Tech Center: New York City Takes on Tech Full Force

PYMNTS

For years, New York City has been at the epicenter of United States’ culture with the fashion and entertainment industries leading the way. With the top modeling agencies, MTV and the home of American broadway plays, there’s no denying New York City is bustling with creativity. With a big focus on technology in Silicon Valley and Boston, New York City slowly made its way to becoming a powerhouse tech player.

Walmart Bringing Same-Day Delivery To New York City

PYMNTS

s Jet.com unit is getting into the same-day grocery delivery market, gearing up to offer the service in New York City. Bloomberg , citing a statement the company made via email, reported that Jet plans on opening up a fulfillment center in the Bronx in the fall that will enable same-day and next-day delivery of groceries in New York City. Jet told Bloomberg the new fulfillment center will result in the creation of hundreds of new jobs.

Sleep Number Unveils New Interactive Store In New York City

PYMNTS

Sleep Number is opening a new brick-and-mortar store in the New York City’s Flatiron District, adding to its portfolio of over 560 locations. Our new Sleep Number store in the Flatiron District demonstrates the transformative impact of our smart beds on individual comfort, restfulness and well-being.”. With the store experience, shoppers can see a digital map that shows how people in neighborhoods across the city are sleeping.

BuzzFeed To Launch Unique Toy Store In NYC This Fall

PYMNTS

BuzzFeed is planning to open a toy store in New York City later this fall. New York Post reported that the store, called “Camp,” will be located in an 11,000-square-foot space in Manhattan’s Flatiron District.

Uber And The Cap Conundrum

PYMNTS

New York City. News from the last several weeks, and recently from The New York Times , reports that city officials are inching toward a cap for Uber drivers — and not the ones worn atop heads. There’s a formal proposal coming by way of City Council Speaker Corey Johnson, which would move to stanch new licenses issued for vehicles to work on a for-hire basis. If you can make it there, you’ll make it anywhere.

New York City Taxi Medallions Valued at $160,000

Keith Leggett's Credit Union Watch

Signature Bank of New York announced on April 18 that it has valued each of its New York City taxi medallion loan or asset at approximately $160,000 at the end of the first quarter. Below is comments from Joseph DPaolo, President and CEO of Signature Bank of New York, from the conference call. As such, we further wrote down the value of our New York medallion loans to 160,000 each and our Chicago portfolio to 27,000."

New York City Taxi Medallions Valued at $358,000

Keith Leggett's Credit Union Watch

Signature Bank in its earnings press release provided a new data point on the value of New York City taxi medallions. According to its second quarter earnings release and conference call transcript, Signature Bank either reserved for or wrote down each New York City taxi medallion loan by approximately $168,000 to a value of $358,000. This would suggest New York City taxi medallion loans held by credit unions are likely to be written down further.

New York City Taxi Medallion Prices in June Show Further Signs of Distress

Keith Leggett's Credit Union Watch

New York City taxi medallion prices continue to fall in June. The nine medallion asset sales ranged in price from $150,000 to $475,000. Six medallions sold for $230,000 or less. This would suggest more pain for credit union taxi medallion loan portfolios. Taxi Medallions

12 Hottest Cybersecurity Companies in New York City

Let's Talk Payments

Booz Allen provides professional services primarily to US government agencies in the defense, security, and civil sectors, as well as to corporations, institutions, and not-for-profit organizations. The company provides a. Cybersecurity Data Analysis Fraud / Risk Insights insights US

Rideshare Companies Offer $100M Relief Fund For NYC Taxi Drivers

PYMNTS

Documents show that Lyft , Uber and Via have offered to help New York City’s taxi medallion owners through a $100 million relief fund paid over five years. But the money was contingent on New York dropping its proposed regulations that would limit the number of ride-hailing drivers in the city, which could cost the ridesharing companies more than $100 million. The city rejected the offer immediately.

Five At Five: Even Financial Gets New Funding Round

PYMNTS

Coverage includes Even Financial raising additional funding , Mattress Firm considering bankruptcy , the New York City Council planning to limit ridesharing licenses, Visa buying a stake in Israeli-startup Behalf and Microsoft Pay supporting MasterPass. Even Financial Gets New Round Of Funding. is reportedly mulling a move to file for bankruptcy protection as it looks to close some money-losing outlets and get out of some lease agreements, according to a new report.

NYC To Place One-Year Limit On Uber Licenses

PYMNTS

New York’s City Council is set to approve a one-year cap on new licenses for ridesharing vehicles. If passed, New York would be “the first U.S. city to impose such limits and set a floor on compensation for the industry’s workers.” Ridesharing Lyft minimum wage New York City Council News Taxis Uber Via Transportation What's Hot

In New York City, Big Business And Startups Are Not At Odds

CB Insights

The following is a post written by Maria Gotsch, president and CEO of the Partnership Fund for New York City (@Partnership4NYC), a speaker at the CB Insights Future of Fintech conference in New York.

Casper Gives NYC A Napping Experience

PYMNTS

” Well, there’s good news for the truly tired and in need of an invigorating nap in New York City: Casper will sell you a nap – for $25. The concept enables us to pilot new ways of bringing better sleep to more people and to more places — whether that’s here, the workplace, airports or beyond.”. Will the city that never sleeps suddenly take to $25 napping? Retail Casper new york city News What's Hot

Five At Five: NYC Votes To Impose Ridesharing Cap

PYMNTS

Coverage includes New York lawmakers seeking to put a cap on ridesharing services, states working to embrace blockchain , Hawaii saving money by converting some functions to digital, new data from the Federal Reserve and Starbucks clearing up the confusion over cryptocurrency. City Council Weighs In On Ridesharing Debate With Cap. The new figures show a slowdown from 5.1 Welcome to the Five at Five, your late look at the payments and commerce news of the day.

Hawaii 107

Alipay And Yelp Partner To Give Chinese Travelers Access To Reviews

PYMNTS

In a press release, Alipay said that with the beta launch, any of Alipay’s more than 520 million users visiting North American cities, such as New York City, Los Angeles, Las Vegas and San Francisco, can now easily discover, plan, make reservations, share experiences and pay for them via online payments at any local business using Yelp’s content. Additional cities and countries will be added in 2017, Alipay said in the release.

Ahead of Auction, Minimum Bid for 46 New York City Taxi Medallions Set at $165,000 Each

Keith Leggett's Credit Union Watch

The Wall Street Journal is reporting that trustee liquidating part of New York taxi mogul Evgeny “Gene” Freidman’s holdings has found a bidder offering $165,000 for each of 46 taxi medallions ahead of a planned auction. Even if bids come in higher than the floor of $165,000, this will probably be bad news for credit unions holding New York City taxi medallion loans, as they will see a significant mark down in the collateral backing these loans.

Bringing Deep Discounting To One Of America’s Most Expensive Streets

PYMNTS

As of this fall, Five Below is coming to New York ‘s Fifth Avenue, arguably the most expensive street in America. are just some of the tony new stores that Five Below will share the street with, and the move has left many market watchers scratching their heads. According to Anderson, the opportunity was just too good to pass up, as rent prices in New York are, for the first time in a long time, starting to show some signs of cooling off.

The New York Subway’s Better Digital Ticket To Ride

PYMNTS

New York City commuters – arguably the most on-the-go demographic in the United States – do not want to wait for anything. ” It’s an inefficiency that the New York Metropolitan Transportation Authority (MTA) has not only acknowledged, but committed to doing something about. Last week, they officially tasked long-term Mastercard partner Cubic Transportation Systems to implement a new fare payment system across the city’s entire subway (and bus) system.

Minimum Income to Rent a 1-Bedroom Apartment in New York City Neighborhoods

Money Crashers

Rent in New York City is famously expensive. We’ve all heard that those rent-controlled apartments on “Friends” and “Sex and the City” were not remotely realistic in terms of what the average 20- or 30-something could reasonably afford.

Amazon Opens NYC Bookstore

PYMNTS

Amazon.com , the eCommerce giant, will open its first bookstore in New York City Thursday (May 25), marking the seventh physical store for the company. The Columbus Circle store in New York City is the first of three retail locations Amazon plans to open in the New York City market. Amazon Amazon Bookstore new york city News nyc physical bookstore Retail What's Hot

Walmart Pushes Same-Day Delivery With Parcel

PYMNTS

According to a news report from CBNC, Walmart is pushing full-speed-ahead with its same-day delivery plans in New York City, and has acquired local startup and delivery tracking app Parcel to make the behind-the-scene logistics work properly. The Brooklyn-based firm specializes in handling scheduled and same-day deliveries in New York for retailers like Bonobos, as well as meal kit companies like Chef’d and Martha Stewart’s Martha & Marley Spoon.

New York City gets `ParkNYC` parking meter mobile payment app for Android and iPhone

The Paypers

(The Paypers) The all-new `ParkNYC` app for Android and iPhone lets drivers pay to park using their smartphone

Silicon Valley’s Lead in Innovation Centers is Shrinking

Bank Innovation

A new report shows that despite many companies struggling to maintain a culture of innovation, financial services companies are among the top three industries getting it right. DataBank Innovations Online Open Fintech Payments Startups fintechs innovation labs New York City TexasIf it feels like innovation has been one of the hot themes of 2017 in the financial world, it’s because its true.

Macy’s Requires Appointments To Visit Santa Claus

PYMNTS

Retailer Macy’s is looking to have a more structured Christmas this year, with reservations to see Santa Claus this holiday season being required for the first time ever at its flagship 34th Street store in New York City, New York. According to Macy’s, the goal of the new appointment system is to make the holiday queue line shorter and the wait times more manageable for all.

New York’s New Digital Crime Lab Fights Fraud

PYMNTS

New York City has a new fighting chance against the proliferation of cyber fraud in the form of a state-of-the-art, $10 million digital crime laboratory. The New York district attorney’s office estimates that over a quarter of its cases annual involve digital evidence — and the trend is growing. New York’s lab is mostly equipped to process evidence from mobile data. With each new update companies roll out, phones get even tougher to crack.

Ralph Lauren Shutters Its 5th Avenue Flagship Store

PYMNTS

Given Ralph Lauren’s staunch attitude towards the traditional aesthetic of his brand, this new approach may have been too much of a push. On Tuesday, Ralph Lauren announced its decision to close its 5th Avenue flagship store in New York City. Many retailers on the famous luxurious city street have had to make adjustments due to a decrease foot traffic, online discounts and higher rent prices.

Former Visa CEO Scharf named chairman of New York City Ballet

Payments Source

was named chairman of the New York City Ballet, the largest dance organization in the U.S. Payment cards Charles Scharf Visa New YorkCharlie Scharf, the former chief executive officer of Visa Inc.,

Cab Glut In The Big Apple Hints At Ridesharing As Salve?

PYMNTS

would be adequate to cover as much as 98 percent of the riding demand that exists city-wide. Contrast that 3,000-car fleet with the 13,600 taxis and 45,000 drivers tied to Lyft, Uber and other ride-hailing services that currently putter about the city, and it seems glut may be a good word to use. Does the study give a quantitative/qualitative push to ridesharing as a business model for transportation around the city?

Appear Here Monetizes Pop-Up Store Market

PYMNTS

Renting out retail spaces in large cities for a short period of time can be tough to accomplish and expensive. It’s an online marketplace that specializes in short-term retail rental space and has just recently launched in the United States in New York City. ” Retail Appear Here Etsy lease long-term manhattan Marketplace new york city Rent short-term soho west village

While Global Retail Expansion Cools, U.S. Remains Leader Of The Pack

PYMNTS

A new study has found that retail global expansion has lost some steam, and while the United States remains the most active, Europe is now the preferred spot for expanding retailers, according to Chain Store Age. s 10th annual study of international retail expansion surveyed 166 cities across 51 countries on how many international retailers had debuted in their markets last year. Of all expansion at city level, 21 percent was by U.S.

New York Seeking Tip Option On Uber App

PYMNTS

Tipping a taxi driver is a common occurrence in New York City. New York City’s Taxi Commissioner, Meera Joshi, commented on how this new proposal would impact the ridesharing industry in the area: “This rule proposal will be an important first step to improve earning potential in the for-hire vehicle industry, but it is just one piece of a more comprehensive effort to improve the economic well-being of drivers.”.

Kroger Acquires NYC’s Murray’s Cheese

PYMNTS

recently announced its acquisition of iconic New York City–based cheese shop Murray’s Cheese. Kroger and Murray’s Cheese have yet to disclose the financial terms of the deal, though The Wall Street Journal noted that city records show that Kroger dropped $20.6 Murray’s former owner, Rob Kaufelt, will reportedly remain as a strategic adviser, and the team leading the New York City operation will largely remain unchanged.

Startup Maple Being Sold To UK’s Deliveroo

PYMNTS

Maple, the food delivery company in New York, has shuttered its doors as of Monday (May 8). The report noted that some of the New York team members of Maple will join Deliveroo in the U.K. According to the report, when Maple began operations, it pioneered a new business model because the company operated out of a commissary kitchen and created delivery kitchen hubs, which resulted in shorter wait times.

The Case for CSR

Banking 2020

In 2012, the city of New York passed legislation known as the Responsible Banking Act. Then-mayor Michael Bloomberg originally vetoed it, had his veto overridden by the City Council, then dragged his feet on appointing nominees to the local board.

US retailers' EMV pain opens path to contactless-only checkout lanes

Mobile Payments Today

Mobile Payments Today spoke about this concept with payment technology providers at the recent National Retail Federation Big Show in New York City

Evolving payments technologies challenge merchants to keep pace with consumers' expectations

Mobile Payments Today

That was the overarching message to retailers from a group of executives on a panel at the recent Oracle Industry Connect in New York City Retailers must be aware of what's changing in payments to better serve their customers.

MasterCard helps fashion make a splash on the payments runway

Mobile Payments Today

The card network hosted a hack event this past weekend at The New School Parsons School of Design in New York City

New York City Checking Bonus Pays $250

Bankaholic

That’s what Astoria Bank, based in Lake Success, New York, is offering savers who open a new checking account [.]. Here’s a checking account that works almost like a short-term CD. A very, very good short-term CD.

National Bank of NYC Raises 36-41 month CD (2.20% APY)

Deposit Accounts

Offers & Promotions National Bank of New York City Bank Information Page | Receive Alerts for this Bank. Availability: Market area includes the Boroughs of New York City, Long Island, and Westchester. Earlier this week, National Bank of New York City (NBNYC) raised the rates on its longer term CDs, with the 36-41 month CD (2.20% APY) being the most competitive. 1.80% APY 18-23 month CD National Bank of New York City.

Walmart's Jet.com relaunches shopping experience, partners Nike

The Paypers

(The Paypers) Jet.com has announced the launch of a new shopping experience tailored to specific needs of urban areas, starting with New York City

Prime Now Grocery Delivery Expands Across The US

PYMNTS

Amazon and Whole Foods’ Prime Now is now available in Annapolis, North and Central New Jersey, Cleveland, Louisville, Pittsburgh and additional San Francisco locations, according to an announcement. Florida and New York are competitive markets for grocery.

Some Big Facebook Investors Call For Zuckerberg’s Ouster

PYMNTS

According to CNBC , New York City Comptroller Scott Stringer said Facebook’s board needs to make a real commitment to addressing the risks. “We need Facebook’s insular boardroom to make a serious commitment to addressing real risks — reputational, regulatory and the risk to our democracy — that impact the company, its share owners, and ultimately the hard-earned pensions of thousands of New York City workers,” he told CNBC.