Latest Fintech news in October, which you need to follow

November 9, 2020

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Latest Fintech news in October, which you need to follow

November 9, 2020
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In the developing digital era the phrase of Nathan Rothschild “Who owns the information, he owns the world” – should be  the motto of every business leader. The last couple of weeks in the Fintech sphere were quite eventful. To stay in the loop for the latest fintech news, read our reviews about the most important events.

Amazon announced the palm payment technology

Amazon is well-known in the world as an E-commerce giant. The company has recently unveiled a new payment technology, which will allow users to pay for products with their palm. The idea is based on the fact that every person has a unique palm signature. To sign-up to this service users will have to put banking card information in the app and then hover their palm over the device. The technology was created for Amazon Go stores, where customers now have to use a special code sent to their phone upon the entrance. However, Amazon also mentioned the possibility of selling the technology to other companies as well.

SWIFT is moving into the low-value consumer payments market

Interbank messaging network Swift is about to move into the low-value remittance market, which will allow consumers and SMEs to benefit from predictable payments. Customers and SMEs will know costs and processing times before the transaction is made. Transfers will be faster and more transparent, since the status will be available for both participants of the process, who  are  sending and receiving the money. At the end of September, the first successful transfers were made between the following banks: Bank of China, Barclays, BNP Paribas, BNY Mellon, Deutsche Bank, KEB Hana Bank, MYbank, National Australia Bank, SMBC, Standard Bank, StoneX, UniCredit and Wells Fargo. Near the end of October, seven more banks will join the testing phase: Banca Intesa, BBVA, DNB, HSBC, Sberbank of Russia, Societe Generale and Standard Chartered.

Visa is going to make tap to phone payment solutions available in APAC

Tap to phone payment solution allows sellers to accept Visa contactless payments directly on their own smartphones with NFC. This is a great solution for small businesses, which can save money on purchase and maintanance of POS terminals. YouGov conducted a study between the 16th and the 20th of July 2020, which stated that the main interest to this technology was expressed in Malaysia (64%), followed by Taiwan (62%), Hong Kong (62%), and India (55%). Generally, 55% of respondents answered that they would likely use this payment solution even if it would not be widely available in all regions. Today Tap to phone payment solution is already available in Malaysia and India. In the nearest future it will be launched in other Asia Pacific markets.

Possible creation of a digital euro

ECB conducted a public consultation on the possible creation of a digital euro. In 2020 people started to make more online payments. At the same time the number of cash payments has decreased significantly. In this situation all the central banks in the euro zone may be forced to create their own cryptocurrency.

“Europeans are increasingly turning to digital in the ways they spend, save and invest. Our role is to secure trust in money. This means making sure the euro is fit for the digital age. We should be prepared to issue a digital euro, should the need arise.”, - says Christine Lagarde, ECB president.

Experts from the ECB and 19 national central banks will discuss the possible future steps and decisions regarding the digital euro on the 12th of October at a public forum.

As you can see, the main tendency is moving towards more digital-oriented and transparent payments, which can make the process easier for customers. One of the solutions you can implement right now is online payment processing on your website. You can send an application on our website and get a free consultation from the UniversePay team.

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