Payments News

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Systems

For FedNow, a Lot More Questions Than Answers

“Two Fed officials fielded questions about those topics and more during a 90-minute Fed-sponsored webinar last month. Much of what was discussed wasn’t new, but some new factoids emerged as well as identification of issues that will be getting much more attention as the service develops (“The New Reality in Real-Time Payments,” September). For example, […]
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Global

Nigeria Is Finally Turning to Telcos to Drive Financial Inclusion Through Mobile Money

“The regulatory caution and conservatism often blamed for holding Nigeria back finally looks set to change with the central bank reversing a longstanding stance on declining to issue mobile money licenses to telecoms operators. In the wake of the central bank’s change in tack, MTN, Nigeria’s largest telecoms operator, with more than 60 million customers, […]
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Companies

The Ties That Bind Facebook’s Libra

“As one member among many, Facebook’s role in governance of the association will be equal to that of its peers,” Marcus continued. “Facebook will have only one vote and will not be in a position to control the wholly independent organization.” But a WIRED analysis finds that 15 of the 27 founding members of the […]
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Systems

Portugal Cautious About Risks Posed by Facebook’s Libra

“Portugal’s Secretary of State for Finance raised concerns about Facebook’s digital currency Libra on Friday, stating that it should not circulate until the risks it could pose for the financial system are addressed. “It is clear from the outset that it is a high-risk phenomenon with systemic implications,” Ricardo Mourinho Felix said at a conference. […]
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Systems

Facebook’s Libra Association Crumbling As Mastercard, Stripe, and EBay Exit

“Mastercard, eBay, and Stripe have all withdrawn from the Libra Association, dealing a major blow to Facebook’s plans for a distributed, global cryptocurrency. The withdrawals were first reported by the Financial Times and Bloomberg . Mastercard, eBay, and Stripe backed out just one week after PayPal (eBay’s former parent company) withdrew from the association . […]
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Systems

Facebook’s Payments Strategy Isn’t Libra, It’s WhatsApp

“In spite—or perhaps because of—the deluge of Libra criticism, Facebook CEO Mark Zuckerberg is poised to testify about the cryptocurrency next week before the US House Financial Services Committee. But while his testimony is expected to focus on Libra and provide a defense of the newly-formed association, lawmakers would be wise to delve into Facebook’s […]
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Systems

Libra’s Ranks Shrink Again As Crypto Group Appoints a Board

“On Monday, the remaining members of the Libra Association held their first meeting in Geneva. If they were in search of clarity, they appeared to gain little. The association said it had agreed on an “interim” articles of association. The document is light on details, apart from the basic mechanics of how the group will […]
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Systems

The Best Thing About Libra Is Often Overlooked—and Its Creators Explain Why

“Distributed governance is there precisely to make it easier for multiple firms and organizations to participate and engage in the Libra network, which in turn will create more choices for consumers. Without distributed governance, organizations and individuals might be less willing to build on the same platform, reinforcing the fragmentation in payment services we see today. The Libra network is modeled […]