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☆ The 'phantom debt' of buy now, pay later is growing and will soon hit some Americans hard
▼ + stars: | 2024-01-10 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

Buy now, pay later plans gained popularity in 2023 as an alternative to high-interest credit cards. Buy now, pay later use surged recently and those bills are now dueThe use of buy now, pay later plans skyrocketed during the 2023 holiday season. According to Adobe, which tracks online sales, buy now, pay later plans use was up 47% on Black Friday and 43% on Cyber Monday. According to PYMNTS' survey, 39.6% of respondents used buy now, pay later plans for clothing and accessories and 33.7% used them for groceries. Buy now, pay later debt can be advantageous if used correctly.

Persons: —, Rather, Peter Cade, PYMNTS, Tim Quinlan, Shannon Seery Grein, Selcuk, Mark Luschini, Janney Montgomery Scott, Maria Bartiromo, Luschini, Warren Buffett, Buffett, I've Organizations: Service, Federal Reserve Bank of Philadelphia, Adobe, Household Economics, Science Research Network, Economic, Anadolu Agency, Getty, Wells, US Locations: Wells Fargo

☆ Walmart is discounting its Walmart+ membership for customers on government assistance. Here's how to apply.
▼ + stars: | 2023-07-20 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +3 min

Walmart said on Thursday that it would offer its Walmart+ membership at half price to some customers. The number of Amazon Prime memberships dropped for the first time last year, according to one estimate. Amazon still had around 168 million Prime members in the US and 200 million members globally at the end of 2022. A Walmart spokesperson declined to provide membership statistics for Walmart+ or to comment on projected enrollments in the half-price program but said that about a quarter of its current Walmart+ members rely on EBT payments. Here's how to applyBoth current and new Walmart+ members can apply for the discounted rate by verifying their eligibility on Walmart's website.

Persons: Vermont Sen, Bernie Sanders Organizations: Walmart, SNAP, Service, Privacy, Paramount, Amazon, WIC, Medicaid Locations: Wall, Silicon, Vermont

☆ The average emergency expense is now $1,700. Millions of Americans can't pay that without dipping into savings or racking up debt.
▼ + stars: | 2023-06-26 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Americans living paycheck to paycheck are postponing these payments or using credit cards to pay them off. Still, despite a drop in the number of Americans living paycheck to paycheck, rising emergency expenses have posed challenges for millions of Americans, even those with much more saved up. Bankrate's 2023 annual emergency savings report published last week found only 48% of adults say they have enough emergency savings for three months of expenses, which has changed little from 2022 during peak inflation while 22% have no emergency savings whatsoever. One-third of the survey's respondents were "very uncomfortable" with their current emergency savings, while another 24% were "somewhat uncomfortable." This data comes amid a declining number of Americans living paycheck to paycheck, per the PYMNTS report.

Persons: —, PYMNTS, millennials Organizations: Service Locations: U.S

☆ Why so many people making $100,000 a year don't feel rich
▼ + stars: | 2023-05-17 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

And if I could get to $100,000, I figured, I'd be rich, or at least comfortable, which is how rich people say "rich." Does a $100,000 salary make you 'rich'? You don't have to be an economist to know that earning $100,000 in New York City is different than earning $100,000 in Memphis, Tennessee. Because Tennessee doesn't tax earned income, a Memphis resident earning $100,000 takes home $74,515 after federal and state taxes, according to analysis by SmartAsset. How to make $100,000 feel more like $100,000

☆ The Evolving Payments Purchasing Chain: How Pressures Are Changing the Ecosystem
▼ + stars: | 2023-03-21 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

Insider IntelligenceThe changing economic landscape is leading to consolidation and a stronger focus on innovation. The rise of digitization and noncard payment methods could pose a large threat to issuers' transaction-based revenues. What is abundantly clear is that the diversification of the payments landscape paired with the threat of new regulation is creating more opportunities for the savvy consumer. Curious to learn more about the evolving payments purchasing chain? Click here to purchase The Payments Ecosystem collection.

☆ Payment Channels and Types of Transactions
▼ + stars: | 2023-03-21 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

Ongoing ecommerce growth is pushing payment providers to make efficient and inexpensive digital payment solutions their top priority despite the ever-changing post-pandemic landscape. By the end of 2026, brick-and-mortar will still account for $4 in $5 spent in retail—making it a critical investment for payment providers despite being less flashy than ecommerce and emerging digital channels. In order to keep shoppers in-store, merchants must broaden their accepted payment methods by allowing proximity mobile payments; contactless cards; buy now, pay later; and account-to-account payment options. As a result of this uptick, payment providers must invest in their mobile shopping and buying experience. Curious to learn more about payment channels and types of transactions?

☆ The Evolving Payments Purchasing Chain: How Digitization and Economic Pressures Are Changing the Ecosystem
▼ + stars: | 2023-03-16 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

Insider IntelligenceThe changing economic landscape is leading to consolidation and a stronger focus on innovation. Both large and small players in the space can adapt their products to address current market needs and press on toward digitization. The rise of digitization and noncard payment methods could pose a large threat to issuers' transaction-based revenues. Curious to learn more about the evolving payments purchasing chain? Click here to purchase The Payments Ecosystem collection.

☆ Payment Channels and Types of Transactions: Digitization, Integration, and the Economy
▼ + stars: | 2023-03-16 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

While most retail sales still occur in-store, digital is driving innovation as ecommerce grows. Ongoing ecommerce growth is pushing payment providers to make efficient and inexpensive digital payment solutions their top priority despite the ever-changing post-pandemic landscape. In order to keep shoppers in-store, merchants must broaden their accepted payment methods by allowing proximity mobile payments; contactless cards; buy now, pay later; and account-to-account payment options. As a result of this uptick, payment providers must invest in their mobile shopping and buying experience. Curious to learn more about payment channels and types of transactions?

☆ It's far harder to cancel a subscription than it is to sign up for one. A bill in Congress wants to change that.
▼ + stars: | 2023-02-16 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +8 min

Consumers and advocates are fed up with it being incredibly difficult to cancel subscriptions. Only last year did the Times begin to allow digital subscribers to cancel their subscriptions directly, Times spokesperson Charlie Stadtlander told Insider. Planet Fitness is up front that its members must cancel at a gym or by mail, even if they can sign up online. Amazon agreed to change how users cancel its Prime membership after European regulators, US consumer groups, and, finally, the FTC stepped in. Then-DC Attorney Karl Racine went after the food delivery service Grubhub for hitting customers with hidden fees and using deceptive marketing about its subscription service.

Below, they weigh in on today's tipping culture, who gets a gratuity and how much. Dr. Peters adds that tipped employees may also include most front-of-house restaurant employees, bellhops, parking attendants, airport service workers and food delivery workers. most restaurants), consider using the Capital One Savor Cash Rewards Credit Card. Capital One Savor Cash Rewards Credit Card Learn More Information about the Capital One Savor Cash Rewards Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. And when it comes to using delivery services, consider a card that gives cardholders money they can use to tip delivery workers.

☆ The number of Americans earning over $100,000 who are living paycheck to paycheck is climbing as inflation squeezes households, survey shows
▼ + stars: | 2023-01-31 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

51% of Americans earning over $100,000 a year are living paycheck to paycheck, a new survey found. That's up from 42% of those surveyed by Pymnts.com and Lending Club at the end of 2021. 51% of high-income earners surveyed — those making over $100,000 — said they were living paycheck to paycheck in December. Consumers surveyed said they were expecting high inflation to continue for the next two years with over half predicting higher inflation in 2023, per the report. In June 2022, over a third of high-income consumers making over $250,000 were also living paycheck to paycheck.

☆ Meet the 'zillennials,' who grew up online, live with their parents, and have retailers chasing their disposable income
▼ + stars: | 2023-01-17 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

'Zillennials' are the consumers at the cusp of the millennial and Gen Z generations. As many as 48% of zillennials live with their parents, meaning they don't pay a mortgage or rent. That means that a large share of young consumers aren't paying for rent or a mortgage. Add that to their steady income and the fact that they grew up on the internet, and zillennials are becoming savvy shoppers with plenty of disposable cash. Morgan Stanley analysts wrote recently that young consumers living with their parents are helping to fuel the luxury boom because they're saving on bills and necessities like groceries.

☆ How to use Etsy, Shopify, Instagram, and Poshmark to make sales this holiday season
▼ + stars: | 2022-11-22 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +2 min

E-commerceHans Schrei and Luis Gramajo are the founders of Wunderkeks, a cookie brand. The founders of Wunderkeks started selling their cookies at farmer's markets, then found success on Shopify as more people shopped online during the pandemic. A survey by the retail publication Pymnts suggested Amazon hosted about 56% of all US e-commerce sales in 2021. The professional plan, with more seller tools, costs $40 a month, and most sales are subject to a 15% commission. Best suited for: Etsy is a low-cost platform if you're just starting your business and aren't ready to commit to a higher-volume sales channel.

☆ Inflation forces mom and pop restaurants and chains like McDonald's to lean on their strengths
▼ + stars: | 2022-11-20 | by ( Amelia Lucas | ) www.cnbc.com time to read: +6 min

In response to that drop-off, both chains and independents are working to address the cost factor without alienating diners. Aaron Allen, founder and CEO of restaurant consultancy Aaron Allen & Associates, compared restaurant chains to oil tankers and independents to speedboats. Kate Bruce, owner of The Buttery Bar in Brooklyn, said she's been facing higher costs for everything from labor to cooking oil to energy. Portillo's restaurant chain CEO Michael Osanloo said independents do have greater flexibility when it comes to changing prices. Consumers care more about prices when they're visiting a chain restaurant, according to findings from a survey of roughly 2,400 U.S. consumers conducted by PYMNTS.

☆ Many young people prefer ‘buy now, pay later’ to credit cards—here’s why
▼ + stars: | 2022-10-27 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

From Klarna to Affirm to Afterpay, various "buy now, pay later" services are popping up as a popular alternative to traditional credit cards, especially among younger consumers. One reason young people in particular are drawn to buy now, pay later payment plans is because many watched their parents struggle with credit card debt amid the 2008 economic recession, says Christine Roberts, head of Citizens Pay, a buy now, pay later option offered by Citizens Bank. When it comes to expensive purchases, "this generation very much wants to understand the time frame of payments," Roberts says. Credit cards, on the other hand, typically calculate a minimum monthly payment based on the overall card balance rather than individual purchases. However, as with credit cards, buy now, pay later users may risk accumulating debt without realizing it if they're not careful.

☆ Inflation is making it harder for U.S. households to afford monthly expenses. Here are some tips to help make ends meet
▼ + stars: | 2022-10-27 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +1 min

Soaring prices are making it hard for many Americans to afford expenses each month. Costs are rising for nearly every major expense from housing and food to medical care. Having the money that's coming in each month going out just as fast is becoming increasingly common. In the last year, wages have increased by 4.9%, as inflation jumped by over 8.2%, according to the same report. Here are some strategies that could help stretch your paycheck.

☆ Jack Dorsey's Cash App wants to become a super app — and is aggressively integrating buy now, pay later service Afterpay into its ecosystem to get there
▼ + stars: | 2022-05-18 | by ( Ann Gehan | ) www.businessinsider.com time to read: +6 min

"Afterpay can help transform Cash App into a super app," Molnar said. Block estimates only around 6% of current Cash App users are also Afterpay users, meaning over 75 million Cash App users are potential new Afterpay customers. Other significant developments include the addition of an Afterpay shopping and browsing feature to Cash App and the integration of Afterpay account management capabilities into Cash App. The Cash App and Afterpay integrations will extend to e-commerce checkout, where Afterpay sellers will now be able to accept Cash App Pay as a form of payment. A slide from Block's 2022 investor day presentation lays out a plan for integrating Cash App, Afterpay, and Square.

Persons: Cash, Brian Grassadonia, Cash App's, Afterpay cofounders, Nick Molnar, Anthony Eisen, Alyssa Henry, Jack Dorsey, Molnar, Afterpay, Block's, Grassadonia, there's, Eisen, Block, PYMNTS, Omar Ismail, Goldman Sachs, David Stark Organizations: Block, Business, Cash, Dick's Sporting Goods, PayPal, Klarna, Walmart

☆ How retail companies are reducing friction in online and offline transactions
▼ + stars: | 2021-05-26 | by ( Jeremy Goldman | ) www.businessinsider.com time to read: +5 min

And consumers have been moving toward demanding more frictionless payment methods across online and offline channels. For some time now, consumers have been moving toward demanding more frictionless payment methods across online and offline channels. Ecommerce retailers, not to be outdone, are finding ways to improve their transactions as well. Data suggests adults plan to continue to use touchless payment methods after the pandemic is over. One of the ways brands and retailers are working to reduce ecommerce friction is providing more payment methods at checkout.

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