Walmart sues Synchrony, seeks $800+ million

Identity Fraud

Walmart sues #Synchrony, seeks $800+ million in damages, according to reports in the #WSJ.  A #Walmart spokesman said, “We fully expect Synchrony to manufacture counterclaims in an effort to shift the focus away from its own conduct.”

Loan losses on Walmart cards increased after Synchrony converted some consumers who had Walmart store-only credit cards into Walmart co-branded cards.  Synchrony was the exclusive credit card issuer for close to twenty years until Walmart replaced it with #CapitalOne Financial this past summer.

#payments

https://www.wsj.com/articles/walmart-files-lawsuit-against-credit-card-issuer-synchrony-financial-1541113289

Clinkle mobile payments start-up raises $25 million – hires fifty people

Clinkle, a new mobile payments start-up, is promising  to help people either spend their money, merchants collect their money or maybe help reduce the world’s dependency on plastic by replacing credit cards.

No one is really sure with what Clinkle and its’ staff of fifty employee/smartypants is up to, though.  There’s a good chance it’s not another Apple Passbook or Square dongle knock-off.  After all, there’s about a zillion start-ups trying to pull that rabbit out of a hat trick using smartphones.

It’s hard to say exactly what Clinkle has up it’s sleeve.  It’s not saying much except the hype surrounding the prominent group of Silicon Valley investors who do know what Clinkle’s secret sauce tastes like.

Whatever the Kool-Aid in the cup is colored, earlier today Clinkle announced that it has raised $25 million in early-round financing from Andreessen Horowitz; Intel; Intuit; and Accel Partners.  Joining the baby brood are  Marc Benioff, the chief executive of Salesforce.com; Peter Thiel, the co-founder of PayPal; and a laundry list of blue-chip  technology industry investors.

Look forward to seeing the blanket pulled back on those sweet baby eyes and getting a peek at the newest little bugger.

40% of new customers to Walmart.com came through mobile

Walmart’s head of mobile strategy, Gibu Thomas, told Mobile World Live, “Over the holidays almost 40 percent of brand new customers to Walmart.com came through mobile, so it’s a new vehicle for customer acquisition for us.”

Thomas says “10 percent of our online sales through our apps happen when the customer is in store and using Store Mode.”  At Walmart’s UK subsidiary Asda, “In less than a year 20 per cent of our online home grocery delivery business is actually happening through mobile… And mobile customers are twice as likely to spend much more than online customers.”

Thomas’ interview revealed more than 50 percent of Walmart customers own a smartphone, a figure that rises to almost 75 percent for its customers under 35.  Smartphones represent a third of traffic to Walmart.com.  Customers who use the Walmart app make an average of two extra trips to stores per month and spend 40 per cent more each month compared with non-app users.

See the full video interview:  http://www.mobileworldlive.com/walmart-reveals-more-mobile-success