Tech Giants Uber and PayPal Partner to Provide Convenience to Consumers

Tech Giants Uber and PayPal Partner to Provide Convenience to Consumers
  • PayPal owned app, Venmo will be the newest feature on ride sharing and food delivery app, Uber.

  • UberEATS just got easier with Venmo payment feature to split meal payment.

Seamless convenience. That’s exactly what Uber had in mind when the ridesharing and food delivery app partnered with the PayPal-owned, app Venmo.

This partnership was sparked by the two companies when looking through data, Uber was mentioned in more than six million payments on Venmo within the past year.

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U.S. Restaurant Count Declines 2 Percent Inline with Foodable Predictions

U.S. Restaurant Count Declines 2 Percent Inline with Foodable Predictions
  • Paul Barron breaks down his top eight predictions for the restaurant industry.

  • Vegans, mobile payments, and off-premise leading the way spearhead Paul Barron’s 2018 predictions.

    The NPD Group's 2017 fall census has revealed a 2 percent drop in the number of U.S. restaurants, to 647,288 units, over the previous year, according to "Nations Restaurant News."

    Independent restaurants saw the greatest difference with a 3 percent decline, while the unit count for chains remained flat.

    “The U.S. restaurant count is reflective of what’s happening in the foodservice industry today overall,” said Bonnie Riggs, NPD’s restaurant industry analyst, in a statement. “To expand or not expand units is a calculated decision on the part of restaurant operators.”

    A decision Foodable restaurant guru Paul Barron says has been impacted by the rise in demand for off-premise meals and the growth of online companies like Amazon.

    "There's a lot more pressures from online delivery and also the aspect of e-commerce, meal kits, and the likes that are really impeding on how a restaurant is going to grow."

  • Chain counts grew to 301,183 units, a 982-unit increase, which kept the total count flat compared with fall 2016, the NPD Group's report found.

    The total number of independent restaurants declined to 346,105 units, a decrease of 10,952 units from the same period last year, according to the census, which NPD conducts each spring and fall.

    Quick-service restaurant locations declined by 1 percent, to 353,121 units, the report found. Fast-casual chains, which NPD categorizes within quick service, increased unit count by 4 percent, to a total of 25,118 locations.

    Full-service restaurant units, which include casual dining, family dining, and fine dining, fell 2 percent, to 294,167 units in fall 2017, according to NPD.

    The fall census includes all restaurants open as of Sept. 30, 2017. See more about this data at "Nations Restaurant News."

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2018 Power Predictions From Restaurant Guru Paul Barron

2018 Power Predictions From Restaurant Guru Paul Barron
  • Paul Barron breaks down his top eight predictions for the restaurant industry.

  • Vegans, mobile payments, and off-premise leading the way spearhead Paul Barron’s 2018 predictions.

In this episode of Plugged In, Paul Barron breaks down his top eight predictions for 2018.  

2017 was an interesting year for the industry. It’s safe to day that we had one of the most interesting years on record. We saw delivery take over the food service landscape, sexual harassment claims topple industry giants, minimum wage laws finally pass, alternative protein companies do the impossible, hurricanes, fires, floods, TRUMP– and with all the innovation we ate good man, really good.

So what’s in store for 2018? 

Every year, Foodable puts out predictions guided by our CEO Paul Barron. This year we wanted you to hear them straight from the horse’s mouth. If this year goes anything like 2017, we are excited for the ride. Find out what Paul thinks the industry has in store for 2018. Some of these predictions might even surprise you.

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Google Wallet Now Allows Automatic Transfers

The competition in the peer-to-peer payment sphere is heatin’ up. With Venmo, Square Cash and even Facebook allowing users to easily transfer money to other users.

Well to compete with these instant transfer systems, Google Wallet’s latest update allows automatic transfers from a user’s bank account. Previously, the application would require users to replenish cash to their Wallet balance before being able to send money. But, now this system will be more seamless and quick.

Although the transfers may be instant and the money recipients will receive the funds right away, the funds won’t disappear from the user’s bank immediately. Depending on the bank, it will take up to 1-3 days. However, this is the case for all P2P applications.

Evidently, there is a need for these systems. Consumers don’t carry cash like they used to. Not to mention, it provides a system that makes it much less awkward when a friend is waiting to be paid back from another friend. These p2p apps enable users to send a money request to other users.

The success of these platforms is attracting several tech companies to get involved. Last year, Google Wallet became a P2P app. PayPal owns Venmo. Social networks like Facebook and Snapchat are starting to offer a payment section in their messaging platforms. Both Apple’s iMessage and Snapchat are being powered by Square Cash.

So what does this mean for restaurants? Have you notice the checks being split less and the payment process being easier for servers?

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Payments HQ — With the NRA, Heartland, and MasterCard

On this NRA Special Report, brought to you by the Foodable Network, Host Paul Barron talks about new NRA initiative Payments HQ with Mike English, Executive Director of Product Development at Heartland Payment Systems; Jim Higgins, VP of Payments & Financial Services at the National Restaurant Association; and Janette McGrath, VP of Go-To Market Strategy USPD at MasterCard.

Payments HQ is a recently launched resource (which can be found on the NRA website here) that gathers information about payments in relation to the restaurant industry -- including new payments technologies -- for both NRA members and non-members. Watch the full episode above as our guests delve into how operators can benefit from Payments HQ, why Heartland and MasterCard have decided to get involved, and what insights these experts have on the future of mobile payments.