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Winning streak
Reflecting the rapid transition to digital payments, PayPal has reported its strongest growth in total payment volume (TPV) and revenue in its history, coupled with strong growth for Venmo, its P2P app.
Building on a record-breaking
This performance puts PayPal in stark contrast to many other companies that saw earnings plunge at the start of the pandemic. Even other payment companies, with strong digital capabilities, suffered if they were active in hard-hit verticals such as
Digital down under
The Reserve Bank of Australia is working with Commonwealth Bank of Australia, National Australia Bank, Perpetual and ConsenSys Software on a central bank digital currency experiment.
The project is determining the effectiveness of a wholesale version of a CBDC operating on a distributed ledger, reports
While CBDC projects are progressing in countries such as China and the Bahamas, there's not a consensus that a CBDC will work in Australia, or even if one is needed. In October, RBA official
Taking requests
Milan-based payment services firm Sia has launched a real-time payment rail that anticipates greater uptake of open banking in Europe.
Called "Request to Pay," it uses the European Payments Council Scheme to allow a payee to send a request through different channels, in real time, to a payer who can approve and send the payment quickly upon receiving the request. These parties will increasingly use API connections to link third parties to banks under PSD2, with Italy's Banca Sella being among the initial banks to sign on.
SIA recently added an additional upgrade to support real-time payments by teaming with Italian e-money firm
Lightning lease
The cryptocurrency Lightning Network's innovation lab has opened a marketplace that allows Lightning users to lease, buy and sell access to liquidity, which marketplace participants can then use to fund payments on the network.
Lightning hopes to improve capital allocations, a common problem on the network since node operators often do not have an easy way to determine where outbound liquidity should be allocated, explains
The network hopes to reduce costs and speed for payment processing by moving these payments into a distinct layer of software that resides on the underlying bitcoin software.
Crypto debit
Bitcoin marketplace Paxful and crypto fintech Ternio have teamed to issue a crypto-supporting debit card.
Both a plastic and virtual card will be initially available in the U.S. and will enable users to convert cryptocurrency to U.S. dollars, execute payments, obtain a checking account and withdraw cash from ATMs.
Like many cryptocurrency cards or payment products, there is a conversion to traditional currency before any transaction, though that does create a large addressable market. Paxful estimates more than 45 million merchants and ATMs will support its debit card.
From the web
REUTERS | Tuesday, November 3, 2020
China's Ant Group is expected to double its market value on debut, as unmet demand from mom-and-pop investors and an impending inclusion in major global indexes could offset worries about tighter regulations, fund managers said.
REUTERS | Tuesday, November 3, 2020
Microsoft Corp said on Tuesday it has linked up with Ant Group-backed Indonesian startup Bukalapak and will invest in the e-commerce platform.
THE WALL STREET JOURNAL | Monday, November 2, 2020
Walmart Inc. has ended its effort to use roving robots in store aisles to keep track of its inventory, reversing a yearslong push to automate the task with the hulking machines after finding during the coronavirus pandemic that humans can help get similar results.
More from PaymentsSource
States have led the way on fintech rules, but a Democratic-led government would take a stronger role, says DailyPay's Matthew Kopko.
In a major break from the Payment Card Industry security standards playbook, merchants and service providers using newer technologies would have the opportunity to rewrite network operation and testing procedures when achieving compliance.
Reflecting the rapid transition to digital payments, PayPal has reported its strongest growth in total payment volume and revenue in its history, coupled with strong growth for Venmo, its P2P app.
Refinitiv, a global risk intelligence firm, has agreed to buy Giact, a company founded by a brother and sister team in Allen, Texas, in 2004 to enhance payment fraud protection and identity verification for banks and corporations.
The Zelle person-to-person network is being used more often for purchasing, with consumer payments to small businesses up 30% from the prior quarter.
The posture of the information security culture is definitely reflected in the sector’s well-oiled communication channels. As cyberthreats constantly and rapidly evolve, it is crucial that effective communication processes are implemented. This allows employees to receive accurate and relevant information with ease, having an impact on the organization’s ability to prevent and respond to a security breach.
Businesses are looking for banks to help them shed paper and automate transactions, says FISPAN's Clayton Weir.
As the pandemic and economic downturn take their toll on consumer spending, the card companies are relying on scale, partnerships and subsidiaries to turn consulting, security and fast technology deployment into new and sustainable revenue streams.
The general game plan for the past few years for money-transfer businesses has been to transform from a traditional walk-in-storefront model to an online and mobile-driven operation.
