This week’s roundup will feature titles on Monzo bank, PayPal’s new Cryptocurrencies Hub, and AI-powered tools. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Neobank, Monzo, ranks as the UK’s best bank for personal and business accounts according to The Competition and Markets Authority survey. [source: Finextra]
Monzo was one of the more well-known neobanks to enter the scene and showcase the advantages of technology. Rapidly becoming a preferred method for banking, particularly among tech-savvy generations of millennials and Gen-Z, neobanks prevail because of their minimal requirements, affordability, and lower interest rates, and transactional costs. Surveys like the CMA’s show financial institutions clear trends for what end-users are looking for in banking experiences. – Jovi
- PayPal has launched the Cryptocurrencies Hub for select users to sell and purchase cryptocurrencies. [source: The Paypers]
Having recently launched their stablecoin which is backed by the dollar, PayPal is continuing to soar with the launch of Cryptocurrencies Hub. Features include allowing users to sell, buy, hold, and interact with cryptocurrencies stored in their PayPal account. The rules around accepting cryptos into the account are thorough and so users should be clear before engaging with the Hub, in efforts to prevent loss of funds. Cryptocurrencies hold great potential for financial inclusivity and engagement at a global scale, whilst eliminating the need for third parties which bear additional costs. – Jovi
- The Reserve Bank of India has launched plans to add AI-powered conversational payments to the country’s UPI system. [source: Finextra]
Unified Payments Interface is an instant payments tool developed in India that facilitates the transfer of money between bank accounts. The potential new feature will enable conversational payments – meaning that users can interact with an AI system to initiate and complete transactions. This will not only increase the speed of transactions but the immense learning capabilities of AI technology leaves the future of UPI wide open in the most positive sense. If successfully launched, we can expect to see greater reach of the UPI system and further digital penetration across India. – Jovi
See you next week, back in the blog for your next weekly news roundup.
