CBX Daily 2/27/2024

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CultureBanx Team
February 27, 2024

Today Black Americans are braving climate change’s wrath, but let’s start with how millennials are trading money phone for mobile payments in a new financial path…

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Why Are Millennials Replacing The Money Phone With Mobile Payments?

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The money phone is soon to be a relic of the past as more millennials look to their smartphones as the primary means of making financial transactions. Peer-to-Peer (P2P) mobile payments have been dominating the U.S. mobile payment market with transaction value expected to reach $18.8 trillion by 2030. With Pew Trusts finding that 14% of Black people made a mobile payment, what are banks and financial technology companies going to have to do to respond to the needs of this coveted group of consumers?

Climate Change's Fury: A Peek Into Black America's Struggle

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The severity of the economic impact that Black folks are experiencing due to climate change cannot be hidden anymore. A report published by the McKinsey Institute for Black Economic Mobility stated that Black Americans are disproportionately exposed to environmental health risks. Black people are roughly 75% more likely to reside in neighborhoods near high-emission or toxic industrial processes. This subjects them to air pollution levels that surpass equitable standards by at least 56%.

Could Artificial Intelligence Fuel Racial Bias In Law Enforcement?

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In a disconcerting revelation, every individual erroneously apprehended due to the application of artificial intelligence (AI) facial recognition technology has been of African American descent. Police are increasingly using AI, but the technology is flawed and heavily biased towards people of color, according to a study by criminal justice experts. All of this is happening while the AI market is expected to hit around $2.57 billion by 2032, and big tech continues to warn of its dangers.

Black Entrepreneurs Who Are Architects Of America’s Prosperity

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Reflecting on the journeys of Black entrepreneurs underscores the enduring resilience and profound impact they have made on America's economic fabric. From Frank McWorter to Madam C.J. Walker to Robert F. Smith, and everyone in between, let’s explore the lives and legacies of the Black entrepreneurs who are redefining the essence of American prosperity.

Comcast's Billion-Dollar Bet On African Streaming With Showmax By 2028

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Comcast (CMCSA +0.41%) is getting its feet wet and tapping into the African market. This comes after a partnership with Multichoice where Comcast acquired a 30% share. Multichoice is Africa's biggest entertainment company where Showmax is an offspring. Showmax has quickly become Africa's favorite streaming platform and now sets its eyes on the $1B revenue mark in the next four years.

Vibes of the Week

Is it a "Comma“ or a period with millennials ditching flashy money phones for mobile payments? Ayra Starr with the inspiration in our CBX Vibes!