Today in payments: Uber and Lyft lose AB5 call

In today’s news, Uber and Lyft must reclassify their drivers as employees, and FTC commissioners are in favor of an antitrust lawsuit against Facebook. Additionally, PayPal is considering buying a cryptocurrency business.

Uber and Lyft lose AB5 call in California

In a unanimous decision, the California Court of Appeals upheld an earlier ruling that Uber and Lyft must reclassify their drivers as employees, pending ballot action on Election Day (November 3).

FTC commissioners weigh in on Facebook antitrust lawsuit

As the five Federal Trade Commission (FTC) commissioners debate whether to pursue an antitrust lawsuit against Facebook, FTC staff members are in favor of continuing the case.

PayPal plans to buy crypto company BitGo, others

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

Instacart enables SNAP EBT payments for ALDI

Instacart has partnered with ALDI to launch EBT SNAP payments for same day delivery and pickup from e-commerce supermarkets to increase access to these services. This is the first time that EBT SNAP beneficiaries will have the ability to access same day delivery and pickup from the e-commerce company.

Panera coffee subscriptions and the future of restaurants

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

Supply chains will change, digital dollars will emerge after COVID

The pandemic will change supply chains and digital dollars will become a staple of payments, Dr. Paul Sheard, senior researcher at Harvard Kennedy School, told Karen Webster. He says businesses and central banks will need to think about how goods travel the world, as well as the fundamentals behind money and trade. By the way: China remains in the picture.

Bill Ackman, Emil Michael and the risk factors around SPAC

The latest PSPC list alludes to the allure and risks inherent in hanging your star on these investment vehicles and, by extension, the people who run them.