major hedge funds handling cryptocurrency.

Report: Amazon to Expand Palm-Print Payment Tech to 65 Whole Foods Stores

Amazon is reportedly making a major addition to the number of stores using its Amazon One technology that allows customers to pay by scanning their palms.

According to published reports, the retail giant will deploy this technology at 65 additional Whole Foods locations in California.

This would mark the biggest single launch of the tech, which has already been piloted at Whole Foods in Los Angeles, Austin, Seattle and New York, along with an Amazon Style store and some Amazon Go and Amazon Fresh stores.

Kohl’s Looks to Outpace Surge in Same Day Delivery With Expanded Self-Pickup

Kohl’s is hoping to compete with larger competitors Amazon and Walmart in the in-store pickup arena by expanding its buy online, pickup in-store offering to each of its 1,100 locations.

The department store chain says the service will have orders ready for pickup within two hours, with customers getting a notification and carrying out pickup with a one-time code in the Kohl’s app or self-serve kiosk.

“Our teams have been working hard to ensure Kohl’s Self-Pickup service was available for all of our customers ahead of the holiday rush,” said chief technology officer Siobhán McFeeney. “We’re focused on listening to what shoppers want, and using technology to make it as easy as possible for families to get everything they need quickly, and through a simple experience.”

Figure Teams With Visa to Improve Banking in a Box Platform

Blockchain lending startup Figure Technologies has joined forces with Visa to offer issuing processor services through Figure’s Banking in a Box online banking platform.

The company said Visa DPS will be a major part of Banking in a Box, which allows Figure Pay customers to add eligible deposit accounts, payments and cards to online banking, retail or FinTech offerings.

Banking in a Box is a platform built using the Provenance blockchain, replacing traditional banking systems and “providing Figure’s customers with zero cost core system economics,” the company said in a news release.

SEC, CFTC Weigh New Hedge Fund Crypto Reporting Rules

Federal regulators are preparing to issue a proposal that would require hedge funds with more than $500 million in assets to reveal their cryptocurrency exposure.

The proposal stems from the U.S. Securities and Exchange Commission’s decision to amend Form PF, a confidential reporting form.

“The amendments, which the Commodity Futures Trading Commission (CFTC) is concurrently considering to propose jointly with the SEC, are designed to enhance the Financial Stability Oversight Council’s (FSOC) ability to assess systemic risk as well as to bolster the SEC’s regulatory oversight of private fund advisers and its investor protection efforts in light of the growth of the private fund industry,” the SEC said in a news release.

Deliveroo to Exit Netherlands as Food Delivery Flounders Worldwide

British food delivery aggregator Deliveroo is set to shut down its operations in the Netherlands after failing to land a top spot in that country.

“Our aim is to reach a top-tier position in the markets we operate in, of course focusing on the right hyperlocal positions,” Deliveroo CEO Will Shu told analysts on an earnings call.

“In the Netherlands, it’s quite clear that we don’t have a strong local position. We’ve also been there coming up on seven years, so I think we’ve had an ample amount of time to understand that market.”

The company said the Netherlands represented 1% of its group gross transaction volume in H1 2022 and “sustaining a top-tier market position would require a disproportionate level of investment with uncertain long-term returns.” Deliveroo aims to wind down operations by the end of November.

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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS

About: The findings in PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed the responses from 9,904 consumers in Australia, Germany, the U.K. and the U.S. and showed strong demand for a single multifunctional super apps rather than using dozens of individuals ones.

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