While consumers and small business owners are feeling inflation's pinch, there are fewer Chapter 11 filings this year compared to last year, according to new research by Epiq Bankruptcy and ABI Research. However, Chris Kruse, senior vice president at Epiq, said, "Turbulence in the market including inflation concerns, labor shortages in key industries, and a downward shift in housing prices all point toward increases in the months ahead," he said.
Meanwhile, the fintech community is fulfilling the legacy of popular television host Fred Rogers, who would remind his audience to look for helpers during challenging times. Afshin Yazdian, CEO of Paysafe, U.S. Acquiring, advised service providers and merchants to focus on the customer experience. "Payment providers can help merchants enhance value by adopting the latest tech which not only processes payments but also offers access to tools and data," he said.
The Payment Choice Act (PCA) will live to fight another day: Congress voted on July 14, 2022, to add PCA to the National Defense Authorization Act. PCA supporters noted the bill, if passed, will require all brick-and-mortar businesses to allow consumers to pay cash for goods and services priced up to $2,000. The PCA was passed by the U.S. House of Representatives on June 16, 2022, in a 224 to 198 vote before it moved to the Senate, where it continued to gain broad bipartisan support after vigorous lobbying efforts by the Consumer Choice in Payment Coalition, legal analysts and the National ATM Council Inc.
Bruce Renard, executive director of NAC, thanked Maxine Waters, D-Calif., chair of the House Financial Services Committee; HR-4395 co-sponsors Reps. Donald Payne Jr., D-N.J., Chris Smith, R-N.J., and Sylvia Garcia, D-Texas; and other House members for supporting the measure.
Could the metaverse be the next frontier for retail payments? It's beginning to look that way. According to a new report, about one in five Americans have already made at least one purchase in the metaverse, and another 20 percent are planning to do so. Not surprisingly, younger Americans are more inclined to shop the metaverse, but their elders are not far behind. The report comes from CouponFollow, a consumer savings engine that helps online shoppers find coupons to apply to their purchases.
The company surveyed 1,066 Americans about their sentiments about shopping in the metaverse. Those identified as Gen Z (born from 1996 to 2015) are most enamored by the idea: 71 percent either have or are planning to shop in the metaverse. Among baby boomers (1946 to 1964) it's 40 percent; 59 percent of Gen X consumers (1965 to 1976) and 63 percent of millennials (1977 to 1995) have shopped or are planning to shop in the metaverse.
Following two years of virtual conferences, registration is open for MPC: The Digital Commerce Event, to be held Aug. 22 to 24, 2022 at the Westin Atlanta Perimeter North. The live conference will bring a diverse cohort of fintech, banking, security and payments industry leaders to Atlanta's Transaction Alley, which is home to numerous leading fintech and financial services brands, event planners noted.
Marla Ellerman, executive director at MPC, thanked sponsors, exhibitors, speakers and attendees for their support over the past 11 years, and noted MPC22's theme is The Currency of Change. Presentations featuring thought leaders and decision-makers in our space will celebrate ever-changing trends, payment flows and the future of digital commerce, she added. Ellerman shared that the industry leaders taking the main stage at MPC22 will include Barry C. McCarthy, CEO of Deluxe Corp.; Shane Logsdon, director, product – developer experience at Heartland; Nick Hughes, Head of Growth for GoCart; and more.
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