Today in Payments: Advance America and the Western Union Team on Money Transfer Tools


In today’s top news, Advance America is partnering with Western Union to deliver its payment solutions, and Square generated $1.7 billion in revenue from cryptocurrency in the fourth quarter. Additionally, Affirm partners with Vacasa to offer installment payments for vacation rentals.

Advance America Partners with Western Union for Money Transfer Tools

Financial services platform Advance America is partnering with cross-border payments company Western Union Co. to expand its suite of payment solutions. This partnership will enable Advance America to offer Western Union’s bill payment, money order and person-to-person (P2P) payment services.

Square doubles on Bitcoin; Generates $1.7 billion in crypto revenue

In addition to its strong fourth quarter earnings, Square is leaning on bitcoin. CEO Jack Dorsey called it an “empowering” native currency. Apparently Square users agree. In 2020, more than three million customers bought or sold bitcoins on Cash App, and in January 2021, one million bought bitcoins for the first time.

Affirm Teams with Vacasa for Vacation Rental Payments

Vacation rental management platform Vacasa partners with FinTech Affirm (Buy Now, Pay Later) to bring flexible payments to the travel industry. People are planning to travel more in 2021 and demand for vacation rentals is on the rise. A BNPL option opens up more rental options for consumers.

FDIC: Bank profits in 2020 fell 36.5%

US bank profits fell 36.5% in 2020 from a year earlier due to large amounts of cash set aside to cover potential losses caused by the coronavirus pandemic, according to a Federal report. Deposit Insurance Corporation (FDIC).

Santander Bank: ATMs in the cloud improve access and manage costs

Changing consumer usage of cash is leading banks to question the effectiveness of the strategies they use to support their ATM networks. In this month’s Digital-First Banking Tracker, PYMNTS spoke with Santander Bank’s Tamara Zaichkowsky about how moving to a cloud-based ATM-as-a-Service model is helping the bank leverage effective ATM management capabilities without sacrificing its customer satisfaction standards.

New York Fed economists: ‘This time it’s different’ from the Great Recession

An alien from another planet looking at GDP data over the past few decades would have a hard time identifying the current pandemic-fueled recession, senior Fed economists Karen Webster, Andrew F. Haughwout and Donghoon Lee told New York. It’s because this time is different, they say. Here’s why.

Lowes.com Sales Spike 121%, Driving Fourth Quarter Results and Leading Home Depot

Lowe’s record fourth-quarter results were led by a 121% increase in its digital business, a key metric helping it close the gap with rival Home Depot.

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NEW PYMNTS DATA: THE FUTURE OF BUSINESS SUPPLIER INNOVATION STUDY – APRIL 2022

Plastiq - The Future Of Business Payables Innovation: How New B2B Payment Options Can Transform The SMB Back Office - April 2022 - Find out how all-in-one payment solutions can help businesses streamline B2B transactions and eliminate transaction friction. AP and AR management

On: While more than half of SMBs believe an all-in-one payment platform can save them time and improve cash flow visibility, 56% believe the solution could be difficult to integrate with AP systems and existing ARs. The Future Of Business Payables innovation report, a collaboration between PYMNTS and Plastiq, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed customer expectations. SMEs and help sustain their activities.

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