And we’re kicking off the week with new details on crypto, money transfer, fintech funding, payment process, debt crisis and more. Dive into the latest fintech insights and have a great start of the week!
How banks can protect customers from impersonation fraud (Fintech Futures)
Impersonation fraud is rising at an alarming rate. TSB recently warned consumers to be on alert for fraudsters pretending to be from banks or organisations and asking for money as impersonation fraud cases have surged by 300% in the last year, according to UK Finance. In my experience, these kinds of scams are devastating for vulnerable customers, as the money is often impossible to recoup once it’s been sent. Read more.
Governments May Restrict Foreign Access to Their CBDCs, Riksbank Official Says (Coindesk)
Not all countries “play nicely” with each other, complicating how central bank digital currencies will interact with other payment systems, said Cecilia Skingsley, first deputy governor at the Swedish central bank. Central bank digital currencies (CBDC) won’t be a “silver bullet” that solves all issues with cross-border payments, according to Cecilia Skingsley, first deputy governor of Sveriges Riksbank, Sweden’s central bank. Read more.
WTH are ZKPs? Making blockchain transactions private (Fintech Futures)
Distributed ledger technology (DLT) underpins many fintech applications, from cryptocurrencies and other digital assets such as non-fungible tokens (NFTs), to central bank digital currencies (CBDCs). Other applications for this nascent technology include dragging opaque and complex supply chains into the light of day, plugging underbanked and financially underserved individuals into the financial ecosystem via digital IDs, retail CBDCs, smart contracts and payment on delivery, P2P transactions, and much, much more. Read more.
Dark Days Ahead For Bitcoin, Claims This Well-Known Analyst (Coinpedia)
Prominent crypto analyst Tone Vays is seen alerting that Bitcoin’s (BTC) current market behavior is not promising. Through his new video, Vays informs his 121,000 Youtube admirers that Bitcoin’s technical index points out that the King currency may be in danger. Tone Vays begins his analysis with weekly candles which he calls a horrific candle. He says that amidst a fresh bottom dip, every little thing is beginning to appear bad. The analyst also feels a fresh weekly low close is really negative. The weekly shift, which is lower than the previous week’s low, is also quite negative. Read more.
The next frontier in global payments goes beyond borders (Fintech Futures)
One of the more interesting innovations within fintech to watch has been the technology that connects consumers to merchants. The use of mobile wallets at point of sale (POS), as well as online and mobile commerce interactions, has skyrocketed as consumer behavior has evolved. The use of super-apps and QR-code-driven payments, especially across Asia and South Asia, has added fuel to this fire in the shift toward digital. In 2021, mobile wallets’ share of global POS transactions exceeded $13 trillion, or 28.6% of global POS transaction value. By 2025, this is expected to rise to 38.6%. But this is just the beginning. Read more.
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