What’s Stellar in Financial Technology

Interesting and innovative stories in #fintech.

Bionym introduced a wearable that uses a heartbeat as a PIN. Says Bionym CEO and founder Karl Martin, “the key thing we are offering here is this concept of persistent trust. The idea that if you are paying with your phone, you are still having to do something to prove who you are, whether it be with a fingerprint or a PIN. By wearing something, it can persistently know who you are, and interactions like payments or unlocking your devices can become completely seamless.”

Ars Technica explores the potential effects of the US’s semi-forced adoption of chip-and-PIN card authentication. “Starting in October 2015, payments received via the old way—via magnetic strip—will not receive any form of fraud prevention, meaning the merchant will have to eat any costs for fraudulent charges. Since lower-budget retailers will need to upgrade their POS tech to comply with this update, they will be far more likely to add in mobile payment compatibility.

In the wake of Apple Pay’s launch, Financial Brand discusses what will be needed to facilitate widespread adoption of mobile finance. “The most promising benefits of Apple Pay, in the context of mobile payment acceptance overall, is that the new Apple offering solves two of the biggest hurdles mobile payments adoption among consumers—lack of interest and security concerns.”

Industry leaders including representatives of Visa and Wells Fargo, discussed the future of Apple Pay at the Money2020. Their predictions included in-app payments:
“Smith from Wells Fargo predicted that consumers will use Apple Pay from a browser first, because that is the way they are used to shopping. The in-app use will be an interesting space in the long term.

Fidor and Kraken announced their partnership to launch a “specialized bank for cryptocurrencies.” Says Kraken’s CEO Jesse Powell, ““We hope that in opening up our relationship and expanding our circle of trust, we’ll see the industry grow, regulators become more comfortable and other banks thaw out.

Michael Ide at ValueWalk theorizes about the future of financial tech. He identifies “the potential of real-time, non-retail payment processing” as an area ripe for expansion

Business Korea argues that “Government regulations are too tight in the sectors with growth potential,” and overly rigid regulations must be lifted for fintech to further advance.+
Thumbnail for Regulations on Fintech Companies Need to be Eliminated

Ali Jiwani of The Royal Bank of Canada’s Payments Innovation Group presents three predications on the future of payments

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