When Walmart started a bank in the early 2000s, states passed laws to ban branches and Congress drafted a law to ban retailers from opening banks. Almost ten years later, Walmart threw in the towel, with its president for financial services Jane Thompson vowing the company would never try it again. That hasn’t stopped Google from announcing it will begin to offer checking accounts next year. Uber wants to open Uber Money, a bank for its drivers (and perhaps riders) and Facebook debuted Facebook Pay. Continue reading Big Tech Firms Pursue Financial Services Despite Setbacks

The Internet is undergoing an evolution, with an onrush of people forming the ranks of what the tech industry dubs “the next billion” users. These newcomers have a decidedly different profile than those who came before: often barely literate, these people avoid text in favor of voice activation and images as a way to communicate. These first-time Internet users are finally gaining entry with the advent of low-cost smartphones with user-friendly interfaces and inexpensive data. Now, tech companies must adapt. Continue reading Internet Firms Adjust to the Needs of the Next Wave of Users