ISSUE NO. 78 – June 2020
Facebook Ad Boycott Grows To Include Coca-Cola, Unilever
A leading ad agency is asking clients to pull Facebook ads to support a boycott against the company. The move is to protest Facebook’s failure to remove certain hate speech and reluctance to correct US Government statements made using the social media platform. Civil rights groups including the NAACP and the Anti-Defamation League (ADL) are asking advertisers to pull paid marketing messages from the social network in July. The groups’ call for the advertising boycott comes following George Floyd’s death in police custody and certain government statements that were fact checked by other platforms like Twitter, but not by Facebook.
The boycott aims to turn a hot-button political issue into a business and revenue issue for Facebook. The boycott against Facebook is gathering steam but appears to be in early stages. The action is the result of what Facebook critics view as favoritism towards racist hate groups and the current US administration. According to CNBC, Facebook CEO “Zuckerberg has had a connection to Trump since the start of his presidency in 2017 through Peter Thiel, a tech investor and Facebook board member. Thiel was a contributor to Trump’s 2016 campaign and is an informal advisor on tech matters to the president.”
Towards Racial Justice
Dear Members of the CardLinx Community,
Minneapolis-St.Paul erupted in protests over the unjustified police killing of George Floyd. People all over the country have now emerged from Covid-19 lockdowns to lift their collective voices against police brutality and to demand an end to racial injustice. Condemnation of centuries of disempowerment and injustice have now exploded into the streets.
Now is the time to speak out against racial injustice and be a part of the solution. At The CardLinx Association, we believe:
1) Diversity is a Strength, Not a Weakness
The CardLinx Association’s board of directors is one of the most diverse of any trade association in payments and digital advertising. Our association is based on a recognition that all people, and all races, have an important and equal role to play in commerce and driving common economic prosperity. Racial injustice cannot have a place in our economic systems and systems of commerce.
2) Collaboration Requires All Types of People
The CardLinx Association’s success demonstrates the power of harnessing the collective power of diverse cultures and backgrounds to drive collaboration. Our members span 17 countries around the world and provide a powerful network. When we all work together, much more is possible than when we are divided. Racial discrimination prevents collaboration and limits the economic potential of our enterprises and our teams.
3) The Rule of Law Is a Foundation of Economic Prosperity
Basic human notions of fairness dictate that no person should be above the law- no police officer, no politician, no company, no individual. The rule of law is what enables our economic systems to operate effectively. Those who violate the law should be held equally accountable.
As an African American of roughly the same age as George Floyd, this latest incident of repeated police brutality hits close to home. As I watched the gruesome video of his murder, I saw – my own face, my son’s face and the faces of my friends- in George’s face as he lay handcuffed on the ground dying.
Let us recommit ourselves to build companies, economies and eco-systems that are free of racial injustice. Let us do it together.
Klarna Fintech Arms 7.85 Million Consumers With More Buying Power
Leading global payments provider and shopping service Klarna announced it has grown its customer base significantly since the Covid-19 crisis. In partnership with major apparel, beauty and footwear retailers—including H&M, Sephora, Timberland and The North Face—Klarna offers flexible payment options to consumers, giving them the convenience and purchasing power needed now.
CardLinx member Klarna is turning the economic downturn into a huge opportunity for growth. The Swedish Fintech unicorn has enabled close to 8 million US consumers to better cope with the crisis with buy now, pay later options on e-commerce and in-store purchases. The timing is right, as many card issuers are reducing credit lines due to missed credit card payments.
Mastercard Enters Into $825 Million Acquisition of Finicity
Mastercard announced its intent to acquire financial technology company Finicity to advance its API and financial data strategy. The acquisition is intended to strengthen the payment card giant’s relationships with consumers and businesses by giving them more control over their financial data.
Mastercard’s move to acquire Finicity follows a similar one made by arch-rival Visa when it acquired Plaid in January. The major payment networks are betting financial data and new mobile apps will drive the next generation of growth for fin-tech. Finicity offers a platform enabling Mastercard to develop new fin-tech products appealing to broader audiences beyond banks.
Prime Time for Challenger Banks
We are bringing their insights from around the world straight to you in an informative new podcast called Fin-Tech Friday. The podcast features insights, interviews and the latest news from CardLinx members around the world. Stay connected and subscribe to CardLinx Fin-Tech Friday.
Upcoming CardLinx Conferences
NEW DIGITAL SERVICES
CardLinx Commerce Tracker
The CardLinx Association brings to you an interactive world map that tracks the top 20 national economies of the world. Stay up to date with the constantly changing restrictions and reopenings of economic activity related to Covid 19. Find out which of the top world economies are open for business with the CardLinx Commerce Tracker.
CardLinx Webinar Series
Each month, The CardLinx Association hosts a live, interactive webinar with speakers from some of the biggest companies in the world on the most important and relevant topics for your business. Topics include impacts of COVID19 on the industry in terms of consumer credit behavior, mobile wallets, card companies and lenders. The webinars are complimentary for all CardLinx members. Non-members must pay a registration fee of $149. Register today as space for each webinar is limited!
Please contact [email protected] with questions or if you need additional information.