This week’s roundup will feature titles on crypto, in-car payments, and banking branch closures. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Mercedes-Benz is joining forces with Mastercard to transform cars into payment devices. [source: Finance Magnates]
The German company is set to become the world’s first carmaker to use Mastercard Secure Card which will facilitate embedded in-car payments. The new technology will use the vehicle’s fingerprint recognition system to make payments at service stations. This is a humongous step towards greater convenience as customers will be able to make payments without having to necessarily exit their car. – Jovi
- Lloyds Banking Group to close 35 more branches, further limiting face-to-face services. [source: Finextra]
As we have already seen so many brick-and-mortar closures this year alone, it is a shame yet unsurprising considering the transformation of digital banking and the cost of living crisis. In efforts to cut costs, banks have been turning to more online services to engage with their customers and manage their money. However, the question stems around whether end consumers are ready for services which are provided mostly, if not wholly, online. For now, the alternative of Banking Hubs and limited branches remain. – Jovi
- Brazil’s central bank calls for tighter regulations in response to the crypto surge. [source: Cointelegraph]
Banco Central do Brasil has noted a significant uplift in the adoption of crypto in the country which has prompted this response. The call for regulation makes complete sense and is essential to ensure safe practice. As we see more alternative payment methods and currencies, it is in the hands of regulators, banks, and bodies to create safe execution to avoid criminal activity and potential threats. . – Jovi
See you next week, back in the blog for your next weekly news roundup.
