PBC's fourth annual conference for cannabis professionals wrapped up recently in Washington, D.C. and focused on payments, banking and compliance. CEO Joshua Radbod highlighted a growing need for compliance experts in the cannabis industry.
To address this, the conference introduced the PBC Cannabis Banking Certification Program, offering three certification levels. Radbod emphasized the program's importance for financial institutions serving the cannabis sector. It will be beta-tested soon, with applications available online.
J.D. Power's U.S. Consumer POS Payment Program revealed the resilience of digital commerce, with 55 percent of participating consumers indicating they use digital payment methods.
Debit cards are the most preferred at 78 percent, followed by credit cards (66 percent), digital wallets (36 percent), and BNPL (28 percent). In another study, Lightspeed found increased dining out despite rising prices, particularly in fine dining and fast-casual segments.
While tipping remains robust at bars and fine dining establishments, it has declined for takeout and delivery orders, underlining the value of technology solutions to streamline operations.
Mercedes-Benz partnered with Mastercard to enable in-car fingerprint-initiated online payments for its drivers. The service, already offered in collaboration with Visa, is now live in Germany.
Drivers can make secure digital payments at service stations throughout the country.
The driver can view the amount spent on fuel and receive an email invoice after refueling. Plans are underway to extend the in-car fingerprint payments to other vehicle-related services and European markets.
Global payments revenues experienced double-digit growth for the second consecutive year, surpassing $2.2 trillion in 2022, according to McKinsey & Co. While growth was spread across several regions, the Asia-Pacific region (excluding China) stood out with a 25 percent increase in payments revenues.
The firm's report, On the cusp of the next payments era: Future opportunities for banks, also predicted that payments revenues will exceed $3 trillion by 2027.
McKinsey expects future growth will be driven by instant-payment innovations and a continued decline in cash usage worldwide.
PayPal is facing a class-action lawsuit that alleges the company stifles competition through anti-steering rules.
Plaintiffs call for an end to these rules, claiming they restrict consumer payment choices and drive up costs.
The lawsuit, filed in the U.S. District Court for the Northern District of California, argues that PayPal's anti-steering rules violate antitrust and consumer protection laws, and it seeks repayments for consumers who have used PayPal or Venmo since 2019.
The suit also claims that PayPal's anti-steering rules increase costs for all customers of ecommerce sites that accept PayPal and/or Venmo. 
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