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Today In Payments: China Drops GDP Target; Dubai Creating Free Trading eCommerce Zone

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In today’s top news, China has opted not to set any economy growth forecast amid the uncertainty caused by the pandemic, and Dubai is creating a free trade zone for eCommerce. China Drops GDP Target Due To Economic Instability. Dubai Creating $870M Free Trading Zone For eCommerce. In 2019, China’s economy grew 6.1

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Swedish Krona Continues To Fall Amid Other Currency Upheavals

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The currency decline continues: The Swedish krona fell Wednesday (Aug. The decline comes amid political uncertainty in that Nordic country, the prospect of a widening trade war that could hurt it and increasing attention to the benefits of currency hedging among commerce and payments businesses. Such lows were last seen in 2009.

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Top News In Payments: Digital Currency Faces Greenspan Backlash; Amazon Boosts Its Grocery Program; Goldman Denies Apple Card Discrimination

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China is making privacy allowances for digital currency , which faces a new foe in the U.S. Former Fed Chair: Central Banks Have No Reason To Issue Digital Currencies. 12) that central banks have no reason to issue digital currency. 12) that central banks have no reason to issue digital currency. Former U.S.

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Strong Venmo and QR Code Payments Growth Help PayPal Score Record Q2 Earnings

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In an earnings season defined by diminished expectations amid the worldwide economic shutdown, PayPal not only beat analysts’ expectations Wednesday (July 29) but enjoyed a record quarter. Rainey said PayPal is also continuing efforts “around expanding the Pay with Venmo in an eCommerce setting.”.

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Top News In Payments: FedEx Officially Launches Sunday Delivery; Uber CEO: Firm Leads In Race To Ridesharing Profitability

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It is expected to speed delivery by one or two days to meet the rapid acceleration of eCommerce. Uber CEO Dara Khosrowshahi called his company the “global leader in ride-sharing,” at the World Economic Forum in Davos, Switzerland, and the most likely to become profitable. Uber CEO Says Firm Leads In Race To Ridesharing Profitability.

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BIS Calls On Politicians To Coordinate Tech Regulation

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BIS said that the social media firm’s recent announcement that it aims to roll out its Libra digital currency and grow into payments has focused the minds of central bankers as well as regulators, Reuters reported. It reportedly examined the voluminous amount of information that search engines, eCommerce and social media companies hold.

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Walmart Forecasting A Big Finish For 2018

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As was the case in the previous quarter, eCommerce sales and grocery were big winners for Walmart, and same-store sales logged their 16th consecutive quarter of growth. We have momentum in the business as we execute our plan and benefit from a favorable economic environment in the U.S.,” Walmart’s net income came in at $1.71