This week’s roundup will feature titles on digital currency, investment in stocks and cash protection. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Mastercard has unveiled a tool to help financial institutions set up international payments in more than 60 currencies. The international payment tool will deliver cross-border payments to places which cover 90% of the world’s population. [source: Finextra]
Cross-border payments have been complex and costly for numerous years. Mastercard’s efforts to create a simplified corridor to facilitate international payments to consumers and SMEs, irrespective of size and scale. Today’s consumers seek flexibility in how they pay, and they want it to be convenient, fast, and reliable which will be achieved through this tool if it all goes smoothly. – Jovi
- Visa has partnered with PayPal and Venmo to trial Visa+, which will support interoperability between person-to-person payment apps. Users in the US will be able to set up payment addresses linked to their accounts and send money between the two. [source: Fintech Futures]
The collaboration is a clear image of financial providers seeking new ways to break down barriers to promote seamless movement of money. If the app is successful, it will bring users a connected, easy way to manage the digital movement of money for themselves and between their friends and family. In today’s age, customers are seeking simplicity, convenience, transparency and reliability. If the payment giant, Visa is successful, this could be a game changer in removing payment frictions.. – Jovi
- The G7 is set to discuss digital currency standards and crypto regulations. The plans will also consider how to help developing countries introduce central bank digital currencies that are consistent with the appropriate international standards. [source: Reuters]
The efforts of the G7 will be valuable to address the concerns the global community face around digital currencies. Perhaps the creation of a global standard which can be implemented will ensure the right governance, but a key to this process will be continued transparency. Additionally, the focus on driving support towards developing countries is essential to close the financial gap and create better financial inclusion at a global scale. – Jovi
See you next week, back in the blog for your next weekly news roundup.
