Business Bank Of America, JP Morgan and others are planning...

Bank Of America, JP Morgan and others are planning an Apple Pay rival… and other small business tech news this week


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Here are five things in technology that happened in the past week and how they affect your business. Did you miss them?

1 – Bank of America, JPMorgan and other banks are reportedly teaming up on a digital wallet to rival Apple Pay.

According to recent reports, bank of America, JPMorgan Chaseand Wells Fargo are among some of the major banks reportedly developing a digital wallet to link to credit and debit cards in an effort to compete PayPal and Apple Pay. The digital wallet would first start with MasterCard and Visa, who have already agreed to the partnership. The wallet product has been confirmed to launch sometime this year. (Source: CNBC).

Why this is important for your business:

Quietly but increasingly, mobile payments are becoming more common, especially among younger customers. It’s taken a while, but it’s here. Clearly, the banks are taking notice and are jumping on board. As entrepreneurs, we must ensure that our customers can easily pay for our products and services with their smartphone. Period. If we don’t give that option, we will lose income.

2 – Boston Dynamics’ Atlas robot has gotten some hands and tries to do construction work.

Atlas – the most advanced humanoid robot in the world from Boston Dynamics – now has new capabilities. Boston dynamics recently designed a set of hands and – in a recent one youtube video – showed Atlas physical work. Until now, the robot’s primary skills have included locomotive tasks such as walking. The recent version of Atlas has hands with grips to pick things up and perform tasks. (Source: ARS technique)

Why this is important for your business:

Between AI powered platforms like ChatGPT and robotics such as Atlas, will revolutionize the workplace in the near future. This is how the market reacts to a lack of low-skilled workers – and workers who demand or cost too much.

3 – The demand for AI skills is increasing as Fiverr increasingly looks for freelancers.

Recent reports indicate an increase in demand for artificial intelligence (AI) skills. In the past six months Fiverr – a marketplace for freelancers – experienced a 1400 percent increase for freelancers with AI skills. More and more companies and organizations are looking for professionals who can help them take advantage of everything AI has to offer. (Source: Venture beat)

Why this is important for your business:

You would think that AI would eliminate workers and it does – the lower educated. But those with development and other technology skills will always be in high demand in this world of software automation. What’s important to understand here, though, is who’s doing the hiring. It’s not the end user. It is the software company that develops products to sell. You should stick with your business and buy those products when it makes sense for your business.

4 – Mercado has announced Mercado Lite – the world’s first major management system specifically for small and medium-sized importers.

Import Order Management System (iOMS) Mercado recently announced that it will roll out the first iOMS tailored to small and medium business requirements. The new platform – known as Mercado Lite – aims to help small and medium-sized businesses accelerate the digitization of their import supply chains. (Source: Mercado labs)

Why this is important for your business:

“We are already seeing great results,” said Harlan Beverly, VP of Engineering and the technical lead behind Mercado’s latest launch. “Small to medium sized importers using the platform are already seeing order errors reduced by 75% thanks to our built-in change controls, with 55% more shipments arriving on time.”

The key here is getting both you and your supplier on the platform to realize the benefits. But if that can be arranged, it looks like Mercado could provide a very affordable way to manage your inventory and supply chains.

5— Mailchimp says it’s been hacked again.

Newsletter and email marketing company mailchimp shared that it had been hacked, exposing dozens of customers’ data. This recent breach appears almost identical to a hack the company has already experienced in the past six months. Mailchimp’s security team confirmed that it had spotted a hacker using one of its internal customer support and account management tools. (Source: Tech Crunch)

Why this is important for your business:

If you’re a Mailchimp customer, like many small business owners, it’s a good idea to change your password now.

Shreya Christina
Shreya has been with for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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