![\"Consumers](\"https://www.pymnts.com/wp-content/uploads/2024/07/Consumers-citing-the-type-of-merchant-where-they-made-their-most-recent-purchase.png\")
A funny thing happened on the way to Meta\u2019s Q2 earnings call. As it has for many tech companies during this earnings season, discussion of actual financial results took a back seat to discussions about spending on artificial intelligence (AI). With this in mind, Meta and Zuckerberg did not disappoint.
\nYes, there were financial results to be had. And they were stellar. Despite concern that digital and social media advertising might have fallen on hard times during the quarter, Meta reported earnings per share (EPS) of $5.16 on revenue of $39.07 billion. Meta recorded EPS of $2.98 on revenue of $31.9 billion during the same period last year.
\nThe company\u2019s Family of Apps revenue, which includes revenue from Facebook, Instagram, WhatsApp and Messenger, came in at $38.72 billion, higher than estimates of $37.7 billion and much higher than the revenue of $31.7 billion in Q2 2023.
\nWhile those results led off the call, Zuckerberg wasted no time detailing his vision for how AI will play in the Meta ecosystem and, perhaps more importantly, how it will make money in that ecosystem. He separated his comments into three areas: How AI will play in existing products, how it will succeed as an open-source system, and how it will help Meta continue to develop the metaverse.
\nFirst, Zuckerberg highlighted AI\u2019s role in enhancing content recommendations and advertising capabilities. He described a vision for a \u201csingle unified recommendation system\u201d powering all content across Meta\u2019s services. On the advertising front, Zuckerberg predicted that AI would eventually generate personalized ad creative, allowing advertisers to simply specify business objectives and budgets, with Meta\u2019s AI handling the rest.
\n\u201cAdvertisers will basically just be able to tell us a business objective and a budget, and we\u2019re going to go do the rest for them,\u201d he said. \u201cWe\u2019re going to get there incrementally over time, but I think this is going to be a very big deal.\u201d
\nZuckerberg also underscored the importance of Meta\u2019s open-source AI model, Llama 3.1, positioning it as an \u201cinflection point\u201d for the industry. He argued that open-source AI will become the industry standard, similar to Linux in operating systems. The CEO emphasized the benefits of open-source AI for developers, Meta itself, and society at large, citing improved safety, faster innovation, and shared prosperity.
\nZuckerberg also revealed plans for Llama 4, aiming to be \u201cthe most advanced in the industry next year,\u201d with compute requirements nearly 10 times that of Llama 3.
\nFinally, Zuckerberg discussed how AI is shaping Meta\u2019s metaverse ambitions. He noted that AI advancements have accelerated timelines for some products, particularly highlighting the success of Ray-Ban Meta smart glasses and the Quest 3 VR headset. Zuckerberg sees AI as integral to the future of these devices, with plans to incorporate more AI capabilities into future generations of smart glasses and VR headsets. He teased further announcements related to AI and metaverse developments at Meta\u2019s upcoming Connect conference on Sept. 25.
\nAnd how much will all that cost? Zuckerberg left that issue for CFO Susan Li.
\n\u201cWhile we do not intend to provide any quantitative guidance for 2025 until the fourth quarter call, we expect infrastructure costs will be a significant driver of expense growth next year as we recognize depreciation and operating costs associated with our expanded infrastructure footprint,\u201d Li said.
\nThe post Zuckerberg Details AI Vision in Meta\u2019s Q2 Earnings Call appeared first on PYMNTS.com.
\n", "content_text": "A funny thing happened on the way to Meta\u2019s Q2 earnings call. As it has for many tech companies during this earnings season, discussion of actual financial results took a back seat to discussions about spending on artificial intelligence (AI). With this in mind, Meta and Zuckerberg did not disappoint. \nYes, there were financial results to be had. And they were stellar. Despite concern that digital and social media advertising might have fallen on hard times during the quarter, Meta reported earnings per share (EPS) of $5.16 on revenue of $39.07 billion. Meta recorded EPS of $2.98 on revenue of $31.9 billion during the same period last year.\nThe company\u2019s Family of Apps revenue, which includes revenue from Facebook, Instagram, WhatsApp and Messenger, came in at $38.72 billion, higher than estimates of $37.7 billion and much higher than the revenue of $31.7 billion in Q2 2023.\nWhile those results led off the call, Zuckerberg wasted no time detailing his vision for how AI will play in the Meta ecosystem and, perhaps more importantly, how it will make money in that ecosystem. He separated his comments into three areas: How AI will play in existing products, how it will succeed as an open-source system, and how it will help Meta continue to develop the metaverse. \nFirst, Zuckerberg highlighted AI\u2019s role in enhancing content recommendations and advertising capabilities. He described a vision for a \u201csingle unified recommendation system\u201d powering all content across Meta\u2019s services. On the advertising front, Zuckerberg predicted that AI would eventually generate personalized ad creative, allowing advertisers to simply specify business objectives and budgets, with Meta\u2019s AI handling the rest.\n\u201cAdvertisers will basically just be able to tell us a business objective and a budget, and we\u2019re going to go do the rest for them,\u201d he said. \u201cWe\u2019re going to get there incrementally over time, but I think this is going to be a very big deal.\u201d\nZuckerberg also underscored the importance of Meta\u2019s open-source AI model, Llama 3.1, positioning it as an \u201cinflection point\u201d for the industry. He argued that open-source AI will become the industry standard, similar to Linux in operating systems. The CEO emphasized the benefits of open-source AI for developers, Meta itself, and society at large, citing improved safety, faster innovation, and shared prosperity. \nZuckerberg also revealed plans for Llama 4, aiming to be \u201cthe most advanced in the industry next year,\u201d with compute requirements nearly 10 times that of Llama 3.\nFinally, Zuckerberg discussed how AI is shaping Meta\u2019s metaverse ambitions. He noted that AI advancements have accelerated timelines for some products, particularly highlighting the success of Ray-Ban Meta smart glasses and the Quest 3 VR headset. Zuckerberg sees AI as integral to the future of these devices, with plans to incorporate more AI capabilities into future generations of smart glasses and VR headsets. He teased further announcements related to AI and metaverse developments at Meta\u2019s upcoming Connect conference on Sept. 25.\nAnd how much will all that cost? Zuckerberg left that issue for CFO Susan Li. \n\u201cWhile we do not intend to provide any quantitative guidance for 2025 until the fourth quarter call, we expect infrastructure costs will be a significant driver of expense growth next year as we recognize depreciation and operating costs associated with our expanded infrastructure footprint,\u201d Li said. \nThe post Zuckerberg Details AI Vision in Meta\u2019s Q2 Earnings Call appeared first on PYMNTS.com.", "date_published": "2024-07-31T21:04:39-04:00", "date_modified": "2024-07-31T21:04:39-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Meta-earnings-AI.jpg", "tags": [ "AI", "artificial intelligence", "Earnings", "Featured News", "GenAI", "generative AI", "LLAMA", "mark zuckerberg", "Meta", "News", "PYMNTS News", "Susan Li" ] }, { "id": "https://www.pymnts.com/?p=2020170", "url": "https://www.pymnts.com/earnings/2024/amwell-beats-q2-expectations-on-subscription-revenue-strength/", "title": "Amwell Beats Q2 Expectations on Subscription Revenue Strength", "content_html": "Telehealth provider Amwell on Wednesday (July 31) reported second-quarter revenue of $62.8 million (above guidance of $61.1 million), driven by $27.5 million in subscription revenue and $28.7 million from visits to Amwell Medical Group (AMG).
\nDespite a net loss of $49.9 million \u2014 down from $73.4 million in Q1 2024 \u2014 Amwell achieved a reduced adjusted EBITDA loss of $35 million, compared to $45.7 million in the prior quarter. Amwell\u2019s gross margin stood at 37% while total visits reached 1.5 million, with about 70% occurring on the Converge telehealth platform.
\n\u201cWe\u2019re very focused on making sure Converge becomes a reliable asset in the market,\u201d Amwell CEO Ido Schoenberg said during the earnings call.
\nIn mid-June, Amwell announced that co-founder Roy Schoenberg stepped down from his position as president and co-CEO to become executive vice chairman of the board. Ido Schoenberg became the sole CEO. Roy Schoenberg, who co-founded the company in 2006, has been instrumental in advancing digital healthcare, shaping its integration into modern patient and clinician experiences.
\n\u201cIn Q2, we advanced on all fronts,\u201d Ido Schoenberg said. \u201cOur focus remains sharp as we implement key strategies supporting our growth trajectory for 2025, aiming for adjusted EBITDA breakeven in 2026.\u201d He highlighted ongoing efforts in cost alignment and strategic deployments, including for the U.S. Military Health System.
\nThe company\u2019s revenue and visit projections for the year remain unchanged, with expected revenue between $259 million and $269 million and AMG visits between 1.6 and 1.7 million.
\nIdo Schoenberg noted that Amwell\u2019s digital-first approach is \u201cresonating. We offer an end-to-end comprehensive solution that\u2019s dependable, safe and secure with a proven track record at scale. We believe our deep integrations and vast deployments form long-term bonds with healthcare organizations.\u201d
\nDespite the progress, ongoing net losses reflect the challenges in achieving profitability within the competitive telehealth sector. But Amwell leaders remained optimistic.
\n\u201cWe are executing well and are energized by our results,\u201d Ido Schoenberg said. \u201cConverge is rapidly becoming a clear best of breed in the market with 70% of our volume. We are pleased to see people are using this platform across the board for multiple programs.\u201d
\nProviders are looking for efficiency and growth and better ways to serve their patients, he added.
\n\u201cWhat\u2019s resonating is the peace of mind\u201d users receive when using the Converge system, he said. \u201cWe believe that trend will become stronger and stronger as more people begin their interactions with digital health online. We\u2019re enabling technology that allows them to do well and achieve their business goals through what we created.\u201d
\nIdo Schoenberg addressed a question about AI: \u201cAI is enormously important in our industry. There are many areas AI will influence our roadmap in the coming years. The promise of AI has an impact on pretty much every activity of our operation, and we\u2019re thrilled about the opportunity.\u201d
\nThe post Amwell Beats Q2 Expectations on Subscription Revenue Strength appeared first on PYMNTS.com.
\n", "content_text": "Telehealth provider Amwell on Wednesday (July 31) reported second-quarter revenue of $62.8 million (above guidance of $61.1 million), driven by $27.5 million in subscription revenue and $28.7 million from visits to Amwell Medical Group (AMG).\nDespite a net loss of $49.9 million \u2014 down from $73.4 million in Q1 2024 \u2014 Amwell achieved a reduced adjusted EBITDA loss of $35 million, compared to $45.7 million in the prior quarter. Amwell\u2019s gross margin stood at 37% while total visits reached 1.5 million, with about 70% occurring on the Converge telehealth platform.\n\u201cWe\u2019re very focused on making sure Converge becomes a reliable asset in the market,\u201d Amwell CEO Ido Schoenberg said during the earnings call.\nIn mid-June, Amwell announced that co-founder Roy Schoenberg stepped down from his position as president and co-CEO to become executive vice chairman of the board. Ido Schoenberg became the sole CEO. Roy Schoenberg, who co-founded the company in 2006, has been instrumental in advancing digital healthcare, shaping its integration into modern patient and clinician experiences.\n\u201cIn Q2, we advanced on all fronts,\u201d Ido Schoenberg said. \u201cOur focus remains sharp as we implement key strategies supporting our growth trajectory for 2025, aiming for adjusted EBITDA breakeven in 2026.\u201d He highlighted ongoing efforts in cost alignment and strategic deployments, including for the U.S. Military Health System.\nThe company\u2019s revenue and visit projections for the year remain unchanged, with expected revenue between $259 million and $269 million and AMG visits between 1.6 and 1.7 million.\nIdo Schoenberg noted that Amwell\u2019s digital-first approach is \u201cresonating. We offer an end-to-end comprehensive solution that\u2019s dependable, safe and secure with a proven track record at scale. We believe our deep integrations and vast deployments form long-term bonds with healthcare organizations.\u201d\nDespite the progress, ongoing net losses reflect the challenges in achieving profitability within the competitive telehealth sector. But Amwell leaders remained optimistic.\n\u201cWe are executing well and are energized by our results,\u201d Ido Schoenberg said. \u201cConverge is rapidly becoming a clear best of breed in the market with 70% of our volume. We are pleased to see people are using this platform across the board for multiple programs.\u201d\nProviders are looking for efficiency and growth and better ways to serve their patients, he added.\n\u201cWhat\u2019s resonating is the peace of mind\u201d users receive when using the Converge system, he said. \u201cWe believe that trend will become stronger and stronger as more people begin their interactions with digital health online. We\u2019re enabling technology that allows them to do well and achieve their business goals through what we created.\u201d\nIdo Schoenberg addressed a question about AI: \u201cAI is enormously important in our industry. There are many areas AI will influence our roadmap in the coming years. The promise of AI has an impact on pretty much every activity of our operation, and we\u2019re thrilled about the opportunity.\u201d\nThe post Amwell Beats Q2 Expectations on Subscription Revenue Strength appeared first on PYMNTS.com.", "date_published": "2024-07-31T20:02:03-04:00", "date_modified": "2024-07-31T20:02:03-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Amwell-telehealth-earnings.jpg", "tags": [ "Amwell", "converge", "digital transformation", "Earnings", "Healthcare", "HealthTech", "Ido Schoenberg", "News", "PYMNTS News", "telehealth", "virtual healthcare" ] }, { "id": "https://www.pymnts.com/?p=2020131", "url": "https://www.pymnts.com/voice-activation/2024/taco-bell-adding-ai-voice-ordering-to-hundreds-of-drive-thrus/", "title": "Taco Bell Adding AI Voice Ordering to Hundreds of Drive-Thrus", "content_html": "Taco Bell will add AI voice technology to hundreds of its drive-thrus by year\u2019s end.
\nIt\u2019s part of parent Yum! Brands\u2019 plans to integrate voice artificial intelligence (AI) to its stores around the world, the company announced Wednesday (July 31).
\n\u201cThe rollout of Voice AI technology in Taco Bell, currently in more than 100 Taco Bell U.S. drive-thrus across 13 states, is designed to enhance back-of-house operations for team members and elevate the order experience for consumers,\u201d Yum said in a news release. \u201cBenefits include easing task load for team members, improving order accuracy, providing a consistent, friendly experience, and reducing wait times, while driving profitable growth for Taco Bell, Yum! Brands and their franchisees.\u201d
\nBased in Louisville, Kentucky, Yum\u2019s other brands include Pizza Hut and KFC. In addition to the Taco Bell AI integration, five KFCs in Australia are simultaneously testing Voice AI technology in drive-thrus.
\nAs PYMNTS wrote last month, AI speech technology is a growing sector, yet it hasn\u2019t fully taken off in the restaurant sector so far. McDonald\u2019s recently ended its partnership with IBM to develop an AI-powered drive-thru system, choosing to remove the technology from over 100 restaurants.
\nA spokesperson for McDonald\u2019s said a voice ordering solution for drive-thrus will be \u201cpart of our restaurants\u2019 future\u201d and added: \u201cWe see tremendous opportunity in advancing our restaurant technology and will continue to evaluate long-term, scalable solutions that will help us make an informed decision on a future voice ordering solution by the end of the year.\u201d
\n\u201cThe fast-food giant\u2019s decision highlights both the challenges and opportunities in implementing AI voice-ordering systems amid industry wide labor shortages and the push for streamlined operations,\u201d PYMNTS wrote.
\nOther fast-food chains, such as Checkers & Rally\u2019s Restaurants Inc., CKE Restaurants Holdings Inc.\u2019s Hardee\u2019s and Carl\u2019s Jr., and Wendy\u2019s Co., are either testing or have implemented similar technology in their drive-thrus. Yum, meanwhile, has increased its investment in digital, technology and innovation to $21 million in 2023, compared to $11 million the previous year, according to The Wall Street Journal.
\nMeanwhile, PYMNTS wrote last week that technology and technology and automation are increasingly crucial tools in addressing staffing shortages in the restaurant section.
\n\u201cAs of May, restaurant employment has grown by less than 1% despite high demand. This ongoing staffing crunch is pushing restaurants to rely more on technology and automation, including for payment processing,\u201d that report said.
\nThe post Taco Bell Adding AI Voice Ordering to Hundreds of Drive-Thrus appeared first on PYMNTS.com.
\n", "content_text": "Taco Bell will add AI voice technology to hundreds of its drive-thrus by year\u2019s end.\nIt\u2019s part of parent Yum! Brands\u2019 plans to integrate voice artificial intelligence (AI) to its stores around the world, the company announced Wednesday (July 31).\n\u201cThe rollout of Voice AI technology in Taco Bell, currently in more than 100 Taco Bell U.S. drive-thrus across 13 states, is designed to enhance back-of-house operations for team members and elevate the order experience for consumers,\u201d Yum said in a news release. \u201cBenefits include easing task load for team members, improving order accuracy, providing a consistent, friendly experience, and reducing wait times, while driving profitable growth for Taco Bell, Yum! Brands and their franchisees.\u201d\nBased in Louisville, Kentucky, Yum\u2019s other brands include Pizza Hut and KFC. In addition to the Taco Bell AI integration, five KFCs in Australia are simultaneously testing Voice AI technology in drive-thrus.\nAs PYMNTS wrote last month, AI speech technology is a growing sector, yet it hasn\u2019t fully taken off in the restaurant sector so far. McDonald\u2019s recently ended its partnership with IBM to develop an AI-powered drive-thru system, choosing to remove the technology from over 100 restaurants.\nA spokesperson for McDonald\u2019s said a voice ordering solution for drive-thrus will be \u201cpart of our restaurants\u2019 future\u201d and added: \u201cWe see tremendous opportunity in advancing our restaurant technology and will continue to evaluate long-term, scalable solutions that will help us make an informed decision on a future voice ordering solution by the end of the year.\u201d\n\u201cThe fast-food giant\u2019s decision highlights both the challenges and opportunities in implementing AI voice-ordering systems amid industry wide labor shortages and the push for streamlined operations,\u201d PYMNTS wrote.\nOther fast-food chains, such as Checkers & Rally\u2019s Restaurants Inc., CKE Restaurants Holdings Inc.\u2019s Hardee\u2019s and Carl\u2019s Jr., and Wendy\u2019s Co., are either testing or have implemented similar technology in their drive-thrus. Yum, meanwhile, has increased its investment in digital, technology and innovation to $21 million in 2023, compared to $11 million the previous year, according to The Wall Street Journal.\nMeanwhile, PYMNTS wrote last week that technology and technology and automation are increasingly crucial tools in addressing staffing shortages in the restaurant section.\n\u201cAs of May, restaurant employment has grown by less than 1% despite high demand. This ongoing staffing crunch is pushing restaurants to rely more on technology and automation, including for payment processing,\u201d that report said.\nThe post Taco Bell Adding AI Voice Ordering to Hundreds of Drive-Thrus appeared first on PYMNTS.com.", "date_published": "2024-07-31T19:17:38-04:00", "date_modified": "2024-07-31T19:17:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/09/Taco-Bell.jpg", "tags": [ "AI", "AI voice ordering", "artificial intelligene", "drive-thru", "fast food", "food and beverages", "News", "PYMNTS News", "QSRs", "quick service restaurants", "Restaurants", "Taco Bell", "Voice Ordering", "Voice Tech", "What's Hot", "Yum! Brands", "Voice Activation" ] }, { "id": "https://www.pymnts.com/?p=2020140", "url": "https://www.pymnts.com/buy-now-pay-later/2024/bnpl-regulation-debate-heats-up-as-comment-period-closes/", "title": "BNPL Regulation Debate Heats Up as Comment Period Closes", "content_html": "Klarna argues for a bespoke regulatory framework, while AARP supports the rule, emphasizing the need for consumer protections as buy now, pay later (BNPL) usage grows among older Americans.
\nTime has expired for companies looking to comment on the Consumer Financial Protection Board\u2019s (CFPB) interpretive ruling on BNPL plans. With the CFPB holding options open to revise the regulations after the comment period is over Thursday (Aug. 1), two companies threw what could be termed a Hail Mary pass in the closing minutes.
\nKlarna \u2014 which was joined on the last day of comments by AARP \u2014 expressed its concerns in a strongly worded letter to the CFPB. While the filing indicates that Klarna supports regulation of the BNPL industry, it argues that the CFPB\u2019s approach is misguided. The company contends that BNPL products are fundamentally different from credit cards and should not be regulated under the same framework. Klarna emphasizes that BNPL offers a more transparent, fair and sustainable alternative to traditional credit, with lower default rates and fewer consumer complaints.
\n\u201cThrough this Interpretive Rule, the CFPB is attempting to apply to the BNPL industry rules created for the credit card industry over 50 years ago, before the advent of cell phones, personal computers, and digital BNPL accounts,\u201d the Klarna filing reads. \u201cNot only were these regulations created without modern credit products like BNPL in mind, but with American credit card debt topping $1 trillion dollars it begs the question: are these regulations even working for the products they were initially designed for?\u201d
\nKlarna joined fellow BNPL company Affirm, which on Friday submitted its commentary on the CFPB\u2019s rule. The CFPB\u2019s proposed interpretive rule under the Truth in Lending Act (TILA) and Regulation Z seeks to extend consumer protection measures akin to those applied to traditional credit cards.
\nIn its letter, Klarna raises several issues with the interpretive rule, including clarifying key terms and provisions. Klarna argues that the rule\u2019s timeline for compliance (60 days from publication on May 31) is inadequate, given the extent of clarification needed. The company also points out potential inconsistencies in how the rule would be applied across different BNPL providers, particularly regarding billing cycles and dispute resolution timelines.
\n\u201cWe believe consumers would be better served by initiating a comprehensive, formal rulemaking process to develop a tailored regulatory framework for BNPL that both protects consumers and fosters innovation,\u201d the filing states.
\n\u201cThis approach would enable consumer advocates, industry stakeholders, and regulators to collaborate effectively, ensuring that the primary focus remains on achieving positive consumer outcomes. We urge the CFPB to reconsider its approach, focusing on positive consumer outcomes rather than applying outdated regulations to a new industry.\u201d
\nKlarna proposes that the CFPB either rescind the interpretive rule and commence a formal rulemaking process specifically for BNPL products or extend the effective date and provide written clarification on raised questions. The company advocates for a bespoke regulatory framework that recognizes the distinct nature and lower risk profile of BNPL products compared to traditional credit cards. Klarna argues that such an approach would ensure robust consumer protection while fostering innovation and competition in the financial services industry.
\nOn the opposite side of the aisle, the AARP, which advocates for Americans over 50, came out in favor of the interpretive rule in its letter to the CFPB. The organization notes that while BNPL use among older Americans is lower than younger borrowers, it is rapidly increasing. AARP argues that applying Regulation Z to BNPL will protect older consumers from fraud and provide much-needed protections, including transparency in pricing, sufficient disclosures, clarity on dispute resolution and refunds, and determination of a consumer\u2019s ability to repay before extending credit.
\nAARP emphasizes several key areas for consumer protection in BNPL loans. These include ensuring borrowers can repay, providing a seamless process for disputing transactions and obtaining refunds, and offering clear, upfront information on terms, pricing and potential fees associated with BNPL loans. The organization urges the CFPB to establish clear guidelines for disclosures in plain language and in the consumer\u2019s preferred language.
\nAdditionally, AARP encourages the CFPB to provide consumers with easy-to-understand information about BNPL, its uses, and associated risks through resources like FAQs or guidebooks similar to those published for other forms of credit.
\nThe post BNPL Regulation Debate Heats Up as Comment Period Closes appeared first on PYMNTS.com.
\n", "content_text": "Klarna argues for a bespoke regulatory framework, while AARP supports the rule, emphasizing the need for consumer protections as buy now, pay later (BNPL) usage grows among older Americans.\nTime has expired for companies looking to comment on the Consumer Financial Protection Board\u2019s (CFPB) interpretive ruling on BNPL plans. With the CFPB holding options open to revise the regulations after the comment period is over Thursday (Aug. 1), two companies threw what could be termed a Hail Mary pass in the closing minutes. \nKlarna \u2014 which was joined on the last day of comments by AARP \u2014 expressed its concerns in a strongly worded letter to the CFPB. While the filing indicates that Klarna supports regulation of the BNPL industry, it argues that the CFPB\u2019s approach is misguided. The company contends that BNPL products are fundamentally different from credit cards and should not be regulated under the same framework. Klarna emphasizes that BNPL offers a more transparent, fair and sustainable alternative to traditional credit, with lower default rates and fewer consumer complaints.\n\u201cThrough this Interpretive Rule, the CFPB is attempting to apply to the BNPL industry rules created for the credit card industry over 50 years ago, before the advent of cell phones, personal computers, and digital BNPL accounts,\u201d the Klarna filing reads. \u201cNot only were these regulations created without modern credit products like BNPL in mind, but with American credit card debt topping $1 trillion dollars it begs the question: are these regulations even working for the products they were initially designed for?\u201d\nKlarna joined fellow BNPL company Affirm, which on Friday submitted its commentary on the CFPB\u2019s rule. The CFPB\u2019s proposed interpretive rule under the Truth in Lending Act (TILA) and Regulation Z seeks to extend consumer protection measures akin to those applied to traditional credit cards.\nIn its letter, Klarna raises several issues with the interpretive rule, including clarifying key terms and provisions. Klarna argues that the rule\u2019s timeline for compliance (60 days from publication on May 31) is inadequate, given the extent of clarification needed. The company also points out potential inconsistencies in how the rule would be applied across different BNPL providers, particularly regarding billing cycles and dispute resolution timelines.\n\u201cWe believe consumers would be better served by initiating a comprehensive, formal rulemaking process to develop a tailored regulatory framework for BNPL that both protects consumers and fosters innovation,\u201d the filing states.\n \u201cThis approach would enable consumer advocates, industry stakeholders, and regulators to collaborate effectively, ensuring that the primary focus remains on achieving positive consumer outcomes. We urge the CFPB to reconsider its approach, focusing on positive consumer outcomes rather than applying outdated regulations to a new industry.\u201d\nKlarna proposes that the CFPB either rescind the interpretive rule and commence a formal rulemaking process specifically for BNPL products or extend the effective date and provide written clarification on raised questions. The company advocates for a bespoke regulatory framework that recognizes the distinct nature and lower risk profile of BNPL products compared to traditional credit cards. Klarna argues that such an approach would ensure robust consumer protection while fostering innovation and competition in the financial services industry. \nOn the opposite side of the aisle, the AARP, which advocates for Americans over 50, came out in favor of the interpretive rule in its letter to the CFPB. The organization notes that while BNPL use among older Americans is lower than younger borrowers, it is rapidly increasing. AARP argues that applying Regulation Z to BNPL will protect older consumers from fraud and provide much-needed protections, including transparency in pricing, sufficient disclosures, clarity on dispute resolution and refunds, and determination of a consumer\u2019s ability to repay before extending credit.\nAARP emphasizes several key areas for consumer protection in BNPL loans. These include ensuring borrowers can repay, providing a seamless process for disputing transactions and obtaining refunds, and offering clear, upfront information on terms, pricing and potential fees associated with BNPL loans. The organization urges the CFPB to establish clear guidelines for disclosures in plain language and in the consumer\u2019s preferred language. \nAdditionally, AARP encourages the CFPB to provide consumers with easy-to-understand information about BNPL, its uses, and associated risks through resources like FAQs or guidebooks similar to those published for other forms of credit.\nThe post BNPL Regulation Debate Heats Up as Comment Period Closes appeared first on PYMNTS.com.", "date_published": "2024-07-31T19:05:04-04:00", "date_modified": "2024-07-31T21:21:03-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/CFPB-consumer-financial-protection-bureau-BNPL.jpg", "tags": [ "AARP", "Affirm", "BNPL", "Buy Now Pay Later", "CFPB", "Featured News", "interpretive rule", "Klarna", "News", "PYMNTS News", "Regulation Z", "TILA", "Truth in Lending Act" ] }, { "id": "https://www.pymnts.com/?p=2020075", "url": "https://www.pymnts.com/artificial-intelligence-2/2024/ftc-pledges-all-the-tools-at-its-disposal-to-govern-ai/", "title": "FTC Pledges \u2018All the Tools at Its Disposal\u2019 to Govern AI", "content_html": "The Federal Trade Commission (FTC) said it is using \u201call the tools at its disposal\u201d to oversee the rise of artificial intelligence (AI) technologies.
\nThe commission made that statement Wednesday (July 31) when submitting comments to the Federal Communications Commission (FCC) about its efforts in the AI space.
\nThe FTC is working \u201cto address the rapid emergence of new technologies powered by AI and their potential risks to consumers and businesses,\u201d it said, taking \u201caction against companies that deceive users about their use of AI or use AI in unfair ways.\u201d
\nThe commission gives the example of its allegation that Amazon and Ring used private data \u2014 voice recordings collected by Amazon\u2019s Alexa voice assistant and videos collected by Ring\u2019s internet-connected home security cameras \u2014 to train their algorithms while violating customers\u2019 privacy.
\nRing reached a $5.8 million settlement with the FTC last year. The commission has also been investigating recent AI efforts by Big Tech companies, such as Amazon\u2019s relationship with the AI firm Adept and Microsoft\u2019s hiring of the leadership of Inflection AI.
\nThe FTC also pointed to its efforts to combat AI-powered voice cloning, noting that scammers are using this \u201ctechnology to impersonate family or friends, business executives or others to obtain money from consumers.\u201d
\nThe FCC in February voted to make it illegal for companies to use AI-generated voices in robocalls, a ruling that gives state attorneys general another tool to use against voice cloning scams: they can they can prosecute fraudsters for not only the scam but also for using AI to generate the voice in the robocall.
\n\u201cWe\u2019re putting the fraudsters behind these robocalls on notice,\u201d FCC Chairwoman Jessica Rosenworcel said in a news release. \u201cState Attorneys General will now have new tools to crack down on these scams and ensure the public is protected from fraud and misinformation.\u201d
\nLast week, the FTC joined its counterparts from the European Union and the United Kingdom in issuing a rare joint statement about potential antitrust issues in the AI field.
\nThe statement outlined concerns about market concentration and anti-competitive practices in generative AI \u2014 the technology fueling popular chatbots like ChatGPT.
\n\u201cThere are risks that firms may attempt to restrict key inputs for the development of AI technologies,\u201d the regulators warned, highlighting the need for quick action in the rapidly evolving sector.
\nThe post FTC Pledges \u2018All the Tools at Its Disposal\u2019 to Govern AI appeared first on PYMNTS.com.
\n", "content_text": "The Federal Trade Commission (FTC) said it is using \u201call the tools at its disposal\u201d to oversee the rise of artificial intelligence (AI) technologies.\nThe commission made that statement Wednesday (July 31) when submitting comments to the Federal Communications Commission (FCC) about its efforts in the AI space.\nThe FTC is working \u201cto address the rapid emergence of new technologies powered by AI and their potential risks to consumers and businesses,\u201d it said, taking \u201caction against companies that deceive users about their use of AI or use AI in unfair ways.\u201d\nThe commission gives the example of its allegation that Amazon and Ring used private data \u2014 voice recordings collected by Amazon\u2019s Alexa voice assistant and videos collected by Ring\u2019s internet-connected home security cameras \u2014 to train their algorithms while violating customers\u2019 privacy.\nRing reached a $5.8 million settlement with the FTC last year. The commission has also been investigating recent AI efforts by Big Tech companies, such as Amazon\u2019s relationship with the AI firm Adept and Microsoft\u2019s hiring of the leadership of Inflection AI.\nThe FTC also pointed to its efforts to combat AI-powered voice cloning, noting that scammers are using this \u201ctechnology to impersonate family or friends, business executives or others to obtain money from consumers.\u201d\nThe FCC in February voted to make it illegal for companies to use AI-generated voices in robocalls, a ruling that gives state attorneys general another tool to use against voice cloning scams: they can they can prosecute fraudsters for not only the scam but also for using AI to generate the voice in the robocall.\n\u201cWe\u2019re putting the fraudsters behind these robocalls on notice,\u201d FCC Chairwoman Jessica Rosenworcel said in a news release. \u201cState Attorneys General will now have new tools to crack down on these scams and ensure the public is protected from fraud and misinformation.\u201d\nLast week, the FTC joined its counterparts from the European Union and the United Kingdom in issuing a rare joint statement about potential antitrust issues in the AI field.\nThe statement outlined concerns about market concentration and anti-competitive practices in generative AI \u2014 the technology fueling popular chatbots like ChatGPT.\n\u201cThere are risks that firms may attempt to restrict key inputs for the development of AI technologies,\u201d the regulators warned, highlighting the need for quick action in the rapidly evolving sector.\nThe post FTC Pledges \u2018All the Tools at Its Disposal\u2019 to Govern AI appeared first on PYMNTS.com.", "date_published": "2024-07-31T18:33:34-04:00", "date_modified": "2024-07-31T23:05:59-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/07/FTC-6.jpg", "tags": [ "AI", "AI regulation", "artificial intelligence", "FCC", "Federal Communications Commission", "Federal Trade Commission", "FTC", "News", "PYMNTS News", "regulations", "TechREG", "What's Hot", "artificial intelligence" ] }, { "id": "https://www.pymnts.com/?p=2020104", "url": "https://www.pymnts.com/artificial-intelligence-2/2024/ai-integration-drives-revenue-streams-for-tech-giants/", "title": "AI Integration Drives Revenue Streams for Tech Giants", "content_html": "Major technology companies are embedding artificial intelligence (AI) into their core products and services, creating new revenue opportunities and enhancing user experiences.
\nIntegrating AI across various sectors marks a shift in how companies monetize technology and engage with users. From search engines and productivity tools to freelance marketplaces, AI is becoming a key differentiator and revenue driver. This trend is reshaping business models and consumer interactions while also raising questions about the future of work and the implications of AI deployment.
\n\u201cCompanies are increasingly focusing their AI spending on developing lightweight and compressed models, which are crucial for efficient deployment in resource-constrained environments,\u201d Jiahao Sun, CEO at Flock.io, told PYMNTS.
\nGoogle has been integrating AI capabilities into its search engine through initiatives like Search Generative Experience (SGE). Google CEO Sundar Pichai has emphasized, \u201cAI is the most profound technology we are working on today.\u201d
\nNot to be outdone, Microsoft has launched Copilot, an AI assistant embedded across its Office suite, charging enterprise users $30 per person per month. Microsoft CEO Satya Nadella noted, \u201cCopilot is already improving productivity for more than 40% of the Fortune 100 who participated in our early access program.\u201d
\nAmazon leverages AI for personalized product recommendations and search results. In a shareholder letter, Amazon CEO Andy Jassy stated, \u201cWe’re investing heavily in large language models and generative AI across our businesses.\u201d
\n\u201cGenerative AI will significantly impact how people discover topics on the internet, such as asking ChatGPT for recommendations rather than browsing through search rankings and reviews,\u201d Brad Null, head of AI at Reputation, told PYMNTS. He added, \u201cAI will consume all of the information out there about a business to make such recommendations, so brands will need to stay on top of those advancements, especially when it comes to their search strategy.\u201d
\nIndustry experts are expressing optimism about AI\u2019s potential in the commerce sector while warning of hurdles in its implementation. Their insights paint a picture of an industry on the cusp of major change, grappling with both excitement and caution.
\nSun highlighted AI\u2019s capabilities. \u201cAdvancements in AI, particularly in large language models [LLMs] and machine learning [ML], are poised to revolutionize the commerce sector by automating a wide range of processes,” he stated. This automation, Sun suggested, could streamline operations across the board, from inventory management to customer service.
\nAI could enhance customer insights. Null said, \u201cFor years, we have had tools that mine customer feedback data to surface insights about brands. With new advancements in AI, these tools are getting increasingly more powerful, helping us more quickly aggregate feedback, discover emerging themes, and surface more actionable insights.\u201d This improved ability to understand and respond to customer needs could give businesses a competitive edge.
\nHowever, both experts quickly pointed out that the road to AI integration is fraught with challenges. Sun highlighted the financial barriers, stating, \u201cThere are high API fees associated with using centralized AI services, which can quickly escalate as usage scales.\u201d
\nHe added, \u201cCompanies must frequently upgrade their hardware, particularly GPUs, to keep up with the latest AI developments and model requirements.\u201d These costs could prove prohibitive for smaller businesses or those operating on tight margins.
\nData management remains a critical issue, even as AI capabilities advance. \u201cThe biggest challenge today is the same as what it was five years ago, getting the most useful, actionable data and positioning it so that you can maximize value from that data,\u201d Null said. This sentiment underscores the importance of not just having data but also having it in a format that AI can effectively use.
\nHe elaborated on this point, saying, \u201cIf you don\u2019t already have the data you need, and have it formatted in a way that it is easy to leverage \u2014 meaning, if you haven\u2019t already applied AI and ML to your data \u2014 then you probably have a lot of work to do to gather and position this data before using it to find consumer insights.\u201d This suggests that many businesses face a preparatory phase before leveraging AI\u2019s capabilities.
\nThe post AI Integration Drives Revenue Streams for Tech Giants appeared first on PYMNTS.com.
\n", "content_text": "Major technology companies are embedding artificial intelligence (AI) into their core products and services, creating new revenue opportunities and enhancing user experiences.\nIntegrating AI across various sectors marks a shift in how companies monetize technology and engage with users. From search engines and productivity tools to freelance marketplaces, AI is becoming a key differentiator and revenue driver. This trend is reshaping business models and consumer interactions while also raising questions about the future of work and the implications of AI deployment.\n\u201cCompanies are increasingly focusing their AI spending on developing lightweight and compressed models, which are crucial for efficient deployment in resource-constrained environments,\u201d Jiahao Sun, CEO at Flock.io, told PYMNTS.\nTech Giants Lead AI Monetization\nGoogle has been integrating AI capabilities into its search engine through initiatives like Search Generative Experience (SGE). Google CEO Sundar Pichai has emphasized, \u201cAI is the most profound technology we are working on today.\u201d\nNot to be outdone, Microsoft has launched Copilot, an AI assistant embedded across its Office suite, charging enterprise users $30 per person per month. Microsoft CEO Satya Nadella noted, \u201cCopilot is already improving productivity for more than 40% of the Fortune 100 who participated in our early access program.\u201d\nAmazon leverages AI for personalized product recommendations and search results. In a shareholder letter, Amazon CEO Andy Jassy stated, \u201cWe’re investing heavily in large language models and generative AI across our businesses.\u201d\n\u201cGenerative AI will significantly impact how people discover topics on the internet, such as asking ChatGPT for recommendations rather than browsing through search rankings and reviews,\u201d Brad Null, head of AI at Reputation, told PYMNTS. He added, \u201cAI will consume all of the information out there about a business to make such recommendations, so brands will need to stay on top of those advancements, especially when it comes to their search strategy.\u201d\nIndustry experts are expressing optimism about AI\u2019s potential in the commerce sector while warning of hurdles in its implementation. Their insights paint a picture of an industry on the cusp of major change, grappling with both excitement and caution.\nSun highlighted AI\u2019s capabilities. \u201cAdvancements in AI, particularly in large language models [LLMs] and machine learning [ML], are poised to revolutionize the commerce sector by automating a wide range of processes,” he stated. This automation, Sun suggested, could streamline operations across the board, from inventory management to customer service.\nAI could enhance customer insights. Null said, \u201cFor years, we have had tools that mine customer feedback data to surface insights about brands. With new advancements in AI, these tools are getting increasingly more powerful, helping us more quickly aggregate feedback, discover emerging themes, and surface more actionable insights.\u201d This improved ability to understand and respond to customer needs could give businesses a competitive edge.\nHowever, both experts quickly pointed out that the road to AI integration is fraught with challenges. Sun highlighted the financial barriers, stating, \u201cThere are high API fees associated with using centralized AI services, which can quickly escalate as usage scales.\u201d\n He added, \u201cCompanies must frequently upgrade their hardware, particularly GPUs, to keep up with the latest AI developments and model requirements.\u201d These costs could prove prohibitive for smaller businesses or those operating on tight margins.\nData management remains a critical issue, even as AI capabilities advance. \u201cThe biggest challenge today is the same as what it was five years ago, getting the most useful, actionable data and positioning it so that you can maximize value from that data,\u201d Null said. This sentiment underscores the importance of not just having data but also having it in a format that AI can effectively use.\nHe elaborated on this point, saying, \u201cIf you don\u2019t already have the data you need, and have it formatted in a way that it is easy to leverage \u2014 meaning, if you haven\u2019t already applied AI and ML to your data \u2014 then you probably have a lot of work to do to gather and position this data before using it to find consumer insights.\u201d This suggests that many businesses face a preparatory phase before leveraging AI\u2019s capabilities.\nThe post AI Integration Drives Revenue Streams for Tech Giants appeared first on PYMNTS.com.", "date_published": "2024-07-31T18:10:59-04:00", "date_modified": "2024-07-31T18:10:59-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Google-AI-overviews-1.jpg", "tags": [ "AI", "AI search", "Amazon", "Andy Jassy", "artificial intelligence", "Brad Null", "Copilot", "data analysis", "data management", "FLock.io", "GenAI", "generative AI", "Google", "Jiahao Sun", "machine learning", "Microsoft", "ML", "News", "PYMNTS News", "reputation", "Satya Nadella", "Sundar Pichai", "artificial intelligence" ] }, { "id": "https://www.pymnts.com/?p=2020089", "url": "https://www.pymnts.com/news/retail/2024/mass-merchants-capture-two-thirds-ecommerce-purchases/", "title": "Mass Merchants Capture Two-Thirds of eCommerce Purchases", "content_html": "Consumers are choosing different kinds of sellers when they shop online compared to in stores, with mass merchants winning out in eCommerce while grocers lead in brick-and-mortar.
\nThe 2023 PYMNTS Intelligence report \u201cApple Pay @9: The Battle for in-Store Adoption and Usage\u201d drew from a survey of more than 2,000 United States consumers to understand their purchasing behavior.
\n
Supplemental research from the study found that among the 39% of consumers who made an online purchase in the previous 24 hours, more than two-thirds made their most recent one from a mass merchant. Meanwhile, 18% did so from another retailer, 9% ordered food, 4% made a purchase from a grocer and marginal shares did so from convenience stores or gas stations.
\nMeanwhile, in brick-and-mortar, grocers win. Among the 57% of consumers who made an in-store purchase the previous day, 32% said their most recent such purchase was from a grocer, while 29% said the same of mass merchants. Fifteen percent did so from other retailers, 10% ordered food, 7% made a convenience store purchase most recently and 6% purchased a gas station.
\nThe PYMNTS Intelligence study \u201cConsumer Interest in an Everyday App\u201d underscored that consumers disproportionately shop with grocers when making in-person purchases. One-third of consumers reported shopping for groceries in physical stores or by calling, while only 17% did so for non-grocery retail items, and 29% for restaurant purchases.
\nFurther PYMNTS Intelligence research revealed that as of April 2023, 52% of grocery shoppers made such purchases online and in person, while just 43% did so in person only and less than 6% did so purely via digital channels.
\nThese findings highlight the divergent shopping behaviors between online and in-store consumers. While mass merchants dominate the online retail space, capturing the majority of recent purchases, brick-and-mortar consumers show a distinct preference for grocery stores. This divergence shows the importance for retailers to tailor their strategies to meet the unique demands of each shopping channel, ensuring they can effectively engage and capture their target audience wherever they choose to shop.
\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
\nThe post Mass Merchants Capture Two-Thirds of eCommerce Purchases appeared first on PYMNTS.com.
\n", "content_text": "Consumers are choosing different kinds of sellers when they shop online compared to in stores, with mass merchants winning out in eCommerce while grocers lead in brick-and-mortar.\nBy the Numbers\nThe 2023 PYMNTS Intelligence report \u201cApple Pay @9: The Battle for in-Store Adoption and Usage\u201d drew from a survey of more than 2,000 United States consumers to understand their purchasing behavior.\n\nSupplemental research from the study found that among the 39% of consumers who made an online purchase in the previous 24 hours, more than two-thirds made their most recent one from a mass merchant. Meanwhile, 18% did so from another retailer, 9% ordered food, 4% made a purchase from a grocer and marginal shares did so from convenience stores or gas stations.\nMeanwhile, in brick-and-mortar, grocers win. Among the 57% of consumers who made an in-store purchase the previous day, 32% said their most recent such purchase was from a grocer, while 29% said the same of mass merchants. Fifteen percent did so from other retailers, 10% ordered food, 7% made a convenience store purchase most recently and 6% purchased a gas station.\nA Deeper Dive\nThe PYMNTS Intelligence study \u201cConsumer Interest in an Everyday App\u201d underscored that consumers disproportionately shop with grocers when making in-person purchases. One-third of consumers reported shopping for groceries in physical stores or by calling, while only 17% did so for non-grocery retail items, and 29% for restaurant purchases.\nFurther PYMNTS Intelligence research revealed that as of April 2023, 52% of grocery shoppers made such purchases online and in person, while just 43% did so in person only and less than 6% did so purely via digital channels.\nThese findings highlight the divergent shopping behaviors between online and in-store consumers. While mass merchants dominate the online retail space, capturing the majority of recent purchases, brick-and-mortar consumers show a distinct preference for grocery stores. This divergence shows the importance for retailers to tailor their strategies to meet the unique demands of each shopping channel, ensuring they can effectively engage and capture their target audience wherever they choose to shop.\nFor all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.\nThe post Mass Merchants Capture Two-Thirds of eCommerce Purchases appeared first on PYMNTS.com.", "date_published": "2024-07-31T17:38:39-04:00", "date_modified": "2024-07-31T17:38:39-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/retail-eCommerce-online-shopping.png", "tags": [ "Apple Pay @9: The Battle for In-Store Adoption and Usage", "brick and mortar", "Consumer Interest in an Everyday App", "ecommerce", "food and beverage", "grocery", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "Retail" ] }, { "id": "https://www.pymnts.com/?p=2020053", "url": "https://www.pymnts.com/blockchain/2024/california-puts-car-titles-on-chain-in-push-for-blockchain-usability/", "title": "California Puts Car Titles On-Chain in Push for Blockchain Usability", "content_html": "Fraud detection and prevention are among the many promises blockchain technology holds. But unlike certain other far-from-realized promises, the security of on-chain digitization is finding real use in the real world.
\nOn Tuesday (July 30) California\u2019s Department of Motor Vehicles (DMV) digitized tens of millions of car vehicle titles registered in the state using blockchain technology, in part to serve as a deterrent against lien fraud.
\nNow, up to 42 million vehicle titles exist on Ava Labs\u2019 Avalanche blockchain as part of an effort by the state to modernize the title transfer process for California drivers and DMV representatives.\u00a0
\n\u201cAs consumers continue to demand more automation and expect the ability to transact life online, widespread adoption of secure systems is possible with blockchain infrastructure,\u201d said Andrew Smith, president of Oxhead Alpha, one of the core technology providers involved in the initiative.
\n\u201cThese systems have historically been accessible by large financial institutions but have done little for regular citizens. We believe that ultimately, value transfer will be embedded within the system itself proving the technology works at scale and enables other jurisdictions to implement similar approaches.\u201d
\n\u201cBlockchains are the most advanced tool any organization can leverage to maximize efficiency, maintain compliance and protect consumer data \u2014 vital components for a government serving its constituents,\u201d added John Wu, president of Ava Labs.\u00a0
\nCalifornians will be able to access and claim their vehicle titles through a mobile app expected to be available by early 2025.\u00a0
\nAnd that was just one data point from a full week of crypto and Web3 news, as the sector looks to derive greater impact from blockchain\u2019s novel applications.
\nRead more: Making Sense of Why FIs Are Tokenizing Real-World Assets
\nIn a sign of the changing times, with blockchain finding a wider embrace across the financial sector, the Bank of England announced Tuesday that it is conducting a new series of experiments with central bank digital currencies (CBDCs) for retail use. The bank said it will work with the Treasury,\u00a0Payments Systems Regulator and the\u00a0Financial Conduct Authority in its experiments to ensure that all forms of currency, digital or otherwise, are interchangeable with each other.
\nPYMNTS Intelligence reveals that blockchain has numerous potential benefits to serve the needs of regulated industries, including finance, healthcare, identity verification and supply chain management.
\nAnd last Tuesday (July 23), news broke that two Swiss banks \u2014\u00a0Amina Bank and\u00a0Sygnum Bank \u2014 had recently launched real-time payment and settlement networks, targeting a gap left by the closure of\u00a0Silvergate Exchange Network (SEN) and Signature Bank\u2019s Signet platform. The aim is to help crypto companies \u201cexecute trades and settle positions more quickly.\u201d
\nThat\u2019s not all. State Street is also reportedly looking at\u00a0a number of\u00a0options for settling\u00a0payments on blockchain. The financial services and banking firm is considering creating its\u00a0own\u00a0stablecoin, creating its\u00a0own\u00a0deposit token, joining digital-cash consortium\u00a0efforts, and\u00a0developing settlement options through blockchain payment startup\u00a0Fnality, in which it has an investment.
\nState Street would join other companies that are exploring or implementing crypto settlement, including\u00a0PayPal, which introduced its\u00a0own\u00a0stablecoin;\u00a0Visa and\u00a0Mastercard, which enable stablecoin-based settlement; and\u00a0JPMorganChase, which is exploring deposit tokens.
\nAdditional\u00a0research by PYMNTS Intelligence shows \u201cthat using cryptocurrencies for cross-border payments could be the\u00a0winning use case that the sector has been looking for.\u201d
\nRead more:\u00a0Crypto\u2019s Three Priorities for 2024: Interoperability, Acceptance, Regulation
\nStill, despite the potential for a \u201ccrypto president,\u201d the regulatory environment for blockchain within the U.S. remains relatively challenging and tumultuous.
\nOnline betting service\u00a0DraftKings said Tuesday that is closing down its 3-year-old non-fungible token (NFT) marketplace, along with Reignmakers, a fantasy sports game based around NFTs, due to \u201crecent legal developments.\u201d
\nWhile the company did not specify the nature of the legal developments, a report noted that DraftKings is the subject of a\u00a0federal class action lawsuit\u00a0claiming the company\u2019s NFTs are unregistered securities.
\nDraftKings isn\u2019t alone in its NFT troubles. Earlier this year,\u00a0GameStop, which had introduced an NFT marketplace in the summer of 2022, decided to exit the non-fungible token business, citing the\u00a0ongoing regulatory uncertainty\u00a0around the larger cryptocurrency market.
\nMeanwhile, the U.S. Treasury Department released an assessment in May which found that NFTs are \u201chighly susceptible\u201d to theft and use in fraud and scams.
\nThe post California Puts Car Titles On-Chain in Push for Blockchain Usability appeared first on PYMNTS.com.
\n", "content_text": "Fraud detection and prevention are among the many promises blockchain technology holds. But unlike certain other far-from-realized promises, the security of on-chain digitization is finding real use in the real world. \nOn Tuesday (July 30) California\u2019s Department of Motor Vehicles (DMV) digitized tens of millions of car vehicle titles registered in the state using blockchain technology, in part to serve as a deterrent against lien fraud.\nNow, up to 42 million vehicle titles exist on Ava Labs\u2019 Avalanche blockchain as part of an effort by the state to modernize the title transfer process for California drivers and DMV representatives.\u00a0\n\u201cAs consumers continue to demand more automation and expect the ability to transact life online, widespread adoption of secure systems is possible with blockchain infrastructure,\u201d said Andrew Smith, president of Oxhead Alpha, one of the core technology providers involved in the initiative. \n\u201cThese systems have historically been accessible by large financial institutions but have done little for regular citizens. We believe that ultimately, value transfer will be embedded within the system itself proving the technology works at scale and enables other jurisdictions to implement similar approaches.\u201d\n\u201cBlockchains are the most advanced tool any organization can leverage to maximize efficiency, maintain compliance and protect consumer data \u2014 vital components for a government serving its constituents,\u201d added John Wu, president of Ava Labs.\u00a0\nCalifornians will be able to access and claim their vehicle titles through a mobile app expected to be available by early 2025.\u00a0 \nAnd that was just one data point from a full week of crypto and Web3 news, as the sector looks to derive greater impact from blockchain\u2019s novel applications. \nRead more: Making Sense of Why FIs Are Tokenizing Real-World Assets\nBlockchain for Financial Sector\nIn a sign of the changing times, with blockchain finding a wider embrace across the financial sector, the Bank of England announced Tuesday that it is conducting a new series of experiments with central bank digital currencies (CBDCs) for retail use. The bank said it will work with the Treasury,\u00a0Payments Systems Regulator and the\u00a0Financial Conduct Authority in its experiments to ensure that all forms of currency, digital or otherwise, are interchangeable with each other.\nPYMNTS Intelligence reveals that blockchain has numerous potential benefits to serve the needs of regulated industries, including finance, healthcare, identity verification and supply chain management. \nAnd last Tuesday (July 23), news broke that two Swiss banks \u2014\u00a0Amina Bank and\u00a0Sygnum Bank \u2014 had recently launched real-time payment and settlement networks, targeting a gap left by the closure of\u00a0Silvergate Exchange Network (SEN) and Signature Bank\u2019s Signet platform. The aim is to help crypto companies \u201cexecute trades and settle positions more quickly.\u201d\nThat\u2019s not all. State Street is also reportedly looking at\u00a0a number of\u00a0options for settling\u00a0payments on blockchain. The financial services and banking firm is considering creating its\u00a0own\u00a0stablecoin, creating its\u00a0own\u00a0deposit token, joining digital-cash consortium\u00a0efforts, and\u00a0developing settlement options through blockchain payment startup\u00a0Fnality, in which it has an investment.\nState Street would join other companies that are exploring or implementing crypto settlement, including\u00a0PayPal, which introduced its\u00a0own\u00a0stablecoin;\u00a0Visa and\u00a0Mastercard, which enable stablecoin-based settlement; and\u00a0JPMorganChase, which is exploring deposit tokens. \nAdditional\u00a0research by PYMNTS Intelligence shows \u201cthat using cryptocurrencies for cross-border payments could be the\u00a0winning use case that the sector has been looking for.\u201d\nRead more:\u00a0Crypto\u2019s Three Priorities for 2024: Interoperability, Acceptance, Regulation\nLegal Snarls\nStill, despite the potential for a \u201ccrypto president,\u201d the regulatory environment for blockchain within the U.S. remains relatively challenging and tumultuous. \nOnline betting service\u00a0DraftKings said Tuesday that is closing down its 3-year-old non-fungible token (NFT) marketplace, along with Reignmakers, a fantasy sports game based around NFTs, due to \u201crecent legal developments.\u201d\nWhile the company did not specify the nature of the legal developments, a report noted that DraftKings is the subject of a\u00a0federal class action lawsuit\u00a0claiming the company\u2019s NFTs are unregistered securities.\nDraftKings isn\u2019t alone in its NFT troubles. Earlier this year,\u00a0GameStop, which had introduced an NFT marketplace in the summer of 2022, decided to exit the non-fungible token business, citing the\u00a0ongoing regulatory uncertainty\u00a0around the larger cryptocurrency market.\nMeanwhile, the U.S. Treasury Department released an assessment in May which found that NFTs are \u201chighly susceptible\u201d to theft and use in fraud and scams.\nThe post California Puts Car Titles On-Chain in Push for Blockchain Usability appeared first on PYMNTS.com.", "date_published": "2024-07-31T17:20:22-04:00", "date_modified": "2024-07-31T17:20:22-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/California-DMV-blockchain.jpg", "tags": [ "Ava Labs", "Avalanche", "Blockchain", "blockchain settlements", "California DMV", "CBDCs", "central bank digital currencies", "DraftKings", "John Wu", "News", "NFTs", "Oxhead Alpha", "PYMNTS News", "Reignmakers", "state street", "Web3" ] }, { "id": "https://www.pymnts.com/?p=2019924", "url": "https://www.pymnts.com/news/regulation/2024/regulators-have-been-sounding-the-drip-pricing-alarm-for-years/", "title": "Regulators Have Been Sounding the Drip Pricing Alarm for Years", "content_html": "Washington, D.C., Attorney General Brian Schwalb\u2019s new lawsuit against StubHub is just the latest occasion to call attention to practices that regulators have been contesting for years.
\nThe suit, filed Wednesday (July 31), accuses the ticket resale platform of drip pricing, utilizing the \u201cdeceptive and unfair\u201d practice of concealing mandatory fees from customers and withholding information about why those fees are levied or how they\u2019re calculated.
\nDrip pricing refers to a strategy where additional fees are revealed incrementally during the purchase process. It starts with a low base price but adds mandatory charges such as service fees, taxes and handling costs as customers progress through checkout. Critics note that this practice can mislead consumers about the true cost.
\n\u201cStubHub\u2019s utilization of \u2026 drip pricing has caused District consumers substantial harm \u2014 approximately $118 million in hidden, unfair fees since September 2015 alone, in addition to the countless hours of (unnecessary) time and effort they invested in a lengthy purchase flow based on false advertised prices,\u201d the lawsuit states.
\nProponents of the practice claim it reflects competitive pricing dynamics and offers flexibility in optional services.
\n\u201cWe are disappointed that the D.C. attorney general is targeting StubHub when our user experience is consistent with the law, our competitors\u2019 practices and the broader eCommerce sector,\u201d StubHub said in a statement. \u201cWe strongly support federal and state solutions that enhance existing laws to empower consumers, such as requiring all-in pricing uniformly across platforms.\u201d
\nBeyond event ticketing, drip pricing can be seen in a number of industries. Food delivery firms may engage in the practice, heaping additional charges on at checkout. Airlines often advertise low base fares, with additional charges added later in the booking process. Hotels may use drip pricing by displaying attractive room rates initially, then tacking on resort fees, service charges and local taxes at checkout. Car rental companies might show a low daily rental rate but add costs for insurance, GPS, additional drivers and other fees during the booking process.
\nLast fall, the Federal Trade Commission (FTC) proposed a rule to prohibit \u201cunfair or deceptive fees,\u201d having closed the public comment period earlier this year and held an informational hearing in April.
\n\u201cAll too often, Americans are plagued with unexpected and unnecessary fees they can\u2019t escape. These junk fees now cost Americans tens of billions of dollars per year \u2014 money that corporations are extracting from working families just because they can,\u201d FTC Chair Lina M. Khan said in a statement in October. \u201cBy hiding the total price, these junk fees make it harder for consumers to shop for the best product or service and punish businesses who are honest upfront.\u201d
\nStates such as New York and California have introduced or enacted legislation of their own to crack down on these policies. The Consumer Financial Protection Bureau (CFPB) also has a number of regulations cracking down on specific types of junk fees.
\nLegal firms have been navigating fee structure regulations for some time, looking to distinguish between acceptable practices and those that would violate local and federal regulations.
\n\u201cCalifornia\u2019s new law and the FTC\u2019s Proposed Rule, as well as other federal and state legislative and enforcement actions, highlight a growing focus and scrutiny on fees and related pricing practices,\u201d legal firm Latham & Watkins alerted its clients. \u201cThe increase in legislative and rulemaking activity in this area suggests that additional enforcement against how businesses advertise their prices and disclose fees could be on the horizon.\u201d
\nThese regulations also raise questions about other kinds of fees.
\n\u201cOne of the questions that remains uncertain among looming federal and state \u2018junk fee\u2019 and \u2018drip pricing\u2019 bans in 2024 concerns the impact these rules will have on credit card surcharges,\u201d Venable LLP\u2019s Christopher Boone and Ellen Traupman Berge note. \u201cIs this a mandatory fee that must be incorporated in the total price under the new laws? Or does the consumer\u2019s choice to use a credit card to pay make the convenience of paying by credit card an optional service or feature that need not be included in the advertised price?\u201d
\nThe post Regulators Have Been Sounding the Drip Pricing Alarm for Years appeared first on PYMNTS.com.
\n", "content_text": "Washington, D.C., Attorney General Brian Schwalb\u2019s new lawsuit against StubHub is just the latest occasion to call attention to practices that regulators have been contesting for years.\nThe suit, filed Wednesday (July 31), accuses the ticket resale platform of drip pricing, utilizing the \u201cdeceptive and unfair\u201d practice of concealing mandatory fees from customers and withholding information about why those fees are levied or how they\u2019re calculated.\nDrip pricing refers to a strategy where additional fees are revealed incrementally during the purchase process. It starts with a low base price but adds mandatory charges such as service fees, taxes and handling costs as customers progress through checkout. Critics note that this practice can mislead consumers about the true cost.\n\u201cStubHub\u2019s utilization of \u2026 drip pricing has caused District consumers substantial harm \u2014 approximately $118 million in hidden, unfair fees since September 2015 alone, in addition to the countless hours of (unnecessary) time and effort they invested in a lengthy purchase flow based on false advertised prices,\u201d the lawsuit states.\nProponents of the practice claim it reflects competitive pricing dynamics and offers flexibility in optional services.\n\u201cWe are disappointed that the D.C. attorney general is targeting StubHub when our user experience is consistent with the law, our competitors\u2019 practices and the broader eCommerce sector,\u201d StubHub said in a statement. \u201cWe strongly support federal and state solutions that enhance existing laws to empower consumers, such as requiring all-in pricing uniformly across platforms.\u201d\nBeyond event ticketing, drip pricing can be seen in a number of industries. Food delivery firms may engage in the practice, heaping additional charges on at checkout. Airlines often advertise low base fares, with additional charges added later in the booking process. Hotels may use drip pricing by displaying attractive room rates initially, then tacking on resort fees, service charges and local taxes at checkout. Car rental companies might show a low daily rental rate but add costs for insurance, GPS, additional drivers and other fees during the booking process.\nRegulators Have Been Cracking Down\nLast fall, the Federal Trade Commission (FTC) proposed a rule to prohibit \u201cunfair or deceptive fees,\u201d having closed the public comment period earlier this year and held an informational hearing in April.\n\u201cAll too often, Americans are plagued with unexpected and unnecessary fees they can\u2019t escape. These junk fees now cost Americans tens of billions of dollars per year \u2014 money that corporations are extracting from working families just because they can,\u201d FTC Chair Lina M. Khan said in a statement in October. \u201cBy hiding the total price, these junk fees make it harder for consumers to shop for the best product or service and punish businesses who are honest upfront.\u201d\nStates such as New York and California have introduced or enacted legislation of their own to crack down on these policies. The Consumer Financial Protection Bureau (CFPB) also has a number of regulations cracking down on specific types of junk fees.\nLegal Firms Weigh In\nLegal firms have been navigating fee structure regulations for some time, looking to distinguish between acceptable practices and those that would violate local and federal regulations.\n\u201cCalifornia\u2019s new law and the FTC\u2019s Proposed Rule, as well as other federal and state legislative and enforcement actions, highlight a growing focus and scrutiny on fees and related pricing practices,\u201d legal firm Latham & Watkins alerted its clients. \u201cThe increase in legislative and rulemaking activity in this area suggests that additional enforcement against how businesses advertise their prices and disclose fees could be on the horizon.\u201d\nThese regulations also raise questions about other kinds of fees.\n\u201cOne of the questions that remains uncertain among looming federal and state \u2018junk fee\u2019 and \u2018drip pricing\u2019 bans in 2024 concerns the impact these rules will have on credit card surcharges,\u201d Venable LLP\u2019s Christopher Boone and Ellen Traupman Berge note. \u201cIs this a mandatory fee that must be incorporated in the total price under the new laws? Or does the consumer\u2019s choice to use a credit card to pay make the convenience of paying by credit card an optional service or feature that need not be included in the advertised price?\u201d\nThe post Regulators Have Been Sounding the Drip Pricing Alarm for Years appeared first on PYMNTS.com.", "date_published": "2024-07-31T17:11:02-04:00", "date_modified": "2024-07-31T17:11:02-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/regulators-drip-pricing.png", "tags": [ "CFPB", "Consumer Financial Protection Bureau", "consumer protection", "drip pricing", "Federal Trade Commission", "junk fees", "Lawsuits", "Legislation", "News", "pricing", "PYMNTS News", "regulations", "Retail", "StubHub", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2020016", "url": "https://www.pymnts.com/connectedeconomy/2024/thumbtack-raises-75-million-to-improve-home-improvement-app/", "title": "Thumbtack Raises $75 Million to Improve Home Improvement App", "content_html": "Home improvement app Thumbtack has received $70 million in new debt financing.
\nThe funding \u2014 from Silicon Valley Bank (SVB) and Hercules Capital \u2014 will help Thumbtack access new capital and liquidity, the company said in a Wednesday (July 30) news release.\u00a0
\n\u201cWe are one of the fastest growing players in the enormous home services industry, which remains less than 10% online,\u201d said Larry Roseman, Thumbtack\u2019s finance chief.
\n\u201cAnd there is even more opportunity ahead as we fundamentally change how people manage their homes. This financing with our long-term partners at SVB and Hercules strengthens our balance sheet for the next chapter as we become the go-to partner for homeowners all across the U.S.\u201d
\nEarlier this year, Thumbtack debuted its comprehensive home management app, which \u2014 as PYMNTS wrote \u2014 highlights the growing trend of consumers turning to digital tools for tackle do-it-yourself projects and home improvements.
\nPointing to data that nearly 70% of homeowners admit to putting off essential home projects due to feeling overwhelmed, the company stressed that the app provides guidance on what projects to prioritize, when to tackle them and who to hire.
\n\u201cTwo things are true about today\u2019s homeowners: they plan to stay and invest in their homes for decades, yet they delay essential upkeep and value-add improvements because they don\u2019t know where to start,\u201d said Marco Zappacosta, co-founder and CEO of Thumbtack.
\n\u201cThis digitally native generation wants to manage their homes the way they run the rest of their lives \u2014 on their phones. Our all-in-one app brings the support and peace of mind homeowners need.\u201d\u00a0
\nBeyond the individual features and functionalities \u201clies a broader trend reshaping the way consumers interact with their living spaces,\u201d PYMNTS wrote, as the proliferation of smart home devices has ushered in a more interconnected home ecosystem.\u00a0
\nPYMNTS Intelligence research shows the average consumer now owns six such devices, with millennials and bridge millennials leading the way with an average of seven devices each.\u00a0
\n\u201cThe study also highlighted a consistent rise in the adoption of smart home devices and connected appliances,\u201d PYMNTS wrote.
\n\u201cFor instance, ownership of smart refrigerators rose from 5% in 2019 to 9% in 2023, while connected thermostat ownership climbed from 10% to 15% during the same period. These figures underscore the increasing reliance on smart technologies to streamline household tasks and enhance overall living experiences.\u201d
\nThe post Thumbtack Raises $75 Million to Improve Home Improvement App appeared first on PYMNTS.com.
\n", "content_text": "Home improvement app Thumbtack has received $70 million in new debt financing.\nThe funding \u2014 from Silicon Valley Bank (SVB) and Hercules Capital \u2014 will help Thumbtack access new capital and liquidity, the company said in a Wednesday (July 30) news release.\u00a0\n\u201cWe are one of the fastest growing players in the enormous home services industry, which remains less than 10% online,\u201d said Larry Roseman, Thumbtack\u2019s finance chief.\n\u201cAnd there is even more opportunity ahead as we fundamentally change how people manage their homes. This financing with our long-term partners at SVB and Hercules strengthens our balance sheet for the next chapter as we become the go-to partner for homeowners all across the U.S.\u201d\nEarlier this year, Thumbtack debuted its comprehensive home management app, which \u2014 as PYMNTS wrote \u2014 highlights the growing trend of consumers turning to digital tools for tackle do-it-yourself projects and home improvements.\nPointing to data that nearly 70% of homeowners admit to putting off essential home projects due to feeling overwhelmed, the company stressed that the app provides guidance on what projects to prioritize, when to tackle them and who to hire.\n\u201cTwo things are true about today\u2019s homeowners: they plan to stay and invest in their homes for decades, yet they delay essential upkeep and value-add improvements because they don\u2019t know where to start,\u201d said Marco Zappacosta, co-founder and CEO of Thumbtack.\n\u201cThis digitally native generation wants to manage their homes the way they run the rest of their lives \u2014 on their phones. Our all-in-one app brings the support and peace of mind homeowners need.\u201d\u00a0\nBeyond the individual features and functionalities \u201clies a broader trend reshaping the way consumers interact with their living spaces,\u201d PYMNTS wrote, as the proliferation of smart home devices has ushered in a more interconnected home ecosystem.\u00a0\nPYMNTS Intelligence research shows the average consumer now owns six such devices, with millennials and bridge millennials leading the way with an average of seven devices each.\u00a0\n\u201cThe study also highlighted a consistent rise in the adoption of smart home devices and connected appliances,\u201d PYMNTS wrote.\n\u201cFor instance, ownership of smart refrigerators rose from 5% in 2019 to 9% in 2023, while connected thermostat ownership climbed from 10% to 15% during the same period. These figures underscore the increasing reliance on smart technologies to streamline household tasks and enhance overall living experiences.\u201d\nThe post Thumbtack Raises $75 Million to Improve Home Improvement App appeared first on PYMNTS.com.", "date_published": "2024-07-31T16:17:50-04:00", "date_modified": "2024-07-31T16:19:37-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Thumbtack-home-improvement-app.jpg", "tags": [ "Connected Economy", "Hercules Capital", "home care", "home improvement", "home improvement apps", "Investments", "Larry Roseman", "Marco Zappacosta", "News", "PYMNTS News", "silicon valley bank", "smart homes", "Thumbtack", "What's Hot", "Connected Economy" ] } ] }