Economic News
FinTech News
Apple Pay Now Accounts for 5% of Global Card Transactions
It may have taken more than half a decade but it seems that Apple Pay is making major inroads. As Quartz reports, Apple Pay share of transactions are on the rise and could reach even larger milestones in the years ahead. Currently Apple Pay payments account for 5% of global card transactions according to data from Bernstein Research. However that's poised to double in the next five years, potentially reaching...
Small Business News
Sales of Small Businesses Dip 5% in 2019
It seems that fewer small businesses changed hands last year than in 2018. According to data from brokers reporting to the business listing site BizBuySell, 9,746 businesses were bought and sold in 2019 compared to 10,312 the year prior. That marks a year over year decrease of 5.5%, snapping a three-year streak of rising numbers. However it's worth remembering that 2018 saw a record number of transactions, leaving 2019 at a still-historic...
FinTech News
Varo Money Gains FDIC Approval, Nears Becoming a Real Bank
Over the past few years, several FinTech companies have introduced their own banking services — rolling out savings accounts, debit cards, or both. These products are often the result of partnerships that the startups have with one or multiple banks in order to meet regulatory requirements and provide their customers with key protections such as FDIC insurance on funds. However this week one FinTech company took one big step closer...
Small Business News
Amazon and Goldman Sachs Reportedly Partnering for Small Business Loans
For any small business to be successful, it needs one thing: capital. While different types of businesses require varying amounts of upfront investment, there are plenty of cases where entrepreneurs need the assistance of small business loans in order get their operations off the ground or take them to the next level. This is especially true of businesses that utilize online platforms such as Amazon where they'll need to invest...
Economic News
Total U.S. Household Debt Tops $14 Trillion
Over the past several years, as the economy has continued to grow, so has the total amount of debt that Americans have taken on. While housing may make up the bulk of this debt, car loans, credit cards, and student loan debts are also on the rise. In fact, as Bloomberg reports, total household debt in the United States has now topped $14 trillion for the first time. The fourth...
Personal Finance News
Members of China’s People’s Liberation Army Indicted for 2017 Equifax Hack
In 2017, Equifax — one of three major credit bureaus in the United States — announced that they had experienced a breach. This resulted in approximately 147 million customers having their sensitive data exposed, including names, birthdates, social security numbers, and more. Then last year Equifax and the Federal Trade Commission announced that the company had agreed to pay at least $575 million to those impacted by the hack. Now...
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