In today’s top news, Poshmark has more than doubled its valuation after its IPO on Thursday, and Goldman Sachs is teaming with Marqeta to power digital checking accounts for Marcus. Plus, President-elect Joe Biden released a $1.9 trillion COVID-19 relief package.
Nasdaq Debut Gives Poshmark More Than Double Valuation
Poshmark saw its valuation more than double following its Nasdaq debut, with shares closing at $101.50, compared to the pricing at $42. The digital reCommerce marketplace, which is now valued at over $3 billion, describes itself as a social platform. Poshmark doesn’t buy inventory; instead, it collects a fee on anything people post for sale on the platform.
Goldman Taps Marqeta to Power Marcus Digital Checking Accounts
Card-issuing platform Marqeta has been tapped by Goldman Sachs to power digital checking accounts for Marcus. The addition of digital checking expands the Marcus consumer portfolio of digital-first banking initiatives, which include high-yield savings, certificates of deposit, personal loans and other services.
Biden Stimulus: $1,400 Checks and $20 Billion for Vaccines
President-elect Joe Biden will push for a $1.9 trillion COVID-19 relief package, including an additional $1,400 stimulus checks, $400-per-week unemployment benefits, expanded paid leave and an increase in the child tax credit.
Fed’s Powell: CBDC Will Be Years, Not Months, Away
U.S. Federal Reserve Chair Jerome Powell said he isn’t in a rush to adopt a central bank digital currency (CBDC) because of the risks such currencies pose to the status of the dollar. According to Powell, the Fed is “investing heavily” in the technology and is looking into the policy questions posed by CBDCs, but it would likely be years rather than months before the Fed had any sort of CBDC ready.
Decoding QR Codes: Retailers Embrace Simple, Secure Touchless Payments Option
Despite sky-high demand for contactless payment options, many U.S. consumers are unfamiliar with QR code-based payments and may not be comfortable using them. Tony Leon, chief technology officer of sporting goods retailer Decathlon, explains how using dynamically generated QR codes and keeping the payment experience simple can bolster security and make payments convenient even for first-time users.
New Regulations Could Push Stablecoins Into the Payments Mainstream
A number of trends are converging to bring stablecoins into the commercial and consumer payments mainstream. As Circle CEO Jeremy Allaire told PYMNTS’ Karen Webster, the road is gaining clarity – but it’s not quite ready for rush-hour traffic.
JPMorgan’s Mobile Customers Surge 10 Pct; Management Cautious on Economic Environment
Not as bad as it looked earlier in the year, perhaps – but we’re not out of the woods yet. J.P. Morgan’s latest earnings got a boost from releasing reserves meant to cover anticipated loan losses, but held those reserves flat for consumer segments. Here are the puts and takes – and the numbers, of course.