Payments

This week in global news: Canada cuts Visa and Mastercard fees; PhonePe draws new funding, and more.

The success of central bank digital currencies will be directly tied to their usability — by both individuals and businesses.

The product, designed for wealth management customers, is the first in the U.S. to implement Mastercard's Touch Card, which helps people distinguish credit, debit and prepaid cards through a notch on the card's edge.

To demonstrate the value of a central bank digital currency to small businesses, the U.S. card network is using Brazil's Real Digital to cut costs for local growers.

The Cincinnati, Ohio, bank targeted Rize Money due to its "ease of accessibility," according to Fifth Third's head of wholesale payments. The acquisition comes as the $205 billion-asset bank has seen wealth and asset management revenue decline in recent years.

A processing rail that's always turned on can potentially help a credit union that's multiple time zones away from partners, or a community bank looking to automate payroll.