Weekly Monoup digest: main updates in fintech industry
Every Friday, we provide a set of truly important industry events to keep you informed about everything that might affect your work tomorrow (or maybe next Monday). Payment sphere constantly brings something new, whether it's exciting innovations or restrictions that you also need to know about.
No time to google the information, and ChatGPT can't handle market analysis? We know, so we've taken on this task. All payments are covered on Monoup website!
Let's dive into the latest fintech news that you don’t want to miss!
Moon Pay joins Crypto Council for Innovation
Moon Pay frequently appears in financial media and has achieved significant results over the past few years, evolving from a simple crypto processor to a major player in the crypto market with some really impressive features.
Joining Crypto Council for Innovation is a significant event for both Moon Pay and the other members. In addition to Moon Pay, organization includes Coinbase, Square, Paradigm, Fidelity, PayPal, Circle, Solana Foundation, and a16z. These companies have united to collectively influence cryptocurrency industry, expand its applications, and engage with regulatory bodies from the business side, ensuring necessary cooperation.
This collaborative approach has proven effective in other industries, as it helps bridge the gap between legislators and businesses, leading to mutually beneficial outcomes.
Visa introduces Tap to Add Card in Ukraine
Visa has announced that starting February 11, its Tap to Add Card feature will be available in Ukraine, simplifying the process of adding a card to electronic wallets like Apple Pay.
Previously, adding a card to a wallet required manually entering all the card details and then confirming the operation. This step often led to errors, even multiple times, causing frustration and dissatisfaction with overall process. Now, users simply need to tap their card against their phone, which reads necessary data from the card's chip. This automatically fills in the card details (number, expiration date, and CVV code).
With this feature, adding a card to any electronic wallet takes just a few seconds, and card can be used immediately after that.
Google pay develops voice payments in India
Google Pay is developing a technology based on artificial intelligence that allows users to manage payments using voice commands. This biometric payment method is particularly relevant in regions with low literacy rates, where population often struggles with access to traditional payment methods.
Voice function simplifies the process so much that any user can handle it. Although Google sees particular potential for this service in India, we expect it may also appear in other countries after a successful launch.
The government is providing comprehensive support for implementation of this idea, as it also believes that functionality will help protect funds and safeguard against fraudsters, which are numerous in the country. Biometric payment confirmation is a trend that is actively developing in other countries as well, in the form of fingerprint scanning, facial recognition, or iris scanning. The shift from two-factor verification via SMS or token to biometrics is expected to become widespread in the nearest future.
Sumsub develops QES Verification for the EU
KYC provider Sumsub has announced the creation of a new service that will make user verification in the European Union faster and more convenient. The service utilizes Qualified Electronic Signatures (QES), which are already used in several countries and fully recognized by EU legislation.
The biometric layer of verification helps eliminate fraud or identity treats during the verification process and allows documents to be signed faster. This is particularly relevant for financial accounts. In the digital era, signing paper documents has become more challenging, as many businesses have fully transitioned to electronic document management, while financial institutions still require paper copies. The reasons for this are clear: every financial institution is concerned about legitimacy of online signatures and wants to maintain security of its ecosystem. Therefore, such a product is necessary for the market, and Sumsub is just excited of this feature.
That's the news for today. For even more updates in the form of short messages, you can read our Telegram channel daily, where we publish all important events in real-time.
