Today In Payments: Uber, Lyft Lose AB5 Appeal; FTC Commissioners Weigh Facebook Antitrust Suit

In today’s top news, Uber and Lyft must reclassify their drivers as employees, and FTC commissioners are in favor of pursuing an antitrust suit against Facebook. Plus, PayPal eyes buying a cryptocurrency firm.

Uber, Lyft Lose AB5 Appeal In California

In a unanimous decision, the California Court of Appeals upheld an earlier ruling that Uber and Lyft must re-classify their drivers as employees, pending a ballot measure on election day (Nov. 3).

FTC Commissioners Weigh Facebook Antitrust Suit

While the five commissioners of the Federal Trade Commission (FTC) debate if an antitrust lawsuit against Facebook should be pursued, FTC staffers are in favor of moving forward with the case.

PayPal Eyes Buying Crypto Firm BitGo, Others

PayPal is looking at acquisition possibilities for cryptocurrency companies, including bitcoin custodian BitGo, a move that would help PayPal boost its embrace of digital coins. The company recently announced that users can buy, sell and hold digital coins and also use that money to shop at any of the merchants in its network by early next year

Instacart Enables EBT SNAP Payments For ALDI

Instacart has teamed with ALDI to debut EBT SNAP payments for same-day eCommerce supermarket delivery and pickup to bolster access to those services. This is the first time EBT SNAP beneficiaries will have the capacity to access same-day delivery and pickup from the eCommerce firm.

Panera Coffee Subscriptions And The Future Of Restaurants

The restaurant world has changed dramatically as proprietors race to stay ahead of lockdowns and COVID-19 fears. But Paytronix CEO Andrew Robbins tells Karen Webster that restaurateurs have gotten very creative in serving up digitally enabled solutions — like Panera’s new coffee subscription, which has already attracted some 500,000 customers. Here’s what to expect next.

Supply Chains Will Shift, Digital Dollars Will Emerge Post-COVID

The pandemic will change supply chains and digital dollars will become a payments staple, Dr. Paul Sheard, senior fellow at Harvard’s Kennedy School, tells Karen Webster. He says businesses and central banks will have to think about how goods travel the world, along with the fundamental tenets that underpin money and trade. By the way: China stays in the picture.

Bill Ackman, Emil Michael And The Risk Factors Around SPACs

The latest SPAC listing hints at the allure and risks inherent in hitching one’s star to these investment vehicles, and by extension the people running them.