The information you need to start your day, from PaymentsSource and around the web:
Ripple vs. SEC
Blockchain company Ripple has responded to the Securities and Exchange Commission's allegation that the XRP token is a security and thus subject to greater regulation.
Ripple alleges XRP is open source and its price correlates with the price of bitcoin and ether, reports
Ripple's feud with the SEC has included threats to move its headquarters out of the U.S. Ripple's blockchain supports other financial services such as streamlining international payments for e-commerce sellers and banks.
DeFi squeeze
The wild market swings linked to
Robinhood last week limited access to digital currencies due to what it called "extraordinary" conditions, a reference to a massive spike on Dogecoin, reports
In the case of Dogecoin, Robinhood's ban could push small crypto investors to decentralized apps, which rely on user-driven rules and don't have the "top down" rulemaking authority of centralized trading services such as Robinhood, CoinGeek explains.
Wirecard fallout
German regulators came under fire following
Pressure on the bank regulator accelerated last week when BaFin reported a staff member was suspected of insider trading just before Wirecard's collapse, reports
Wirecard has since sold off parts of its business to firms such as
In the lobby
An India-focused unit of the U.S. Chamber of Commerce is asking India to refrain from placing greater regulations on Amazon and Walmart that would require more local investment.
Businesses inside India claim Amazon and Walmart's Flipkart have created corporate structures to bypass local rules, reports
From the web
ENGADGET | Monday, February 1, 2021
Last September Amazon introduced a touchless payment system called One that literally reads your palm to authenticate purchases in Amazon’s retail stores. That’s apparently going so well that the company has decided to expand it, at least at its home base in Seattle.
REUTERS | Monday, February 1, 2021
Billionaire Elon Musk said on Monday bitcoin was "on the verge" of being more widely accepted among investors as he expressed his support for the cryptocurrency in a chat on social media app Clubhouse that drew thousands of listeners.
REUTERS | Sunday, January 31, 2021
Southeast Asian ride-hailing and food delivery giant Grab has raised $2 billion from its first term loan, in what it said was the largest institutional debt in Asia's technology sector, as the company expands its regional services.
More from PaymentsSource
Ireland is one of the few European countries without a domestic real-time bank transfer scheme, and the fintechs are rushing to fill that gap.
Traditional methods have been around a long time and don't meet the current needs of a fintech-heavy market, says Akoya's Stuart Rubinstein.
With the ongoing coronavirus pandemic prompting more consumers to use contactless payments, the U.K.’s banks have seen an opportunity to argue for a substantial increase to the current contactless payments limit, a move which could majorly benefit the biometrics payments industry.
Synchrony Financial said that it expects credit card loan volumes and bad credits to rise in the second half of the year, assuming that the pandemic recedes and an economic recovery ensues.
City National Bank is working with the fintech startup Extend to further boost contactless payments at the point of sale for business employees through the launch of a virtual Visa commercial credit card.
American Express told employees they can keep working from home through the U.S. Labor Day holiday in September as New York City continues its slow distribution of coronavirus vaccines.
Visa wants to take part in the rampant development of stablecoins and central bank digital currencies, and the card brand spent a chunk of its earnings call making its pitch.
Continuity and speed are just two benefits of payment automation, says VPay's Elisa Logan.
E-commerce and services diversification have been a lifeline for credit card companies during the pandemic, enough to make up a substantial portion of Mastercard's business.
Walmart’s warehouse unit Sam’s Club is introducing digital features and new rewards tiers to modernize its Synchrony-issued Mastercard.
