Retail
Subscription spending climbs
A Bank of America report shows that in the 12 months through July, retail and entertainment accounted for 43% of consumer subscription spending, with total spending up 7.7% year-over-year and Gen Z growth at 14%.
PayPal makes job cuts
PayPal Holdings this week cut an undisclosed number of employees, following earlier reports that a potential sale of the company or assets had fallen through. The layoffs are part of the company's previously announced multi-year transformation and cost-cutting plan.
How Affirm leverages 0% interest
Affirm Holdings' latest fiscal Q4 results reveal a 41% year-over-year surge in its 0% interest short-term installment product, driven by inflation-pinched U.S. consumers and a major merchant's ongoing adoption. The category now represents 15% of gross merchandise volume, while interest-bearing loans account for 72%. CEO Max Levchin notes healthy consumer demand despite higher gas prices, and the company promotes COO Michael Linford to president.
Klarna’s growth hits speed bump
Klarna Group on Tuesday lowered its 2026 financial outlook, citing weaker consumer spending in Germany, its largest market by merchandise volume, and a $600 million currency exchange hit. The company now expects gross merchandise volume between $149 billion and $151 billion, down from a prior view of more than $155 billion. Separately, CFO Niclas Neglén and CMO David Sandström plan to leave early next year, with a search for a New York-based CFO underway.
Sezzle pivots to national bank charter
Sezzle CEO Charlie Youakim announced the company will pursue a national bank charter instead of an industrial loan company license, driven by new state-level BNPL regulations in New York, Illinois, Oregon and elsewhere. The move aims to avoid state-by-state political challenges and leverage federal preemption. Sezzle expects to file its OCC application by the end of September, with approvals from the OCC, Federal Reserve and FDIC anticipated within 12 to 18 months. Analysts view the shift as prudent, though questions remain about fee structures under future federal oversight. The company also launched Sezzle Send, a peer-to-peer transfer service, and plans a checking account product post-charter.
Shift4 racked by Iran turmoil
Shift4 Payments navigates challenging Q2 results as Iran conflict reduces Middle East and Southeast Asian tourism to Europe, impacting its tax-free shopping business. Revenue rose 34% to $1.3 billion, but net income fell 41% to $24 million. The company lowered H2 2026 guidance and expects further headwinds, while launching new integrated payment device Shift4 One.
Senate Passes Cash-Rounding Bill, Setting Federal Standard for Penny Phase-Out
The U.S. Senate passed the Common Cents Act on Friday night, establishing a uniform federal standard for rounding cash transactions to the nearest 5 cents as the penny is phased out. The bill, amended by Sen. Elizabeth Warren to require Treasury notification of future currency discontinuations, now heads back to the House for a second vote. Retail and restaurant groups praised the measure for resolving state-level conflicts and providing clarity for cash transactions.
Visa反垄断案胜负关键或取决于借记卡市场界定，律师称
美国司法部诉Visa借记卡反垄断案中，市场界定成为核心焦点。律师认为，若Visa能扩大市场定义，将增加胜算；反之，则可能败诉。案件已进入证据开示关键阶段，双方将于10月16日完成取证。