The economic principle of replacing existing business processes and models with innovative and more efficient ones is nothing new. In banking, it’s more recently become a burning issue, as banks’ customers and the competition have accelerated the need to think that way: a model that moves banks from an invisible utility that enables banking and payments services to a central player in how customers will enable and experience banking and payments services as part of the connected economy.

In this new model, the competition isn’t the bank down the street or the one with the most convenient branches. In fact…


Over the last year, nearly everyone — 92 percent of consumers — went online to make a purchase, and more of them made online purchases (75 percent) than made them at a physical store (64 percent). Sixty-seven percent of all consumers went online to make a purchase several times a month.

Eighty-six percent of consumers went online to pay a bill at least once, while 70 percent did so several times a month. Seventy percent of consumers went online to make restaurant reservations or order food.

Almost as many American consumers used connected devices to track their personal health data…


Senator Elizabeth Warren’s exchange with J.P. Morgan CEO Jamie Dimon on overdraft fees has been viewed 750,000 times in the first 24 hours since the May 26 Senate Banking Committee hearing that spawned it, according to a Newsweek report.

That made-for-TV moment came when Warren challenged Dimon to commit — on the spot — to refunding the $1.4 billion in overdraft fees that the bank collected during the course of the pandemic, on top of the fees that J.P. Morgan had already been refunded at the request of the consumer.

To which he flatly answered no.

Warren later took to…


Would you be surprised if I told you that as many U.S. consumers now order groceries online as order restaurant food online?

Don’t be.

According to PYMNTS’ latest national consumer study fielded earlier in May, which surveyed a representative sample of roughly 2,300 adults, 17 percent of all consumers reported using digital platforms such as Instacart to order and pay for groceries instead of going to the grocery store to buy food. That’s a whisker ahead of the 16 percent of all consumers who reported ordering restaurant food online or from delivery aggregators instead of going into a restaurant to…


Coinbase’s April 14 IPO was the stock market event that launched a thousand superlatives. A “ watershed moment,” a “ rocket” that analysts said would see its stock price double, and a “ landmark moment for crypto “ are but a few of the headlines marking its debut as a listed company that day.

Today (April 19, before the market’s open), Coinbase’s market cap stands at $64 billion, give or take. Coinbase offers many services, but it mainly operates as an exchange for cryptocurrencies. The market cap of ICE, an exchange that owns and operates 12 exchanges and clearinghouses, including…


Netflix first introduced its streaming service in the U.S. in January of 2007. It landed with a bit of a thud with analysts and pundits.

Media accounts then poo-poohed its impact, claiming that users would have to <gasp> download a piece of software onto a PC to access content, and pay more to subscribe to a service with a limited content catalog (1,000 shows) — and who’d really want to do that? Content creators would never cut deals with Netflix, they speculated, because doing so would only cannibalize their own businesses and business models. …


The U.S. has 40,460 grocery stores. If you want to see how physical retail might look 20 years from now, you might want to watch the grocery store space over the next three to five years.

If, as I wrote in January, retail’s success in 2021 and beyond will be defined by logistics, grocery is where we will see clear evidence of this — and where grocery stores’ successes and failures will play out in real time.

In grocery, a small number of platforms at scale will emerge to influence the consumer’s relationship with buying food and will power the…


The U.S. has mobilized the largest COVID-19 vaccination rollout of any country in the world. The Biden administration has set May 1 as the date that all states will be required to lift vaccine requirements to include any adult who wants to get the jab. President Biden says he’s hopeful that the U.S. will be ready to celebrate a return to normalcy come July 4. After a year of living life under lockdown, all of that is certainly welcome news.

Why, then, do most Americans still think it will take until this time next year — March of 2022 —…


March 19 will mark the one-year anniversary of the U.S. lockdown in the face of the global pandemic. Since then, the payments and commerce headlines have been mostly about one thing: the consumer’s massive shift to digital.

Mostly because it’s indisputable.

And it’s likely to be the biggest headline of the next year — and beyond.

In a digital-first world, checkout is no longer about a plastic card dipped at a terminal in a store — and potentially no longer the slam-dunk domain of the traditional issuers and card networks that own that experience in the physical world.

In a…


Thirty-three years ago, in 1988, in Washington, Missouri, the first Walmart Supercenter opened its doors. The store concept itself took a page from the European hypermarkets, which had begun dotting the suburban landscapes there in the mid- to late-1960s — a vast physical store footprint that sold everything from general merchandise to groceries, offering ample (and free) parking.

When Walmart reported its Q4 2020 earnings last week, CEO Doug McMillon described a very different “super” concept at the center of Walmart’s future: the “super app.” …

Karen Webster

CEO of Market Platform Dynamics & http://PYMNTS.com

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