Today In Payments: Banks Frame Digital Currency

In today’s top news, the Federal Reserve and seven central banks are collaborating on a framework for digital currency, and Amazon India prepares for its festive season with a $95.5 million boost. Plus, Affirm files for an IPO.

Fed, Central Banks Frame Criteria For Digital Currency

The Federal Reserve is collaborating with seven central banks and the Bank for International Settlements (BIS) to hammer out a framework for digital currency. However, Jon Cunliffe, deputy governor at the Bank of England (BoE) said that he did not think any single approach to a central bank digital currency (CBDC) would end up dominating.

Amazon India Gets $95.5M For Month-Long Festive Season

Amazon India got an infusion of 7 billion rupees ($95.51 million) in advance of the upcoming festive season, which kicks off with sales on Saturday, Oct. 17, ahead of Hindu festivals Dussehra and Diwali. Amazon is offering cash back and other perks to incentivize people to use Amazon Pay.

Affirm Submits Draft To SEC For IPO

Buy now, pay later (BNPL) company  Affirm has announced a filing for an initial public offering (IPO). The number of shares that will be offered and the price range have not been determined, according to a news release.

Bank Of America Goes Micro With Consumer Loans Up To $500

Bank of America is muscling into the payday loan business, minus the sky-high fees, with an offering called Balance Assist, aimed at customers in need of a few hundred dollars to make ends meet. Customers can apply for up to $500, in increments of $100, for a flat, $5 fee, with repayment in three equal installments over a three-month period.

Report: How Furniture Retailers Use Automation To Take Fraud Off The Table

Consumers are using debit cards to buy big-ticket furniture pieces online and transform their homes into home offices. In the Next-Gen Debit Tracker, Ben Groom, global chief digital officer for furniture retailer Herman Miller, explains how new tech will let consumers pay using funds on hand in their bank accounts without the fear of fraud.

Mastercard: The Touchless And Caring Economies Are Boosting P2P Adoption

The pandemic has been a boon for peer-to-peer (P2P) platforms that help consumers avoid handling cash, tip retail and restaurant workers and make charitable donations, according to Silvana Hernandez, senior vice president of digital payments at Mastercard. She tells PYMNTS that other use cases will likely emerge because P2P is all about three things locked-down that consumers value right now — helping other people, staying connected and interacting meaningfully.

Some Restaurants Opt For A Long Winter’s Nap

Though predictions vary, the dine-in restaurant sector seems destined for a long and decidedly lean winter. In fact, some are going for hibernation.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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