Today in Payments: COVID-19 Triggers Job Losses

In today’s top news, due to the coronavirus, over 3,600 workers have lost their jobs and JPMC has temporarily closed 1,000 branches. Also, Square won a banking license for an industrial bank in Utah.

Coronavirus Triggers Job Losses, Reduced Hours

Over 3,600 workers — not counting restaurant staff-have lost jobs because of the coronavirus pandemic. Most losses have been in the entertainment and leisure sectors.

JPMC First Big Bank to Shutter Branches as Virus Spreads

JPMorgan Chase is temporarily closing 1,000 branches — about 20 percent of its locations — in the wake of the coronavirus. It will keep its drive-through windows open.

FDIC Approves Square for Banking License

The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. Square Financial Services will originate commercial loans to the retailers that use Square for payments.

Fiserv Acquires Bypass Mobile

FinTech leader Fiserv has acquired independent software vendor Bypass Mobile, an innovator in the point-of-sale systems arena. Bypass Mobile will provide back-office management and insight engines, which it has already provided for sports and entertainment arenas, food service providers and restaurant chains.

Putting the Move on the Moving Industry’s Gig Worker’s Pay

Attracting gig workers requires offering on-demand payments: One survey finds that 85 percent of gig workers would take on more jobs if they were paid faster. In our latest Gig Economy Tracker, CEO Luke Marklin of moving platform Bellhops explains why enabling seamless, mobile access to wages is critical to winning gig workers’ loyalty.

The Light at the End of the COVID-19 Tunnel

The COVID-19 pandemic has forced a number of analog businesses online in a hurry and, in its wake, has shined a bright light on how inconsistent the delivery of these new digital services can be — and where opportunities for innovation can smooth those rough edges. Paul Purcell, partner at Continental Advisors, says that although a short-term recession is likely a foregone conclusion, we may all end up getting back to a better version of normal, and sooner than many people may think.

Can One Startup Fill the US Coronavirus Testing Gap?

The at-home lab testing startup Everlywell says it will be first out of the gate in releasing a COVID-19 sample collection kit for home use. The samples are shipped for COVID-19 testing under the FDA Emergency Use Authorization, which was issued to help build out America’s testing capacity.



FIs have traditionally approached resilience from a technology standpoint, but ‘Black Swan’ events like the COVID-19 pandemic expose what can go wrong when FIs don’t prepare for the unexpected. Vincent Caldeira, Chief Technologist, FSI, APAC for Red Hat joins PYMNTS CEO Karen Webster to explore how preparedness is impacting FIs’ ability to do business during COVID-19, and the lessons being learned.

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