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Crypto installment
Buy now/pay later firm Klarna has teamed Swedish cryptocurrency broker Safello to support crypto trades.
Klarna, which is also based in Sweden, will use its open banking platform, which has access to more than 5,000 banks in 18 European countries, to allow Safello's 180,000 users to buy crypto from their bank accounts.
Buy now/pay later companies have grown quickly over the past year as consumers seek credit alternatives and merchants look to support larger purchases. But the market faces regulatory and economic pressure that is encouraging companies to
Not open
U.K. challenger bank Monzo is expanding its gambling blocks to include payments via PSD2 third party connections.
Monzo will use technology from TrueLayer to extend its three-year old gambling payment controls, which are used by more than 275,000 consumers. Payment companies use merchant category controls to halt gambling payments as a service to consumers who may have an addiction.
These controls only apply to cards. Through the new integration, TrueLayer will automatically notify Monzo when an open banking platform--which connects banks to third party apps--is used to transfer funds to a gambling firm. Monzo will be able to use this information to halt the payment.
Fast work
The U.S. Faster Payments Council has formed work groups to address financial inclusion and recurring transactions.
The council wants to ensure expedited processing that's designed to support e-commerce also reaches underserved communities, examining the needs of small businesses and consumers. Other work will produce guidance for billing, subscriptions and other transactions that are repeated over set intervals.
The council also has work groups for cross-border transactions, fraud, QR codes and regulations.
Plugging the 'drain'
Russia's central bank has developed a central bank digital currency model that's designed to address commercial bank concerns that a public option will result in less deposits.
Under the Russian model, banks would open wallets for clients on the central bank's platform, reports
The Russian government is also close to eliminating non-CBDC digital assets for payments and classifying crypto holdings as taxable property, taking a hard line on cryptocurrency that's similar to China and India.
From the web
REUTERS | Friday, February 19, 2021
Bitcoin hit yet another record high on Friday, and moved within sight of a market capitalisation of $1 trillion, blithely shrugging off analyst warnings that it is an “economic side show” and a poor hedge against a fall in stock prices.
REUTERS | Friday, February 19, 2021
Tesla Inc CEO Elon Musk on Thursday said that owning bitcoin was only a little better than holding conventional cash, but that the slight difference made it a better asset to hold.
COINDESK | Friday, February 19, 2021
New Jersey’s independent watchdog on organized crime, public corruption and financial waste says cryptocurrency ATMs pose a risk to the public because of a lack of regulatory oversight.
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The coronavirus pandemic has encouraged more cash-loving Japanese to move away from banknotes and coins, giving a boost for banks in their drive toward digitalization, the industry’s lobby group chief said.
Debit cards appear ordinary, lacking the reward programs and prestige of credit cards, the cash flow flexibility of buy now/pay later programs, the anonymity of bitcoin and the coolness of cash.
The explosive, global popularity of e-gaming offers enterprise gaming platforms an expanding opportunity for increased revenues.
For decades, credit cards have been sold as a tiered product that allows consumers to earn their way to the top product rungs by spending more. That's left issuers unable to change premium cards fast enough to address the rapid consumer shifts that have accompanied the pandemic.
The explosion of digital commerce during the pandemic has triggered a surge in calls from consumers to card issuers and merchants seeking more details about purchases appearing on card statements.
Norwegian browser Opera Limited has launched Dify, a wallet that will support payments and cash-back rewards through a virtual Mastercard debit card.
Bitcoin's price climbed from $29,000 to just below $42,000 in the first half of January before leveling off in recent weeks. Now, following a $1.5 billion investment by Tesla, many are asking themselves: Is there a ceiling?
