“There is a “decentralisation illusion” in DeFi since the need for governance makes some level of centralisation inevitable and structural aspects of the system lead to a concentration of power. If DeFi were to become widespread, its vulnerabilities might undermine financial stability. These can be severe because of high leverage, liquidity mismatches, built-in interconnectedness and the lack of shock absorbers such as banks.”

“Now is the time for governments to be promoting and employing mobile-based tools to assist families and businesses harmed by the pandemic. From mobile passports to re-admittance into normal life to mobile payment methods, mobile technology could be our best weapon in the fight against coronavirus. Delivering stimulus funds via mobile payments will help more people get stimulus funds faster, and may help spur adoption of mobile payment systems and reduce the unbanked percent of the U.S. population.”

“I guess everyone in the industry is asking themselves the same questions: How is the industry going to be impacted by the Coronavirus? Even if the industry was very resilient through the 2007-2008 financial crisis and the effects on the volume of operations were not as acute compared to other industries (and other financial sectors), we will probably see a decrease in volume of operations in most markets.”

“The cryptocurrency enthusiasts are at it again, with a new name and even more ambitious goals than before: now they want a “national digital currency.” Hurry! The Chinese will beat us to it, and we’ll be left behind! Somehow, no one in the debate acknowledges the obvious fact that we already HAVE a national digital currency. It’s fast, cheap and secure! It has no issue with regulators, and it’s accepted everywhere. Who knew? It’s called … the US dollar.”

“Only about half of millennials believe their bank’s mobile app is secure. While less than half of baby boomers have faith in mobile banking security, the majority are still “app-rehensive’” to begin using mobile banking, payment and financial services platforms. By taking steps to improve the security of their apps, and informing consumers about how these measures protect confidential data from cybercriminals, companies can inspire consumers to become loyal customers who use their apps more frequently.”

“Many ‘decade ahead’ predictions prove unreliable. And Deutsche Bank admits this special edition of Konzept cannot be a perfect crystal ball. Regardless, the bank presents 24 contrarian ideas for how the 2020s may evolve because they believe it is best to be prepared for the unexpected themes that may arise over the coming decade. „After all, if the 2010s have taught us anything it is that the trends of the prior decade are no guide for the decade to come.”, the researcher analysts of Deutsche Bank said.”

“So the next time one of your friends is feeling sad—this should only take 30 minutes or so—try sending them a little treat in the form of a small-sum Venmo. They’ll feel good. You’ll feel good. And when we’re all feeling good, that’s when we rally together, high off selflessness or selfishness or some blend of both, and realize we’re a self-contained economy that circulates the same five dollars!”

“Technological progress has created a situation of severe tension and incompatibility between the right to privacy and the extensive data pooling on which the digital economy is based. This development requires new thinking about the substance of that right.”

“The implementation of instant payment schemes like EBA Clearing’s RT1 and new Request to Pay (R2P) initiatives will help banks compete with global technology firms and fintechs, according to a panel on day two of Sibos 2019 in London.”

“We’re living in an interesting time for payments, with consumer and business behaviours shifting right in front of us. My predictions for the next three to five years is that card payment volume will continue to drop. Account payments on the other hand will rise, and consumers will find one mobile app to manage their finances. Banks – start preparing.”

“The influence of the US dollar has been felt for over a century. A looming recession in the United States economy is sending jitters around the world. In his latest comments at the Economic Policy Symposium, the Bank of England governor Mark Carney believes that a central bank-backed digital currency could displace the US dollar as the domineering currency in the world.”

“The best prospects for Uber financial services aren’t the firm’s customers–it’s their drivers. According to one survey , a little more than half of rideshare drivers are 30 to 49 years old, and a third are either African-American or of Hispanic heritage. Another survey found that nearly four in ten Uber drivers rely on the rideshare service for the bulk of their income. In addition, almost half (47%) of drivers have not purchased rideshare insurance. This is the bulls eye of Uber’s financial service target market: The older Millennial/Gen X, non-white driver who relies on the service for his income, with unmet insurance (and very likely) borrowing needs.”

“On the surface, the move to a cashless society may seem like a win-win situation. However, the only clear winner would be the federal government. In a cashless environ­ment, money laundering and tax evasion would become much more difficult. For brands and consumers, the change is less clear.”

“Visa ( V ) is launching a new service, Visa B2B Connect, to facilitate cross-border business to business transfers. The service launched on June 11th connecting 30 global trade corridors . The service uses a distributed ledger system to enhance transparency and decrease the likelihood of fraud. There exists a significant opportunity for growth in this area, with the global B2B cross-border payment industry taking in $127 billion in revenue in 2017 . Visa’s brand and expertise in the payment industry should help aid its expansion into this payment area and the greater efficiency offered by their system should help attract customers.”

“Facebook Inc. says its mission is to “bring the world closer together.” Its plans to launch a digital currency called Libra have succeeded in uniting central bankers and financial regulators from around the globe, along with U.S. President Donald Trump and his Democratic opponents in Congress. They’re dubious about the idea, at best. But Facebook isn’t alone in pursuing what is known as a “stable coin,” a form of cryptocurrency that so far has proved far more boring than, say Bitcoin. While some regulators are reacting to the idea that Facebook could leverage its 2 billion users to create a de facto global currency, other industry analysts wonder whether stable coins like Libra will find any widespread use at all.”

“As the post-Brexit outlook continues to remain uncertain, it is difficult to predict the precise impact on the UK financial sector. There’s no denying that the uncertainty in any form makes short term and long-term operations trickier. To that end, being prepared, agile and remaining positive is more important than ever in these unprecedented times.”