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Remarkable Claim by Libra Developers: 7x Faster Than Visa

The developers of Facebook’s digital currency Libra project made an interesting claim by publishing an article. Accordingly, Facebook’s payment system will be 7 times faster than Visa-based payment systems. If the claim in the project, which is still under development, is realized, this may give Libra a big increase in the future.

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10 Ways Fintech, Payments Are on the Ballot in the 2020 House Election

10 Ways Fintech, Payments Are on the Ballot in the 2020 House Election

As the House of Representatives enters the 2020 election season, the outcome stands to encourage or rein in a group of technology companies that are encroaching deeper into financial services.

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Mastercard Post-Pandemic Views on Contactless Payments, Technology and Future Threats

Mastercard Post-Pandemic Views on Contactless Payments, Technology and Future Threats

Mastercard’s Mohamed Abdelsadek on contactless payments, technology and future threats Market trends related to COVID-19 have shifted the dynamics of retail payment security, both online and in-store.

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Digital Wallet User Base to Increase to 4B by 2024

EXPANSION The report forecasts mobile payments will drive non-cash transaction growth The number of digital wallet users globally will increase from 2.3bn in 2019 to 4bn in 2024 and global non-cash transactions will grow to nearly 1.1tn in 2023 from 708.5bn in 2019, according to the World Payments Report 2020.

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Industry

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Financial Services Sector Paves Way for Rebounding Economy

Businesses have been burdened with innumerable headwinds driven by the COVID-19 pandemic. The surge in cases caused demand slumps not seen in decades, as policymakers were forced to compromise between public health and business activities.

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Create Inclusive Digital Banking Experiences for Diverse, Multi-Generational Customers

In 1978, a blizzard hit New York City and closed the banks for four days. New Yorkers who needed cash to buy gas and groceries on that long, snowy weekend turned to technology they had previously ignored: automated teller machines. For more than a decade, customers who preferred to do their banking with real people […]

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From ATMs to Smartphones — How Digital Banking Has Evolved

It’s hard to believe there was a time when consumers couldn’t access their bank account from a smartphone or even their laptop. But as recently as the 1980s, what’s commonly referred to today as digital banking was quite a different story.

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Fintechs Should Sell Financial Health, Not Financial Services

New Technology For A New Financial Sector In the UK, last year’s report on “Consumer Priorities for Open Banking” by Faith Reynolds and Mark Chidley (which is, by the way, an excellent piece of work and well worth reading) set out just why it is that open banking by itself delivers quite limited benefits for […]

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Regional

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The Latest Data Says Americans Aren’t Coming Back to the Bank. What Does That Mean for Digital Banking?

Before the pandemic, the banking industry had largely embraced digital offerings. Many American consumers have become accustomed to quickly depositing a check by simply taking a picture or transferring funds with the click of a button.

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US Politicians Weigh Response to OCC Payments Charters

With financial technology firms growing fast and big tech outfits increasingly moving into the FS sector, a senior US politician has warned about the risks of “too-big-to-fail” fintechs.

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Facebook Launches Accounts Center to Better Connect Its Cross-Data and Payment Systems

As it looks to make a bigger shift into eCommerce, Facebook is also working to streamline its payments processes, in order to make it as easy as possible for users on both Facebook and Instagram to quickly make purchases based on posts and ads in each app.

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Airwallex Launches Card Payment Acceptance in the UK and Europe

Airwallex Launches Card Payment Acceptance in the UK and Europe

Global fintech leader Airwallex has launched its card payment acceptance solution in the United Kingdom and Europe allowing merchants to accept card payments around the world seamlessly and securely. The solution will initially support Visa and Mastercard card payments, with more payment methods planned.

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Regulatory

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How eCommerce Payments Providers Sniff Out Money Launderers

Online retail has exploded in popularity over the past 20 years, with online giants like Amazon, eBay and big-box retailers’ marketplaces becoming consumers’ go-to alternatives to brick-and-mortar merchants. The eCommerce industry is expected to generate $4.

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Apple, Amazon, Facebook and Google Slam Congressional Report Calling for Break-Ups

Apple, Amazon, Facebook and Google Slam Congressional Report Calling for Break-Ups

The country’s four largest tech firms wasted no time pushing back on a congressional antitrust report that suggested Amazon, Apple, Facebook and Google have become too powerful and might need to be broken up.

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Amazon One: Palm Scanner Launched for ‘Secure’ Payments

Amazon One: Palm Scanner Launched for ‘Secure’ Payments

Amazon has announced a new payment system for real-world shops which uses a simple wave of the hand. Its new Amazon One scanner registers an image of the user’s palm, letting them pay by hovering their hand in mid-air “for about a second or so”, it says. The product will be trialled at two of […]

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5 Ways COVID-19 Changed the Nature of Payments Fraud

As many businesses and consumers have been forced to deal with the difficult conditions thrust upon them by the COVID-19 pandemic, so too have fraudsters needed to make adjustments just to continue their life of crime. Given that the nature of fraud activities has been evolving during the crisis, not all of the changes are […]

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