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Industry

Think Tank Launches ‘Technical Sandbox’ Exploring United States CBDCs

“A United States think tank has launched a “technical sandbox” aimed at advancing the exploration of a potential United States central bank digital currency (CBDC). In a Wednesday Tweet from Digital Dollar Project (DDP), the organization said the new program would explore “technical and business implementation” questions revolving around a U.S. CBDC. The organization noted […]
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Industry

American Express, Visa, Mastercard Urged to Support Merchant Code for Guns

“Sen. Elizabeth Warren (D-MA) and several other legislators have sent letters to American Express, Mastercard, and Visa, urging them to support creating a new merchant category code for guns and ammunition retailers in the International Organization for Standards (“ISO”) system as a way to end financial system support for “gun trafficking, gun violence, and domestic […]
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Industry

The State of Play in U.S. Faster Payments (U.S. Faster Payments Council)

“Developed by the FPC Network Committee, the State of Play in U.S. Faster Payments industry report provides an update on the market for instant and immediate payments services in the United States, focusing on the various underlying payment networks. The report breaks down features of the networks, from types of transactions processed (credits vs. debits) […]
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Industry

BNPL Users to Hit 900m Globally as Downturn Forces Users to Cheap Credit

“The number of Buy Now Pay Later (BNPL) users will surpass 900 million globally by 2027; increasing from 360 million in 2022. This substantial growth of 157% will be driven by the anticipated economic downturn, which will increase the demand for low-cost credit solutions. BNPL schemes enable consumers to spread the cost of their purchases […]
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Industry

Credit Card Customer Satisfaction Surges, but Spending Wanes Amid Weakening Economy and Growth of Alternative Payment, J.D. Power Finds

“Against a backdrop of rising inflation, a weakening economy and increased competition in the consumer lending space, credit card issuers are experiencing sizable gains in customer satisfaction, trust and Net Promoter Scores©1. However, according to the J.D. Power 2022 U.S. Credit Card Satisfaction Study,SM released today, overall share of spend on a primary card has decreased […]
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Industry

Buy Now, Pay Later Company Agrees to Cease Illegal Loans, Pay Refunds in Settlement

“The DFPI has entered a settlement with Florida-based point-of-sale lender Four Technologies, Inc., in which the company has agreed to stop making loans, pay $2,500 in penalties, get a license, and refund $13,065 in illegal fees.  These refunds represent the fees Four Technologies collected from consumers in transactions the DFPI concluded were illegal loans. Under the settlement, […]
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Industry

What the Federal Government Is Doing About Stablecoins

“Over the weekend of May 7–8, 2022, Terraform Lab’s TerraUSD stablecoin (aka “UST”)—which was one of the top-three largest stablecoins by market share—plummeted to mere pennies from its previous $1 peg.  The damage was done by the following Monday.  Investors had lost over $18 billion invested (aka “locked”) into TerraUSD.  Make that over $40 billion […]
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Industry

Stablecoin Regulatory Gaps Should be Filled as Market Evolves, Coinbase Legal Chief Says

“Stablecoins, which are designed to be pegged to the value of a more “stable” asset, are subject to a string of regulatory gaps that should be filled as the market keeps evolving, Paul Grewal, the chief legal officer of cryptocurrecy exchange Coinbase Global (COIN), said Wednesday during the Philadelphia Federal Reserve Bank’s 2022 fintech conference… For […]
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Industry

Crypto Fraud on the Rise as Consumers Fall for Fake Celebrity Endorsements

“Over the last few months, crypto markets have crumbled. Bitcoin has lost two-thirds of its value since last November, Ethereum’s fallen by three quarters, and others have collapsed altogether. You might think that their plummeting value would make cryptocurrencies less attractive to criminals. However, according to reports from both the UK and the US, the […]
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Industry

Payments Trends: Faster, Larger, and More Secure

“Across all of finance, one of the areas that’s changing most rapidly is settlement of payments. “Banks and startups alike are investing a lot of time and money [into] rethinking payments services and infrastructure, in an effort to improve the efficiency and speed of the network,” says Corning Inc. director of liquidity and investment management […]