Today In Payments: Google’s Upgrades Target Buyers; NY Fed: Most Borrowers Who Took Forbearances Have Exited

Today In Payments: Google’s Upgrades Target Buyers; NY Fed: Most Borrowers Who Took Forbearances Have Exited

May 20, 2021 at 09:53PM

In today’s top news, Google announced several features to up its eCommerce game, and most borrowers who entered forbearance amid the pandemic have since exited. Plus, cryptocurrency’s rocketing market reflects a decline in investor interest.

Google’s Graph And Shopify Upgrades Target 1B ‘High Intent’ Buyers

At its annual I/O developers conference, Google announced an expanded partnership with Shopify and a raft of changes aimed at turning the 1 billion purchasing queries it processes each day into a more holistic buying experience via its Shopping Graph. According to Google President of Commerce and Payments Bill Ready, the moves are part of Google’s larger plan to “democratize” online shopping.

NY Fed: Most Borrowers Who Took Forbearances Amid The Pandemic Have Exited Forbearance

More than one in 10 mortgage borrowers participated in a mortgage forbearance during the past year for at least a month, but many of them left forbearance by March of this year, officials from the Federal Reserve Bank of New York said in a blog post. A third of participants were in forbearance for just one to two months.

China’s Crypto Crackdown And Bitcoin Plunge Reflect Nervous Market

With Bitcoin and Dogecoin plunging and Chinese regulators and social media commentators roiling an already jumpy crypto market, the short- and long-term prospects of digital currencies are again up for debate.

UK Finance Regulations Could Determine Klarna’s IPO

Klarna’s decision on whether to go forward with a “blockbuster” listing in the U.K. could come down to the country’s post-Brexit financial services rules. The FinTech is also eyeing a New York listing as an alternative.

On-Demand Payroll Gives Workers Financial Breathing Room

More than 60 percent of U.S. consumers say an unexpected expense of $1,000 would put them in the red. In this month’s Real-Time Payments Tracker, PYMNTS spoke with Ron Munkittrick, senior vice president of DailyPay, about how offering employees on-demand payments outside normal pay periods could give them much-needed financial flexibility.

FIS’ Lowthers: Connected Economy Must Pass The ‘Mom’ Test

Consumers have gotten used to living life digitally, but they also want simplicity. Bruce Lowthers, president of FIS, told Karen Webster that we’re all in the midst of a massive behavioral change. Data is key to helping consumers streamline and personalize their daily financial interactions — as long as how that data is used can pass the “mom” test.

US Lags China In Crypto Regulation As Musk’s Tweets Roil Markets Again

As lawmakers and a raft of federal regulators ponder the future of cryptocurrencies in Washington, D.C., participants in the global markets continue to be whipsawed by the random social media musings of Elon Musk.

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