Is fintech ready for coronavirus?

first_imgThe coronavirus outbreak is having a wide range of side effects, from pasta shortages at U.S. grocery stores to a rise in stock prices for video-conferencing companies. The ripples could reach far-off distances and unexpected industries, including financial technology.If people aren’t traveling due to virus fears, they’re spending less on their credit cards. Visa and Mastercard have warned investors that sales will fall short of their expectations in the current quarter by 2% to 4%. Visa has already seen a “sharp slowdown” in its cross-border business, especially travel-related spending. Their stocks have dropped about 12% since the market’s peak on February 19, compared with a 10% stumble for the S&P 500.If the virus starts spreading more quickly in America, consumers will dine out less and think twice before shopping at stores where cashiers interact with hundreds of customers a day. That means Square, which helps small businesses accept credit card payments and makes money on transactions, could be affected negatively. It mentioned the coronavirus as a potential business risk factor in its 2019 annual report. While just five percent of its revenue comes from outside America, 65% of that is on transaction fees that could fall quickly if the epidemic escalates here. Square’s stock has slipped 9% since February 19. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

Bacolod SP mulls health declaration card for travelers

first_imgRojas said there is a need for aneffective mechanism in order to combat infectious disease in order to protectthe people of Bacolod. BACOLOD City – The SangguniangPanlungsod approved on first reading a measure that would require travelersarriving in this city to fill up a health declaration card in a bid tostrengthen border quarantine measures against coronavirus disease 2019(COVID-19). Councilor Cindy Rojas, chairperson ofthe SP’s committee on health, introduced the “Bacolod City Health DeclarationCard Ordinance.” It will enjoin all airlines, shipping lines, hotels, and otherestablishments in this city to require all of their passengers and guests toaccurately provide their travel history regarding whether they have visitedCOVID-19-stricken countries over the past 14 days before entry. “The City recognizes the importance ofaccurate medical information in combating viral or infectious emerging andre-emerging diseases in the City of Bacolod considering that there is a highchance that travelers unknowingly may be carriers of such unwanted virus ordisease,” Rojas stressed. She added the outbreak of infectiousdiseases is very alarming, citing a World Health Organization report statingthat millions or individuals around the globe are affected, which results todeath every year./PNlast_img read more