On The Web

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Systems

China’s Much-Hyped Digital Yuan Fails to Impress Early Users

May 11 2021

• in
• Central bank digital currencies (CBDC)

“In Shenzhen, the high-tech metropolis that just extended China’s largest digital yuan trial, participants interviewed by Bloomberg showed little interest in switching from mobile payment systems run by Ant Group Co. and Tencent Holdings Ltd. that have already replaced cash in much of the country. Some balked at the possibility a digital yuan might give […]

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Systems

Credit-Card Debt Keeps Falling. Banks Are On Edge.

May 11 2021

• in
• Cards

“Americans are paying down their credit-card debt at levels not seen in years. That is good news for everyone but credit-card issuers. Large card issuers that cater to borrowers ranging from the affluent to the subprime say that overall card balances—and thus the firms’ interest income—are falling. To make up for it, issuers are spending […]

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Systems

Credit Card Companies Are Bringing Back Huge Points Offers

May 11 2021

• in
• Cards

“A 125,000-point sign-up bonus. Credits for Equinox personal training. An exclusive airport lounge with cold brew on tap. The country’s largest banks are pulling out all the stops to lure customers to take on new credit cards again, after retreating from such deals during the Covid-19 pandemic. Call it the return of the rewards war for […]

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Systems

Israel Central Bank Boosting Preparations for Digital Currency

May 11 2021

• in
• Central bank digital currencies (CBDC)

“Israel’s central bank said on Tuesday it was once again considering issuing a digital shekel that would create a more efficient payments system. The Bank of Israel began to consider the possibility of issuing a central bank digital currency (CBDC) in late 2017 but a year later a team established to study the matter recommended […]

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Systems

Alibaba’s Ant Group Will Let More Users Test China’s Digital Yuan

May 10 2021

• in
• Central bank digital currencies (CBDC)

“Ant Group, an affiliate of Alibaba, is becoming one of the first major privately run businesses to work with China’s digital currency trials. MYbank — an online-only bank in which Ant has a 30% stake — is allowing some users to link their accounts with China’s digital yuan app, state-backed China Securities Journal said Monday. […]

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Companies

Indian Central Bank Refuses to Block Crypto Transactions

May 7 2021

• in
• Cryptocurrencies
• NPCI

“The National Payments Corporation of India (NPCI), a central bank-owned retail payments system, has deferred the issue of whether to allow customers to make and receive payments from cryptocurrency trading to commercial banks, according to the Economic Times . Some bankers apparently had asked the agency to block crypto transactions on its network, the paper […]

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Regulation

SEC Chair Suggests Congress Regulate Crypto Exchanges – CoinDesk

May 7 2021

• in
• Cryptocurrencies

“The $2 trillion cryptocurrency market needs more investor protection in the U.S., including possible regulations for crypto exchanges, Securities and Exchange Commission (SEC) Chairman Gary Gensler said Thursday. In his first public hearing since becoming the head of the federal securities regulator, Gensler said the SEC’s authority is restricted to securities and products or asset […]

On The Wires

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Deals

Nuvei to Acquire Simplex, a Payment Solution Provider to the Cryptocurrency Industry

May 10 2021

• in
• Cryptocurrencies

“Nuvei Corporation (“Nuvei” or the “Company”) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, today announced it has entered into a definitive agreement to acquire SimplexCC Ltd. (“Simplex”), a fintech startup providing the fiat infrastructure to the cryptocurrency industry, for approximately $250 million to be paid in cash. The transaction is […]

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Systems

BillingPlatform and GoCardless Partner to Accelerate Quote-to-Cash Processes and Maximize Cash Flow

May 7 2021

• in
• ACH

“BillingPlatform , the leading global cloud-based monetization and billing solution provider, and GoCardless , a global leader in bank-to-bank payments, today announced a partnership that combines innovative Payment Gateway Framework technology and enhanced ACH debit capabilities – helping to streamline the quote-to-cash processes for businesses so they can get paid more quickly and easily. By […]

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Systems

BitPay Adds Dai Stablecoin and Wrapped Bitcoin (WBTC) As Payment Option for Merchant Processing and Cross-Border Transactions 

May 7 2021

• in
• Digital currencies

“BitPay , the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced the company is adding Dai and WBTC immediately for businesses to accept as a payment option without the need for any integration or enhancements… The ability to transact in Dai is ideal for global businesses and cross border merchants that are […]