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Technology

Wells Fargo to Pilot Dollar-Linked Crypto for Internal Settlement

U.S.-based financial giant Wells Fargo is developing a U.S. dollar-linked cryptocurrency that will run on the firm’s first blockchain platform. Dubbed Wells Fargo Digital Cash, the stablecoin will be used in a pilot initially for internal settlement across the company’s business.

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Virtual Cards for Business Payments: What’s the Hold Up?

From workforce expenses to high value transactions between buyers and suppliers, the market that supports the initiating and acceptance of card-based business payments is big and growing. According to Mastercard, Visa and American Express, commercial card payments hit a five year high of US 2 trillion[1] in 2018.

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Chase Outmaneuvers Square

Chase Outmaneuvers Square, Putting Fun Into Fintech

Faster payments is a buzzword in retail banking which typically does not include credit card payments. The movement of money in retail banking usually involves transferring funds from Bank A to Bank B, in a transact…

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Big Tech Is Turning Banks Into Dinosaurs

People still need banking services. But banks? How sustainable are they in 2019? That’s another matter. A traditional piece of banking business business model is going away. Namely, they will no longer make money off of money. Doing so is no longer profitable. High interest rates are gone and they are never coming back.

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Industry

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Banks Risk Losing US$280 Billion in Payments Revenue by 2025, According to Accenture Report

Yet, as digital payments continue to grow, banks can tap into US500 billion opportunity in new payments revenue if they adopt innovative business models NEW YORK, LONDON and HONG KONG; Sept.

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Can Smaller Financial Institutions Win the Mobile Banking Arms Race?

The banking industry continues to struggle with issues around reputation, trust and loyalty, failing to completely recover from pre-crisis issues that have resulted in new competitors and consumer backlash.

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Fintech Partnerships With Banks: Key to the Future of Payments?

As the finance industry grapples with what the next generation of banks and payment systems will look like, it’s clear that partnerships are a linchpin for riding the wave of change successfully, whether you’re a multibillion-dollar traditional bank or a startup looking to bring cutting-edge technology into the mainstream.

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Should You Ditch Your Cash? A Growing Number of Cities Say No Way

CLOSE A credit card machine is shown at Mercedes-Benz Stadium during a tour for the NFL Super Bowl 53 football game Tuesday, Jan. 29, 2019, in Atlanta. During its sponsorship renewal with the NFL through the 2025 season, Visa envisions the first cashless Super Bowl. (AP Photo/David J.

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Regional

Not Only in Beijing…the Chinese Way of Paying Is Rapidly Spreading Around the World

“How would you like to pay for that, sir?” For most of my lifetime, there have been three possible answers to that question: cash, a check, or a plastic card. Go to Beijing, however, and you will see very few payments in those forms.

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Nissan to Build RFID Payments Into All Cars Sold in Brazil

All Nissan vehicles manufactured in Brazil are to come factory-installed with Sem Parar RFID tags, enabling them to be used to make in-vehicle payments for electronic tolls, car parking, fuel and retail transactions – including at McDonald’s drive-thrus across the country.

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1.4 Million Brazilian Point-of-Sale Devices to Support Crypto Payments

Cielo, the largest credit card processing company in Brazil, recently announced support for cryptocurrency payments on its point-of-sale devices.

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Alibaba, Tencent, Five Others to Receive First Chinese Government Cryptocurrency

China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months, according to a former employee of one of the institutions who is now an independent researcher.

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Regulatory

Static Authentication Stands in the Way of Contactless Progress

When it comes to new payment technologies, it’s often difficult to know what consumers are thinking, and banks have a lot on their plates. Aligning a transformation strategy with the desires of consumers is an interesting chart to plot. One thing that’s clear is both banks and consumers have embraced contactless.

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Wake Up, US Federal Reserve! China Just Showed How Digital Currency Is Done

Recently, China’s central bank — People’s Bank of China (PBOC) — surprised the business and crypto world with its plan to launch a central bank-backed digital currency (CBDC). The news came after the announcement of Facebook’s Libra, creating a perception that China is playing catch-up.

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Uber Has Surveyed Some Drivers on Small Loans, Suggesting Financial Products Are Coming

Back in June Uber went on a hiring spree in New York, hiring at least 100 fintech-oriented tech workers to ostensibly look at creating products to increase loyalty and engagement among users and drivers, including things like banking. Cue a flurry of speculation.

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Venmo Privacy Settings Pose Risk to Users, Watchdogs Say

People who use Venmo to make payments are vulnerable to stalking, snooping, or hacking, due to the company’s default privacy settings, browser developer Mozilla and the digital rights group Electronic Frontier Foundation said Wednesday.

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