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NewsBriefs

This article contains excerpts from news stories recently posted under line sales, and clothing stores performed well. In addition,
Breaking Industry News on our homepage. For links to these and other seasonal jobs reached 439,500 for November and Decem-
full news stories, please visit www.greensheet.com/breakingnews. ber. NRF CEO Matthew Shay emphasized low unemploy-
php. ment rates and wage growth were drivers of consumer
spending.
X readies P2P payments for 2024 debut

Elon Musk, CEO of X, disclosed that X is expanding to dis-
rupt the payments industry. X recently heralded its receipt
of a money transmitter license from Utah, the 15th state
to approve such a license for X. Musk stated he envisions
X becoming an "everything app" that integrates financial
All eyes on BNPL in Washington services into the platform.
The rise of buy now, pay later (BNPL) services has sparked While specifics were not provided in the announcement,
regulatory and legislative concerns. Senators Sherrod Musk emphasized that X would offer peer-to-peer (P2P)
Brown, D-Ohio, and John Fetterman, D-Pa., called on the payments, with ambitions to encompass users' entire fi-
Consumer Financial Protection Bureau (CFPB) to estab- nancial lives, including money and securities, ultimately
lish BNPL consumer protections. About half of U.S. adults eliminating the need for traditional bank accounts.
have used BNPL, and 40 percent are open to it, per Statista
Consumer Insights. Musk's background includes founding X.com in the 1990s,
which later became PayPal and went public in 2001. Ana-
During the 2023 holiday season, BNPL for online pur- lysts believe X will face fierce competition in the P2P pay-
chases reached a record $16.6 billion, according to Adobe ments market, with established players like Zelle, Venmo
Analytics. The CFPB has observed that BNPL users often and Cash App dominating the field. Existing wallet pro-
have lower credit scores and frequently use credit cards, viders continue to innovate, making it challenging for
payday loans and other high-interest financial services. newcomers like X to convince consumers to switch plat-
forms.
CFPB Director Rohit Chopra stressed the need for con- AI enthralls public, private sectors
sistent protections and regulations for BNPL. The Office
of the Comptroller of the Currency also voiced concerns, Artificial intelligence (AI) recently took the spotlight at
particularly regarding loans advertised as interest-free two industry events, showcasing its growing influence.
with fewer installments. At CES 2024, held from Jan. 9 to 12, 2024, in Las Vegas,
AI technology was prominently featured. The event show-
Senators Brown and Fetterman urged the CFPB to use its cased products such as laptops, smart televisions and tele-
authority to shield consumers from potential BNPL risks, scopes equipped with innovative AI capabilities, making
given increased BNPL use amid reduced household sav- stargazing, for example, accessible to users of all experi-
ings, mounting debts and the fact that BNPL late fees can ence levels.
be substantial.
U.S. Census data affirms NRF retail forecast The National Retail Federation's 2024 convention, held
from Jan. 14 to 16 in New York, explored AI's role in retail
U.S. Census Bureau data released on Jan. 17, 2024, con- through exhibits, presentations and discussions.
firmed the retail industry's positive outlook for 2023 holi-
day spending. Published directly after the NRF's annual A panel featured on opening day discussed how AI is
conference, the report revealed a 3.8 percent increase in transforming the retail landscape, with Walmart sharing
holiday spending compared to 2022, nearing pre-pandem- insights on leveraging AI for growth and competitiveness.
ic levels.
On Jan. 11, the House Financial Services Committee estab-
Holiday sales exceeded $929.5 billion, aligning with NRF's lished a bipartisan AI Working Group to examine AI's im-
projected 3- to 4-percent increase. NRF Chief Economist pact on financial products, fraud prevention, compliance
Jack Kleinhenz highlighted consumer spending resilience and workforce modernization. The group aims to ensure
in 2023 despite economic concerns, with easing inflation effective oversight and global competitiveness in the rap-
and a robust labor market contributing to the holiday sea- idly advancing field of AI.
son's strength.
Security firms double down on new threats
The data also shows a continued, consistent year-over- To combat trends in identity theft, first-party fraud and
year increase of around 3.6 percent in retail, as seen be- other financial crimes, technology leaders recently formed
tween 2010 and 2019. Notably, categories like electronics partnerships to protect against known and unknown
and appliance stores, health and personal care stores, on-
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