Asia-Pacific has a great potential to lead in Blockchain adoption
Putting all the blockchain hype into perspective, if we consider analogous examples of how revolutionary technologies have historically taken root in society – from early adoption to widespread global penetration – blockchain technology can be said to have reached the “early majority” phase. That is, the tech has begun to gain traction and spread exponentially, though we’re still way off from ‘full adoption.’ Even so, with a market size now expected to exceed $16 billion by 2024, we’ll surely witness blockchain changing our world in profound ways over the next decade. The question is how and who will take part in leading. Findings from a Global Market Insights recent report […]
PayPal now lets US users instantly transfer funds to bank accounts in seconds
PayPal, a longtime alternative to the direct use of cards, cash and bank transfers to make payments for goods online and in stores, is today adding a new feature to help it tap into a wider range of customers, such as gig economy workers and use cases — in competition not just against banks (and Zelle, a service that they back), but also younger upstarts like Stripe, Square and others chasing the same business. PayPal is launching Instant Transfer to bank, which will let those receiving money via PayPal instantly move that into their bank accounts to access as cash or however else they would like to use it. The […]
Why to accept Bitcoin as a payment method
By Josh Lehman, Co-Founder of Digital Surge It has been more than a decade since Satoshi Nakamoto published the original Bitcoin whitepaper and single-handedly disrupted our financial landscape, changing the way we send and receive money. Today, Bitcoin is no longer a niche interest of a handful of early adopters but a legitimate payment method that’s accepted by some of the largest companies in the world, including Overstock, Microsoft, Namecheap, ExpressVPN, Shopify, and Newegg, just to name a few. Even though Bitcoin and the entire cryptocurrency space may seem confusing and difficult to get into, the fact is that you don’t need to be an expert to start accepting Bitcoin […]
Afterpay rival PayRight targets larger purchases with $30m funds raised
Australia’s booming, but controversial, buy now, pay later market has another major competitor after fintech firm PayRight raised a total of $30 million to expand its operations, which targets consumers making larger purchases than Afterpay allows. The company has largely flown under the radar in the sector, with $4.7 billion-valued ASX-listed Afterpay its most prominent rival. But PayRight is pitching itself as an option for retailers and service providers of bigger ticket items, rather than smaller impulse buys like clothing. Its funding has been compiled through a mix of debt and equity raisings over the last year led by corporate advisory firm Henslow and wealth manager Escala Partners, with the […]
Verrency extends its global reach with Banco Davivienda partnership to explore payment innovation services in Latin America
Banco Davivienda, one of Colombia’s largest banks, has signed an agreement with global payments innovator Verrency to be a launch partner in Latin America. The deal enables Banco Davivienda to leverage the Verrency platform to rapidly trial and launch new card programs, payment services and fintech partner solutions to its consumers and small business customers.Banco Davivienda joins Verrency’s growing list of financial institution clients recognized as innovation leaders in digital transformation around the world. The list includes banks such as Emirates NBD’s Liv., the fastest growing bank in the UAE targeting millennials through lifestyle-based banking experiences; Volt Bank, Australia’s first independent 100% digital bank; UnionPay, Asia’s largest cards network; an […]
50 person Facebook team plans cryptocurrency payment tech, report says
The purported coin is geared for ordinary money transfers and not investment speculation, according to The New York Times. Ready to send some virtual money to your Facebook friends or WhatsApp contacts so you can split the restaurant bill? Maybe someday you’ll be using a cryptocurrency to do so. Many people in the tech world have soured on cryptocurrencies and their accounting underpinnings, called blockchain. But Facebook remains interested, with a 50 person project underway to build a technology that’ll let members send each other digital money, The New York Times reported Thursday. Cryptocurrencies initially excited fans who wanted a new digital-era payment mechanism, but as the hype increased, investors […]
Australian regulator trials Blockchain to Automate Transaction Reporting
An Australian financial regulator is trialing blockchain technology to automate reporting of cross-border transactions by institutions. ZDNet reported Sunday that the Australian Transaction Reports and Analysis Centre (AUSTRAC) has partnered with the Swinburne University of Technology in Melbourne to build a prototype for the trial. The two partners will specifically examine how blockchain and smart contracts, as well as other technologies, can help entities such as banks to automate reporting of international funds transfer instructions (IFTIs) to the regulator. Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act mandates that institutions or specific categories of individuals involved in a cross-border transfer of funds – including payer, sender and beneficiary institution – must report […]
The Samsung Galaxy S10 has a cryptocurrency wallet built in
Samsung is one of the first major smartphone makers to include a cryptocurrency wallet in its latest flagship Galaxy S10 phones. The wallet lets users store bitcoin, Ethereum, and a beauty-related cryptocurrency called Cosmo Coin. It’s a cold storage wallet, meaning it’s not connected to the internet. The Galaxy S10 phones also support select decentralized apps (“Dapps”). Currently, Samsung’s main Dapp that’s available is called Cosmee, and it lets users earn Cosmo tokens in exchange for leaving beauty reviews in the app. Cosmochain, the South Korean blockchain startup behind Cosmee, describes its app to The Verge as a blockchain-powered beauty review app — the blockchain is supposed to be a […]
