Today In Payments: Affirm Hits 4.5M Users

In today’s news, Figure set up a SPAC to raise $250 million, and Affirm reported solid growth in 2020 in its first earnings call. Plus, BNY Mellon launched a digital asset platform, the first global financial institution to do so.

Figure Sets Up Blank-Check Firm To Advance Blockchain Lending

Blockchain mortgage lender Figure is launching a special purpose acquisition company (SPAC), called Figure Acquisition Corp, in an effort to raise $250 million. Figure uses its own blockchain called Provenance to partially automate the issuance of mortgages and loans.

Affirm Hits 4.5M Users, Shoots For Everyday Payment Expansion

Buy now, pay later (BNPL) platform Affirm held its first earnings call as a public company Thursday (Feb. 11), presenting solid metrics for 2020 and a case for its continued growth in 2021. But the pace of that growth was called into question as the company expected third-quarter gross merchandise volume (GMV) to decline.

BNY Mellon Launches Digital Assets Platform Featuring Bitcoin

BNY Mellon announced plans to launch an integrated service for digital assets, advancing the growth of bitcoin, cryptocurrency and other digital assets. The country’s oldest bank is the first global financial institution to announce such plans.

Yellen Sounds Alarm On Crypto Fraud

U.S. Treasury Secretary Janet Yellen has sounded the alarm on fraud (money laundering and terrorist financing) done through digital means, especially with cryptocurrencies. Financial innovation can help bring the battle right to the digital front — and better ID verification can be a potent weapon.

NEW DATA: How Product Drops And Exclusive Sales Boost Retail’s Top Line

Scarcity sells. A lot. Nearly half of consumers who’ve participated in product drops, flash sales and/or exclusive sales want to do it again. In a new study Product Drops: Retail’s New Conversion Play, PYMNTS asked 2,298 U.S. consumers how they engage with these one-time, exclusive sales events and discovered what merchants must to do capture their interest and their spend.

NEW DATA: Loyalty Programs Convert Occasional Customers Into Restaurant Aficionados

Loyalty and rewards programs could turn 1 in 5 occasional restaurant customers into regular patrons. The problem: 53 percent of occasional diners don’t use these programs because they don’t think they are available. In Delivering On Restaurant Rewards, PYMNTS surveyed 2,079 U.S. consumers to learn how restaurants can leverage loyalty programs to boost restaurant order frequency and spend.

Grocery Roundup: Grocers Take Stock After Chaotic Year

Approaching the one-year mark of the COVID-19 lockdown, retailers are reevaluating their business models and priorities. This week, supermarkets are expanding, adopting new technologies and contemplating major changes.



About: Buy Now, Pay Later: Millennials And The Shifting Dynamics Of Online Credit, a PYMNTS and PayPal collaboration, examines the demand for new flexible credit options as well as how consumers, especially those in the millennial demographic, are paying online. The study is based on two surveys, totaling nearly 15,000 U.S. consumers.