Amex adjusted its reward offerings

What to read today: The Subscription Payments Ecosystem: The power dynamics in the payments industry are changing as businesses and consumers shift dollars from cash and checks to digital payment methods. This report examines the payments ecosystem today, its growth drivers, and where the industry is headed..

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August 1, 2020 Amex adjusted its reward offerings to bounce back from the drop in travel and entertainment spending. American Express reported that its global consumer billed business fell 20% YoY in Q2 2020 after dropping 2% YoY in Q1, as the coronavirus pandemic has increasingly hurt its volume. Amex's plunge is due to a precipitous drop in spending on travel and entertainment (T&E), which plummeted nearly 100% YoY in April and was still down about 70% YoY in the first half of July. But Amex is one of the few issuers that has adjusted its rewards offerings to account for changes in consumer spending during the pandemic, which should help it weather the drop in T&E spending. Business Insider Intelligence's Daniel Keyes has the full story. BRIEFING HIGHLIGHTS Amazon may invest in Reliance Retail, a key backer of JioMart Amazon is in early stages of potentially acquiring a 9.9% stake in Reliance Retail, which operates over 10,000 stores and is a key backer of JioMart. Read More → Impacts of Google's decision to extend remote work to July 2021 Google is extending its remote work policy through at least July 2021 – likely setting a new precedent for other major US companies. Read More → Senator Durbin requests Fed probe card networks Visa, Mastercard, and major issuers are being accused by US Senator Richard Durbin of excessive debit card fees for merchants during the pandemic. Read More → Intel's 7nm roadblock presents opportunity to AMD, Samsung, and TSMC Intel's 7nm delay gives AMD a chance to grow CPU market share, and TSMC and Samsung a chance to manufacture a larger share of Intel's chips. Read More → Google beefs up ecommerce to compete with Amazon for search revenue Google continues to expand ecommerce opportunities within its search results in order to bolster revenues in response to Amazon's advertising growth. Read More → Marketers are experimenting with placing TV-like ads on console games Marketers are experimenting with placing TV-like ads on console games, tapping into the substantial growth that gaming has seen during the pandemic. Read More → Cerner unveils its cloud-based EHR platform for rural hospitals Cerner launched a cloud-based version of its HER to help rural and Critical Access Hospitals eliminate costs associated with traditional EHR systems. Read More → Amazon is launching car and bike insurance in India Amazon's car and bike insurance in India will likely perform well due to the underserved insurance market and high interest in insurance offerings. Read More → PayPal added more new users in Q2 than in any previous quarter in its history PayPal recorded $222 billion in total payments volume in Q2 2020, surging 30% year-over-year, just as it added a record number of new accounts. Read More → Huawei overtakes Samsung as global leader in smartphone shipments Huawei is the top smartphone vendor by shipments in Q2, marking the first time a vendor other than Apple or Samsung occupied that spot in nine years. Read More → RESEARCH IN FOCUS The Subscription Payments Ecosystem The power dynamics in the payments industry are changing as businesses and consumers shift dollars from cash and checks to digital payment methods. This report examines the payments ecosystem today, its growth drivers, and where the industry is headed. Get the full report → Antitrust and Big Tech This report examines the companies currently facing heightened scrutiny, the cases laid out against them, and their responses to claims that they're reducing competition. We walk through three possible scenarios of the investigations ranging from conservative to extreme, the outcomes that would follow, and what those outcomes could mean for brands and consumers. Get the full report → The Rise of Genetic Testing in Healthcare Insider Intelligence examines the industry forces that have helped evolve genomic information from a consumer novelty to a transformative healthcare technology. Get the full report → BECOME A SUBSCRIBER Did you know the Daily is just a preview of everything Business Insider Intelligence has to offer? Our Briefing subscriptions deliver analysis on the biggest trends and decisions shaping the future of a specific industry. Stay on top and subscribe today to receive: A cornerstone industry report Daily Morning newsletters Opportunities to join the conversation Get Started Today → FOLLOW US Email sent to: ipat39@gmail.com Manage your email preferences  |  Unsubscribe  |  Terms of Service  |  Privacy Policy © 2020 Insider Inc. 1 Liberty Plaza, New York, NY 10006