The Week in Fintech
Highlights from the fintech world over the last week
A recent study reveals that 67% of micro-businesses would be more likely to continue business with firms that offer to pay them instantly without being charged any fee.?Currently, most disbursement options can take several days. These delays can be particularly taxing for micro-businesses that have to deal with cash flow issues. According to studies, businesses may be underestimating the importance that consumers and clients place on timely and reliable payments, despite the fact that these payments can help to solidify long-term business ties. They also see instant payments as more of a sweetener than a dealbreaker.?However, the reality is that offering rapid payments would not only provide payees with much-needed immediate funds, but also help the companies build a loyal consumer base.
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With studies suggesting 40% crypto owners' would want to switch their primary bank accounts to ones offering crypto-related services, Visa is set to launch a global crypto advisory service for its clients. With an aim to revive and attract clients, Visa aspires to target financial institutions and customers that are interested in crypto offerings, NFT’s and digital currencies.?Currently, Visa offers services like buying, selling, and custody of digital currency, a credit card that enables clients to earn bitcoin on transactions, and also accepts the USD stablecoin.?This move further signals the move towards the adoption of digital currencies among big financial players, as Mastercard also recently announced the Mastercard Start Path Crypto program, which will support start-ups to further develop decentralised finance.?
Whatsapp is set to allow its users to make crypto payments via its wallet app Novi. With an ongoing trial program, this service is currently restricted to a limited number of people in the United States. Novi bills itself as a "digital wallet" that allows users to send and receive money quickly and securely, as well as move money across borders without incurring costs. When a user adds money to their Novi account, the app converts it to USDP (Pax Dollar) wherein 1 USDP is equal to 1 US dollar. Pax Dollar is a stable cryptocurrency that is linked to the US dollar and was launched in 2018. Such cross-platform collaborations are further expanding the real-time payments landscape and have the potential to increase consumer accessibility.?