Sezzle Sizzles and BNPL Demand Soars

Shares of Sezzle soared 51%, and the Pay and Be Paid pillar moved 5.9% higher.

In the company’s most recent earnings report, management ramped up its revenue expectations on the heels of greater demand for buy now, pay later (BNPL), as sales moving ahead were guided to be higher by 35%-40% year over year (previous guidance of 25%).

“As shoppers want to use us everywhere and as a regular part of their daily lives, it’s both exciting and rewarding to see,” Sezzle CEO Charlie Youakim told the company’s earnings call audience.

In the latest quarter, underlying merchant sales (UMS) increased by 38.9% year over year to $532.2 million, surpassing the previous non-holiday quarterly high. Consumer purchase frequency rose to 4.8 times from 3.3 times in the same period in 2023. Total revenue grew by 60.2% year over year to $56 million, accounting for 10.5% of UMS.

Shopify Powers Ahead

Elsewhere, Shopify shares gathered 27.3%, bringing the Shop segment 0.8% higher.

As reported here, management noted that the company’s point-of-sale (POS) solution is gaining traction, with offline gross merchandise volume (GMV) increasing by 27% year over year.  Cross-border sales accounted for 14% of Shopify’s GMV in Q2, highlighting the eagerness of merchants to reach new regions. Shopify Payments penetration reached 61%, and Shop Pay facilitated $16 billion in GMV, up 45% from the previous year.

Zillow was 17% higher. Revenue in the most recent quarter was 13% higher to $572 million. The company’s latest shareholder letter noted that rentals revenue was 29% to $117 million, primarily driven by a 44% increase in multifamily revenue, and residential revenue was 8% higher to $409 million, besting total industrywide transaction growth of 3%. The company’s mobile apps and sites logged 231 million average monthly unique users, roughly flat year over year.

Vroom, Porch Lead to Downside

But those gains were blunted by Vroom’s skid, where the shares were 33.7% lower.

The second quarter, as Vroom said, interest income in the latest quarter stood at $51.8 million, compared to $47 million in the year ago quarter. Within the UACC segment, interest income was up 10.2%. As had been reported earlier in the year, the company had moved to wind down its eCommerce operations and discontinue its used vehicle dealership business.

Porch Group’s stock lost more than 31%, driving the Live segment 3.3% lower. The company noted total revenue of $110.8 million for the most recent quarter, an increase of 12% or $12.1 million compared to the prior year (second quarter 2023 results here were $98.8 million), driven by the insurance segment, including a 28% increase in premium per policy and lower reinsurance ceding. The latest top line report missed consensus expectations by about 6%.

Porch’s financials flagged that its 21% attritional loss ratio for the quarter, an improvement from 35% in the prior year, was driven by the insurance profitability actions. Policies in force, per the company’s latest financials, were down 35% year on year to 232,000.

iRobot shares plummeted about 25%, as the company noted that second quarter revenues came in at the low end of expectations, affected by what management termed a “more challenging consumer spending environment.”  Revenues were down 29.6% to $166.4 million.

The post CE 100 Index Q4 Wrap-Up and Q1 Outlook appeared first on PYMNTS.com.

Eat Segment’s the Lone Positive Performer

Only one pillar of the CE 100 Index posted a positive return, as the Eat segment gathered 6.3%. Within that group, DoorDash shares gained 11.9%.

As reported at the end of the week,  in the latest quarter, total orders rose 19% year over year and revenue was up 23%.

“We’re seeing really strong demand on the consumer side,” CEO Tony Xu told analysts on a conference call. “So, we’re not actually seeing some of the challenges that you may be hearing about or reading about in other headlines… We’re still in the early innings of the move towards digital and the overall omnichannel experiences that every restaurant and retailer is participating in.”  The company’s earnings release showed that marketplace total dollar value of orders (GOV) gained 20% to $19.7 billion.

 Also, within the Eats segment, Olo shares surged 9.3%. The company reported second-quarter earnings that indicated total revenue increased 28% year-over-year to $70.5 million, and total platform revenue increased 27% year-over-year to $69.6 million.

The company’s supplemental materials showed that active locations grew 7% year over year to 82,000. Average revenue per unit was up 19% year over year to $852.

PayPal shares gathered 6.3% in the Pay and Be Paid segment of the CE 100 Index, where the overall group slipped 2.7%. In PYMNTS’ coverage of the latest quarter’s results,  we noted that the firm reported a total transaction volume of $403.9 billion in Q2 2024, marking an 11% year-over-year increase. PayPal’s overall net revenues rose by 8% to $7.9 billion. Venmo processed over $73 billion in total payment volume, up 8% from the previous year, with monthly active users growing by 5% to nearly 62 million.

Meta’s stock was 4.8% higher.  During the company’s latest earnings,  the tech giant’s Family of Apps revenue, which includes revenue from Facebook, Instagram, WhatsApp and Messenger, came in at $38.72 billion, higher than estimates of $37.7 billion, surging from the  $31.7 billion in Q2 2023.  CEO Mark Zuckerberg discussed AI with a nod to a “single unified recommendation system” powering all content across Meta’s services. On the advertising front, Zuckerberg predicted that AI would eventually generate personalized ad creative, allowing advertisers to simply specify business objectives and budgets, with Meta’s AI handling the rest.

Communications Pillar Plunges on Snap Revenue Miss

But Snap shares plunged 29.8%, leading the communications segment of the CE 100 Index down an eye-popping 11.4%. The company posted results on Thursday that noted 850 million monthly active users in Q2, while daily active users (DAUs) rose 10% during the quarter to 432 million. New features like editable chats, Map emoji reactions, and My AI reminders were introduced to enhance user communication. Content engagement surged, marked by a 12% increase in global viewers and a 25% rise in time spent watching.

Revenue climbed 16% year-over-year to $1.2 billion, driven by a 16% increase in Direct Response advertising revenue, with the total active advertisers more than doubling year-over-year. Brand advertising revenue, however, slipped 1% due to reduced demand in some sectors. But the top line missed analysts’ estimates, and the shares plunged after the latest report.

The Shop pillar of the CE 100 Index lost 7.9%, as Pinterest shares skidded 22.5%.  This past week, the company reported that it rose 21% year over year, reaching $854 million.

“We’re driving further actionability across Pinterest by launching features that allow users to move further along in their shopping journeys and take action on what they see,” CEO Bill Ready told analysts on a call. “In doing so, we more than doubled the number of outbound clicks we sent to advertisers year over year for the third quarter in a row.”

Amazon shares lost 8%. As reported here, net sales climbed 10% year over year to $148 billion, bolstered by a 19% surge in AWS sales to $26.3 billion.   “While consumers are being careful on price, our North American unit growth is meaningfully outpacing our sales growth as our continued work on selection, low prices and delivery has resonated so far this year,” CEO Andy Jassy told the company’s Q2 earnings call.  Revenue growth, according to projections, is set to slow in the current quarter to about 8% to 10%, as management noted on the call.

The post CE 100 Index Loses 4.1%, Led by Snap’s Post-Earnings Plummet appeared first on PYMNTS.com.

The funding — from Silicon Valley Bank (SVB) and Hercules Capital — will help Thumbtack access new capital and liquidity, the company said in a Wednesday (July 30) news release. 

“We are one of the fastest growing players in the enormous home services industry, which remains less than 10% online,” said Larry Roseman, Thumbtack’s finance chief.

“And there is even more opportunity ahead as we fundamentally change how people manage their homes. This financing with our long-term partners at SVB and Hercules strengthens our balance sheet for the next chapter as we become the go-to partner for homeowners all across the U.S.”

Earlier this year, Thumbtack debuted its comprehensive home management app, which — as PYMNTS wrote — highlights the growing trend of consumers turning to digital tools for tackle do-it-yourself projects and home improvements.

Pointing to data that nearly 70% of homeowners admit to putting off essential home projects due to feeling overwhelmed, the company stressed that the app provides guidance on what projects to prioritize, when to tackle them and who to hire.

“Two things are true about today’s homeowners: they plan to stay and invest in their homes for decades, yet they delay essential upkeep and value-add improvements because they don’t know where to start,” said Marco Zappacosta, co-founder and CEO of Thumbtack.

“This digitally native generation wants to manage their homes the way they run the rest of their lives — on their phones. Our all-in-one app brings the support and peace of mind homeowners need.” 

Beyond the individual features and functionalities “lies a broader trend reshaping the way consumers interact with their living spaces,” PYMNTS wrote, as the proliferation of smart home devices has ushered in a more interconnected home ecosystem. 

PYMNTS Intelligence research shows the average consumer now owns six such devices, with millennials and bridge millennials leading the way with an average of seven devices each. 

“The study also highlighted a consistent rise in the adoption of smart home devices and connected appliances,” PYMNTS wrote.

“For instance, ownership of smart refrigerators rose from 5% in 2019 to 9% in 2023, while connected thermostat ownership climbed from 10% to 15% during the same period. These figures underscore the increasing reliance on smart technologies to streamline household tasks and enhance overall living experiences.”

The post Thumbtack Raises $75 Million to Improve Home Improvement App appeared first on PYMNTS.com.

That’s according to a report Wednesday (July 31) from Bloomberg News, citing a statement from the airline that also says Delta has hired a law firm as it prepares to seek damages from the outage, which canceled thousands of flights earlier this month.

The $500 million figure is in keeping with Wall Street analysts’ estimates from last week, when Delta was still dealing with stranded passengers and the beginnings of a Department of Transportation investigation into its handling of the incident.

The trouble began with a glitch in a software update by cybersecurity firm CrowdStrike, leading to widespread outages of Microsoft’s Windows systems around the world, including at several major corporations, leading to chaos at not only airports but banks and hospitals as well.

As Bloomberg notes, many airlines were able to get back online relatively quickly, while Delta was still dealing with cancellations into the following week.

According to the report, the company’s extended recovery was due to the fact that the outage impacted an in-house system that processes changes to flights and their crews, which left Delta unable to properly align its crews and its planes.

PYMNTS examined the aftermath of the CrowdStrike outage – and other recent cybersecurity incidents – last week in a conversation with CompoSecure/Arculus Chief Product and Innovation Officer Adam Lowe.

He noted that when a software update fails, companies typically have contingency plans. But problems with essential security software like CrowdStrike can rapidly escalate, and disruptions to core functions, particularly at the Windows startup level, can be difficult to fix.

“Crises can also catalyze a shift in organizational culture, heightening awareness of cybersecurity issues and encouraging proactive behaviors among employees,” that report noted. “And proactive, hyper-aware behavior is crucial in today’s operating landscape where threat actors can move in real-time to activate new vulnerabilities and manipulate unsuspecting end-users.”

For example, cybercriminals have already tried to capitalize on the CrowdStrike outage by creating fake, malware-infected recovery manuals.

“CrowdStrike Intelligence identified a Word document containing macros that download an unidentified stealer now tracked as Daolpu,” the company warned on its blog. “The document impersonates a Microsoft recovery manual. Initial analysis suggests the activity is likely criminal.”

The post Delta Plans Legal Action Amid $500 Million Hit From CrowdStrike Outage appeared first on PYMNTS.com.

Coursera shares leaped 49%, leading the Work segment 2.7% higher.

The earnings results showed the company surpassed more than 2 million enrollments in its generative AI catalog. Total revenue was $170.3 million, up 11% from $153.7 million a year ago. Consumer revenue was $97.3 million, up 12% year over year, driven in part by generative AI credentials.

Enterprise revenue was $58.7 million, up 8% from a year ago. The company said that the total number of paid enterprise customers increased to 1,511, up 17% from a year ago.

Ocado Gains

Ocado shares rose by 17.6%. During the company’s most recent earnings report, Ocado CEO Tim Steiner said his company is benefiting from a resumption in online grocery buying. The company’s half-year report released earlier in the month noted that group revenues were up 13% to £1.5 billion, while technology solutions revenues gained 22%, and Ocado retail sales gathered 11%.

Elsewhere, and as reported by Reuters, U.S. partner Kroger has placed an order for Ocado’s On-Grid Robotic Pick (OGRP) and Automated Frameload (AFL), to be used in multiple warehouses.

Visa Spotlights Contactless Payments

Visa shares gathered 4.5% in the Pay and Be Paid segment, which lost 2.2% overall. As reported this past week, contactless payments were a key highlight in the company’s earnings call last week.

CEO Ryan McInerney said on the conference call with analysts that tap to pay grew 4 percentage points from last year to 80% of face-to-face transactions globally, excluding the U.S. More than 55 countries have seen more than 90% contactless penetration, he said, in response to analysts’ questions. In the U.S., tap to pay has been tied to more than 50% of in-person commerce transactions, and 30 cities have seen more than 60% penetration.

The company passed the 10 billion token mark this quarter, according to the CEO’s commentary, and the tokens helped generate an estimated $40 billion in incremental eCommerce revenue and prevented an estimated $600 million in fraud.

Revenues from new payment flows, he said, grew by 18% year over year. Visa Direct transactions grew by 41% over the same time.

In the U.S., payments volumes were 4% higher, with debit up 4% and credit up 3% year over year.

CrowdStrike Continues Slide

CrowdStrike continued to decline, down about 17%. In a report released by the company, CrowdStrike says a glitch in test software led to last week’s massive IT outage.

The report also outlines what CrowdStrike aims to do to prevent the problem from recurring, such as implementing “a staggered deployment strategy for Rapid Response Content in which updates are gradually deployed to larger portions of the sensor base,” while also giving customers more control over the delivery of these updates, letting them choose when and where they are deployed.

Block shares lost 11.6%. The company said this week in a posting that it will shutter Cash App UK in mid-September.

“In recent months, we have outlined our strategic approach for Cash App, which prioritizes our focus on the United States, and deprioritizes global expansion. All of our operations remain unaffected by this decision,” as noted in the posting.

The post CE 100 Index Gains 0.4% as Coursera Jumps on Earnings appeared first on PYMNTS.com.

And when it comes to cybersecurity best practices and procedures, recent digital disruptions — from CrowdStrike’s Microsoft outage to AT&T and beyond — can teach enterprises a lot about fortifying their defenses and recovery plans.

After all, it was just Monday (July 22) that the Federal Communications Commission (FCC) released its report criticizing AT&T’s role and response in a February outage that blocked 92 million calls, including over 25,000 attempts to reach 911.

It ultimately took over 12 hours for AT&T to fully restore service. The outage affected all 50 states as well as Washington, D.C., and other domestic territories like Puerto Rico and the U.S. Virgin Islands. It was caused by a botched update related to a network expansion.

Sound familiar? A software update was what led to the CrowdStrike crash last Friday (July 19) which affected 8.5 million Windows machines around the world, leading to chaos at banks, airports and hospitals.

That’s why, in today’s interconnected world, where digital disruptions are, unfortunately, increasingly common, the ability to learn from and adapt to these challenges is crucial for long-term business success.

Read more: CrowdStrike Outage Rolls On; Attention Turns to Software Update Quality Control

Embracing Best Practices Derived From Recent Incidents

Per the FCC’s report on AT&T’s February outage — and not its July cyberattack — factors behind the “extensive scope and duration” of the outage included “a configuration error, a lack of adherence to AT&T Mobility’s internal procedures, a lack of peer review, a failure to adequately test after installation, inadequate laboratory testing, insufficient safeguards and controls to ensure approval of changes affecting the core network, a lack of controls to mitigate the effects of the outage once it began, and a variety of system issues that prolonged the outage once the configuration error had been remedied.”

In other words, a cascading failure to follow proper procedures across key workflows.

While the immediate cause of the outage was an employee who misconfigured a lone network element, adequate peer review should have prevented the change from being approved, the FCC emphasized.

In an interview with PYMNTS Friday, CompoSecure/Arculus Chief Product and Innovation Officer Adam Lowe noted that when a software update fails, companies usually have contingency plans. But issues with essential security software like CrowdStrike can quickly escalate, and disruptions to core functions, especially at the Windows startup level, can be difficult to correct.

Post-incident reviews and analyses help refine incident response plans, making future responses more efficient and effective. This continuous improvement process is vital for maintaining a strong security posture.

See also: Businesses Scramble for Backup After CrowdStrike Update Hobbles IT Networks

Crises can also catalyze a shift in organizational culture, heightening awareness of cybersecurity issues and encouraging proactive behaviors among employees.

And proactive, hyper-aware behavior is crucial in today’s operating landscape where threat actors can move in real-time to activate new vulnerabilities and manipulate unsuspecting end-users.

As just one example, cybercriminals have already jumped on the CrowdStrike outage by developing fake, malware-infected recovery manuals.

According to a Monday blog post by CrowdStrike, “CrowdStrike Intelligence identified a Word document containing macros that download an unidentified stealer now tracked as Daolpu. The document impersonates a Microsoft recovery manual. Initial analysis suggests the activity is likely criminal.”

CrowdStrike Intelligence has also monitored other malicious activity leveraging the event as a lure theme, with the company saying it had received reports that threat actors are conducting activities such as sending phishing emails posing as CrowdStrike support to customers; impersonating CrowdStrike staff in phone calls; posing as independent researchers, claiming to have evidence the technical issue is linked to a cyberattack and offering remediation insights; as well as selling scripts purporting to automate recovery from the content update issue.

At the same time, there has been a surge in “typosquatting domains” now being registered to exploit the CrowdStrike outage. Typosquatting is when bad actors set up domain names that appear to be legitimate in order to lure genuine users but have small typos and lead to malicious cyber infections.

For example, some domains already flagged as malicious include crowdstrikefix[.]com; crowdstrike-helpdesk[.]com; and crowdstrikebsod[.]com.

That’s why employee training should cover best practices for password management, recognizing phishing attempts and reporting suspicious activities.

The post Crisis as Catalyst: What AT&T, CrowdStrike Incidents Say About Recovery Best Practices appeared first on PYMNTS.com.

The air carrier on Wednesday (July 24) was still recovering from last week’s incident, in which a software glitch at cybersecurity firm CrowdStrike brought down millions of computers running Microsoft Windows.

According to Bloomberg News, analysts at Citigroup lowered estimates for Delta’s third-quarter adjusted earnings by 60 cents a share in a new report to $1.37, citing “operational expenses and potential customer compensation costs” after the outage. In addition, analyst Stephen Trent also reduced two profit metrics by about $500 million each.

Bloomberg notes that Delta had impacted more by the outage compared to other airlines, which had its systems online during the weekend. Delta, which had canceled more than 5,400 flights due to the outage, said it plans to have operations back to normal by Thursday (July 25).

The report also cites a note from Conor Cunningham of Melius Research, who estimated a $350 million impact to operating profit plus a possible fine from the Department of Transportation, which is investigating Delta’s handling of the outage.

“What is more uncertain is the reputational damage Delta’s image may take given the operational issue,” Cunningham wrote. “It is certainly plausible that forward bookings are impacted.”

CrowdStrike on Wednesday issued a report outlining the circumstances behind the outage last Friday (July 19), which resulted in chaos at not just airports but banks, hospitals and other entities as well.

“CrowdStrike delivers security content configuration updates to our sensors in two ways: Sensor Content that is shipped with our sensor directly, and Rapid Response Content that is designed to respond to the changing threat landscape at operational speed,” the report said. “The issue on Friday involved a Rapid Response Content update with an undetected error.”

The report also discusses how CrowdStrike plans to prevent the future outages, such as implementing “a staggered deployment strategy for Rapid Response Content in which updates are gradually deployed to larger portions of the sensor base,” while also giving its clients greater control over the delivery of these updates, letting them pick when/where they are deployed.

As PYMNTS wrote last week, the incident has shone a spotlight on software updates. In an interview here on the day of the outage, CompoSecure/Arculus Chief Product and Innovation Officer Adam Lowe noted that when a software update fails, companies tend to have contingency plans.

“But issues with essential security software like CrowdStrike can quickly escalate, and disruptions to core functions, especially at the Windows startup level, can be difficult to correct,” PYMNTS wrote.

The post Delta Reportedly Facing $500 Million Loss From CrowdStrike Outage appeared first on PYMNTS.com.

The cybersecurity company released a report Wednesday (July 24), five days after a crash affected 8.5 million Windows machines around the world, leading to chaos at banks, airports and hospitals.

“CrowdStrike delivers security content configuration updates to our sensors in two ways: Sensor Content that is shipped with our sensor directly, and Rapid Response Content that is designed to respond to the changing threat landscape at operational speed,” the report said. “The issue on Friday involved a Rapid Response Content update with an undetected error.”

The report also outlines what CrowdStrike aims to do to prevent the problem from recurring, such as implementing “a staggered deployment strategy for Rapid Response Content in which updates are gradually deployed to larger portions of the sensor base,” while also giving customers more control over the delivery of these updates, letting them choose when and where they are deployed.

As PYMNTS wrote last week, the incident has shone a spotlight on software updates. In an interview here Friday (July 19), CompoSecure/Arculus Chief Product and Innovation Officer Adam Lowe noted that when a software update fails, companies usually have contingency plans.

But issues with essential security software like CrowdStrike can quickly escalate, and disruptions to core functions, especially at the Windows startup level, can be difficult to correct.

“In such cases, it may necessitate a complete system reinstallation from a prior backup, akin to wiping a hard drive and starting anew,” that report said. “This process is both complex and time-consuming, especially for systems that are locked out at startup, leaving limited options for a swift resolution.”

Meanwhile, PYMNTS discussed the crash earlier this week with Finexio CEO Ernest Rolfson, who stressed the importance of quality control in software updates.

Rolfson said he was taken aback by the timing of a recent software update from a Finexio partner, rolled out in the morning and during the workweek.

“Typically, updates are scheduled after hours or on weekends to minimize disruptions, given the fact that best practices suggest staggering the release to avoid widespread issues if problems arise,” PYMNTS wrote.

Meanwhile, the fallout from the outage continues, with the Department of Transportation launching an investigation into Delta Air Lines’ handling of the incident, and two members of the House Homeland Security Committee calling on CrowdStrike’s CEO to testify about the crash.

The post CrowdStrike: Content Update Glitch Caused Worldwide IT Crash appeared first on PYMNTS.com.

Alan Estevez, the department’s export controls chief, announced last week that the rules will target components responsible for managing vehicle software and data, requiring them to originate from allied countries.

This regulatory initiative follows Commerce Secretary Gina Raimondo’s May announcement of forthcoming rules specifically addressing Chinese-linked vehicles, to be published later this year. Raimondo indicated that the Biden administration could take drastic measures, such as banning Chinese-connected vehicles or imposing restrictions, following a probe initiated in February into potential national security risks posed by Chinese vehicle imports.

Estevez’s remarks at a forum in Colorado represent the clearest indication to date of the administration’s stance on Chinese vehicles, which have raised significant concerns. He underscored the seriousness of the cybersecurity threat, noting that modern vehicles, equipped with sophisticated software and network infrastructure, gather extensive user data, posing vulnerabilities to security breaches.

Connecting the Data

Connected vehicles, equipped with integrated network hardware enabling internet connectivity, have the capability to exchange data with both internal and external devices. Estevez emphasized these risks, stating, “A car is formidable. Your vehicle gathers a wealth of information about you, from software updates to driving habits, connectivity to personal devices and location tracking.”

In response to potential U.S. actions, the Chinese foreign ministry urged adherence to market economy laws and fair competition principles, asserting the global popularity of Chinese cars driven by technological innovation and robust market competition.

In her May remarks, Raimondo warned of potential catastrophic consequences if software in millions of connected vehicles were compromised. Despite relatively low imports of Chinese-made light-duty vehicles, the Biden administration has proposed substantial tariff hikes on Chinese electric vehicles and other goods, set to be implemented by Aug. 1.

The Connected Car Economy

Looking forward, the Automotive Edge Computing Consortium (AECC) forecasts that by 2025, global connected vehicle numbers will reach approximately 100 million, with data transmissions between vehicles and the cloud totaling about 10 exabytes per month — equivalent to 10 billion gigabytes.

According to a 2021 white paper titled, “Distributed Computing in an AECC System,” the AECC outlined best practices for distributed computing to manage the substantial data volumes associated with connected vehicles. Notable members of the AECC board include Toyota, Intel, Ericsson, Denso, Samsung, Dell-EMC, Nippon Telegraph and Telephone (NTT) and KDDI Research.

The report emphasized the unique challenges posed by connected vehicles.

“For connected vehicles, the amount of uploaded data is massive, concentrated (in time and location) and often time sensitive,” the report said.

In contrast to conventional consumer mobility services, which predominantly involve data flowing from providers to consumers, connected vehicles primarily transmit data to service providers. This operational dynamic underscores the critical need for distributed computing capabilities within AECC systems to uphold optimal service standards, particularly those intricately tied to vehicle functionalities, per the report.

Data Privacy

Privacy has always been a key issue as the topic of connected vehicles picks up steam.

Revelations in a New York Times report highlight a troubling reality for drivers: detailed records of every trip, including speed and abrupt braking, are meticulously logged by data brokers.

This insight into the thorough monitoring of driving behavior highlights a broader concern among consumers about the privacy of their data in the era of connected cars.

These internet-enabled vehicles, equipped with advanced features such as GPS navigation systems, cameras and sensors, heavily rely on the collection and transmission of extensive data.

While this data access has undeniably enhanced overall driving experiences — improving safety, traffic management, payment efficiency and offering personalized entertainment options — the practice of automakers sharing driving data with third parties, particularly insurance companies, has sparked heated debate.

Advocates, such as data brokers like LexisNexis, argue that personalized insurance premiums based on driving behavior could incentivize safer practices and potentially lower rates. Critics, however, have voiced concerns about potential data misuse and exploitation.

The post Commerce Department to Release Rules on Connected Vehicles appeared first on PYMNTS.com.

Assuming it gets the license and regulatory approval it needs, DraftKings would make the nation’s capital its 29th North American market, the company said in a Tuesday (July 23) press release. The launch is part of a partnership with D.C. United, the district’s professional men’s soccer team.

“It has been incredible to see legalized sports betting grow rapidly over the past six years, and with plans to launch our online sportsbook in D.C., DraftKings looks forward to expanding its presence in more than half the country,” Matt Kalish, president of DraftKings North America, said in the release.

The release notes that D.C. is home to a number of professional sports teams, with fans soon able to access a range of betting markets and offerings like same-game parlays, in-game betting and special odds boosts.

“With the D.C. Council’s recent decision to expand the world of sports betting in D.C., we look forward to working with DraftKings to introduce their online sportsbook as another way for D.C. residents to bet in the city,” said Danita Johnson, president of business operations for D.C. United. “Our goal is to always make every fan experience seamless, and this platform will help us to deliver on that promise.”

The news release closes with a lengthy statement on DraftKings’ commitment to combating problem gambling. The company and six of America’s other largest sportsbook companies launched a trade group in March aimed at dealing with the issue.

The Responsible Online Gaming Association (ROGA) hopes to come up with resources to aid in responsible gaming education and awareness.

The launch of that association comes amid a surge in sports betting across the U.S., with 38 states and the District of Columbia letting residents place wagers on professional sports.

Meanwhile, research by PYMNTS Intelligence finds that most online sports betting fans prefer instant disbursements, though few have access to them.

According to that report, 79% of gamblers opted for instant digital disbursements when offered them, while 76% who did not have the option to receive instant payouts would have chosen instant if offered. In all, a little less than half of gamers have access to real-time disbursements.

The post DraftKings Bringing Online Sportsbook to Washington DC appeared first on PYMNTS.com.