A strategic alliance between PayPal and Google Cloud will soon enable interoperability between different AI systems for the launch of a cryptocurrency payment system.

This initiative is based on incorporating blockchain technology to combine “Google Cloud’s processing power with PayPal’s payment services and cryptographic contracts.”

The goal is to optimize the user experience in e-commerce, “facilitating secure, traceable transactions tailored to each customer’s profile.”

According to both platforms, the integration of services such as PayPal’s Hyperwallet and Payouts within key Google products, from Google Play to Google Cloud, is planned, facilitating native access to cryptocurrency payments for millions of users without relying on third parties.

M.Pino

Source: iproup

(Reference image source: Brett Jordan on Unsplash)

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La entrada PayPal and Google Cloud join forces to launch cryptocurrency and AI payment solution apareció primero en Bitfinance.

The security and speed offered by the use of stablecoins in payment systems, in addition to the reduction in transaction costs, are among the main motivations for companies like Airbnb, X, Google, and Apple to want to integrate them into their protocols.

According to Fortune magazine, these companies, along with others like Meta and Uber, are already in talks with companies in the cryptocurrency sector to explore ways to incorporate stablecoins into their payment systems.

If these digital currencies are used in payment methods by companies like Apple or Google, the impact will be felt not only internally but throughout the entire digital economy, as “by combining Blockchain technologies with mass-market platforms, the door is opened to faster, more transparent, and more accessible financial solutions, especially for regions where the traditional banking system has limitations,” according to analysts.

M.Pino

Source: diariobitcoin

(Reference image source: CoinWire Japan on Unsplash)

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La entrada Tech companies could soon include stablecoins as a payment tools apareció primero en Bitfinance.

Visa CEO Ryan McInerney introduced the revolutionary payment modality called Tap to P2P during Wednesday’s Visa Payments Forum event in California.

This is a mechanism that turns every smartphone into a digital payment device. User authentication is carried out by simply placing the plastic card on the smartphone screen. The transaction does not request user data, nor is a text message or email sent, nor is communication with the bank requested.

This payment method, which translates into “Tap to pay, Tap to confirm, Tap to add card and Tap to P2P”, further facilitates transactions in stores but also allows the sending of remittances safely and quickly, as Eduardo clarified. Coello, regional president of Visa for Latin America and the Caribbean.

The executive also highlighted payment using biometric data (Visa Payment Passkey), since the client or user does not need to type anything on their phone or show a debit or credit card to carry out the required transaction.

Changes in payments have been rapid in recent years. The companies involved now have the assistance of Artificial Intelligence to speed up transactions, provide security to users and design practically personalized offers.

M.Pino

With information from national and international media, Visa and social networks

(Reference image source: @ftr_investors, X)

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La entrada Visa announced Tap to P2P payment method apareció primero en Bitfinance.

In a statement issued after the XLI Meeting of Presidents of Central Banks of South America, held in Quito, the Central Bank of Ecuador reported that digital payments in the South American region experienced an impressive growth of 84 % in the annual volume of retail transactions between 2018 and 2022.

During this meeting, the monetary authorities of the region discussed various economic issues, including the impact of the United States monetary policy in South America, the role of central banks in the innovation of payment systems, the estimation of the interest rate neutral and the determining factors of inflation at a global, sectoral and local level.

One of the highlights was the crucial role of payment systems in the region during and after the Covid-19 pandemic. South American central banks have been promoting initiatives to advance regulation and innovation in this field, promoting the creation of instant payment platforms, greater interoperability between participants in the payments’ ecosystem, and financial inclusion.

In addition, the importance of estimating the neutral interest rate and its impact on the economic variables of the countries was discussed, with emphasis on the uncertainty in its estimation and structural changes. The inflationary dynamics in the region were also analyzed, highlighting the influence of local factors in Latin American countries.

Representatives from Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay participated in the meeting and agreed to convene the XLII Meeting in Colombia in the second half of 2024.

In the next edition, research on payment systems and cross-border payments will be delved into, methods for estimating potential gross domestic product in the region will be analyzed, and the determinants of inflation in the region will be explored, with contributions from different central banks.

K. Tovar

Source: Bancaynegocios

(Reference image source: Unsplash+)

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La entrada Digital payments in South America have grown considerably since 2018 apareció primero en Bitfinance.

Panama advances on its way to regulate the use of cryptocurrencies in the country. The Legislative Assembly approved the cryptocurrency bill, which regulates the “commercialization and use of crypto assets, the issuance of digital value, the tokenization of precious metals and other assets, payment systems and other provisions.”

The next step is for the president of the country to endorse and authorize the execution of the law so that it comes into force and citizens can purchase their goods and services daily, if they wish, with cryptocurrencies.

Deputy Gabriel Silva stressed that with the entry into force of the law, it will allow the “Central American country to become a center of innovation and technology in Latin America.” He also pointed out that 50 % of the population is not banked and the cryptocurrency law will help them to write off their assets.

Payment of taxes with cryptocurrencies

The Panamanian cryptocurrency law differs mainly from the one approved in El Salvador because in Panama the acceptance of crypto depends on the desire of the merchant, while in El Salvador the law maintains that “a business must accept Bitcoin if it has the technological means to do so”.

“Today I can go pay something to a merchant, and if the merchant wants to accept crypto, it is allowed, it is legal. Until today, that did not exist in Panama, we are making it a reality,” Silva said.

On the other hand, the bill approved by the Assembly contemplates that you validate as a form of payment “for any civil or commercial legal operation, including the payment of taxes, fees and rights to the government.”

The cryptocurrencies contemplated by the law as a form of payment are: bitcoin, ethereum, XRP, Algorand, Stellar and others that will be published soon.

M. Rodríguez

Source: decrypt.co

La entrada Legislative Assembly of Panama sanctions cryptocurrency law apareció primero en Bitfinance.

The South Korean Legislation and Justice Parliamentary Commission plans to approve the reforms to the Telecommunications Companies Law, which includes aspects related to the collection of commissions. Companies like Google and Apple will not be able to require software developers to use their payment systems, no longer getting commissions for “in-app purchases”.

If the commission approves the legislative reform on Tuesday, also known as the “anti-Google law”, it will be submitted to a final vote next Wednesday and those would be the first restrictions that technology companies would face by one of the strongest economies globally.

The law is focused on “application store operators with dominant positions in the market”, and parliamentarians, since mid-2020, have been pushing “the question of the structure of commission charges.”

If it becomes law, developers will have different options and will be able to select which independent payment systems they want to use.

Worldwide, both Google and Apple have received criticism and harsh criticism for demanding that developers use the payment systems of their companies, which charge up to 30 % commission for each of the purchases made.

Kwon Se-hwa, CEO of the Korea Internet Corporation Association, a non-profit group representing Korean technology companies, noted in the case of game applications, “Google has forced application developers to use its own payment system (…) and wants to extend its policy to other applications such as music or cartoons.”

Other nations are also managing legal aspects that allow them to put limits on the world’s technology companies, this is how in 2020 the European Union proposed the Digital Markets Law, which also aims to reduce the “commissions of the application stores”. However, some lawmakers want to “toughen it up to specifically target America’s tech giants.”

In the United States, three bipartisan deputies presented a project “that would stop the application stores of companies that, according to them, exercise too much control of the market, including Apple and Google.”

M. Rodríguez

Source: lanación.com

La entrada South Korea to impose restrictions on Google and Apple apareció primero en Bitfinance.

Every day there are numerous users who join the social payment network Digo. Around 150 and 200 clients per day are part of the platform, which is developing functions and possibilities that not only allow having multiple payment systems, but also to solve people everyday problems.

With the vision of maintaining the growth of the digital payments ecosystem, Digo reaches the Venezuelan market with the intention of offering accessible, safe and very user-friendly proposals for different types of users, designed through “in house” to meet the needs specific users of the Caribbean country.

Julio Mier y Terán, executive president of ‘Digo Pago Sistemas’, assured that Venezuela is gradually adjusting to digital transactions, a will that has resulted from both the economic agents and the National Executive in promoting the country to this global trend from which you should not move away.

Among the benefits that Digo offers are: developing solutions to instantly pay for consumption in stores; manage expenses through accounts for natural and legal persons; manage treasury and financial services in companies; pay public services; cancel sales with delivery on social networks; and now it is developing a mechanism to pay for public transport without plastic, but through a “digital card with a QR code.”

“Our QR codes have a user experience enabler to make it easier. When a user goes to pay in a store, the code is scanned and the funds are transferred immediately, not as in bank transfers that involve a 24-hour wait, so there is no compensation process; everything is instantaneous”, as Mier y Terán assured.

K. Villarroel

Source: bancaynegocios

La entrada The Digo payment network adapts to the reality of Venezuela apareció primero en Bitfinance.