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NewsBriefs

This article contains excerpts from news stories recently posted under and payments services providers. Hindenburg conducted
Breaking Industry News on our homepage. For links to these and other a two-year investigation that included interviews with
full news stories, please visit www.greensheet.com/breakingnews. former employees, partners and industry experts.
php.
The firm also reviewed regulatory and litigation records,
as well as government records requests. The picture that
emerged was of a company that "has systematically taken
advantage of the demographics it claims to be helping,"
the report stated.
Passwordless future within reach, experts say

BNPL driving ecommerce resiliency FIDO Alliance held a virtual conference, March 29, 2023, to
assess recent advancements in creating simpler, stronger
New research from Adobe Analytics reveals that online authentication methods.
purchases of groceries and home furnishings are growing
at a rapid clip, and BNPL is a key driver of this trend. BNPL Sponsored by Beyond Identity, HYPR, 1Password,
adoption has really taken off since the pandemic, which Anonybit, descope and Thales, the half-day event included
shifted a lot of shopping activity to the online channel. panel discussions and fireside chats with experts from
Google, Microsoft, Amazon and leading global brands
The Consumer Financial Protection Bureau reported that support FIDO's (Fast IDentity Online's) mission
that between 2019 and 2021, the number of BNPL loans to create secure, scalable alternatives to passwords. In
originated in the U.S. by the top five BNPL firms grew 970 opening remarks, Andrew Shikiar, executive director of
percent. FIDO Alliance, stated that FIDO deployments have helped
companies reduce fraud, lower operational costs and boost
During that same period, the dollar value of BNPL loans employee productivity.
ballooned from $2 billion to $24.2 billion. Juniper Research
estimated global consumer spending using BNPL He additionally noted that companies are looking at top-
platforms will reach $437 billion in 2027, or 291 percent line benefits of getting users online faster with greater
more than global spending on BNPL platforms in 2022. satisfaction and reduced shopping cart abandonment. "If
you are a consumer service provider, imagine increasing
This growth, Juniper stated in a press release, "will your signup rate by 5 percent or even 1 percent," he said. "If
be driven by escalating financial pressures from the you're an ecommerce vendor, imagine reducing shopping
rising cost of living, increasing demand for cheap credit cart abandonment rate by even 10 percent."
solutions." According to J.D. Power's analysis, 22 percent
of Americans were using BNPL in January 2023, up from Metaverse: second life or second chance?
18 percent in October 2022. Recent reports suggest Web3 technology is placing

Short-seller Hindenburg swipes at Block humans at an inflection point in terms of environmental
sustainability. In an April 5, 2023, post in Fintech News,
Block, the company formerly known as Square, faces "Big Data is the future of the metaverse, in a sustainable
damning accusations, as short seller Hindenburg Research way," Zaveria, author at Analytics Insight, suggested
said the company was its latest short position. In a March the metaverse and Web3 ecosystem could become the
23 report Hindenburg alleged Block plays fast and loose foundation and future of the global digital economy.
with anti-money laundering rules, resulting in rampant
criminal activity on the network. "When we ponder, 'What is the next great thing in climate
adaptation technology?' it is because climate issues now
It also claimed the company "wildly overstates" its influence everything," she wrote.
cash app user base, calling into question the company's
performance. It also alleged that Block takes advantage of "Metaverse and cloud computing are the solutions once
small businesses that are generally underserved by banks more." In a March 2023 white paper published by Bloomberg
Law and titled "ESG in the Metaverse: An Opportunity
to Rethink Sustainability," Preetha Chakrabarti, Helen
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