Monoup news digest: main updates from fintech industry
This edition of Monoup News covers the key updates from the fintech industry, as always: plain talk about how they affect your everyday transactions.
Fraud in India is growing alongside the development of payment infrastructure, and instant transactions have become a problem for the state. Speed is the number one priority for most users, but as it turns out, fraudsters take advantage of this feature just as much. Since payments clear in a matter of seconds, users don't have time to react before their funds have already landed in scammers' accounts. To combat this, India is considering introducing a “payment pause,” which we will cover in more detail below.
There are also updates in the European payment landscape, which is actively developing to reclaim dominance in its own market. The Bizum wallet is among the first to roll out new functionality — more on that ahead.
Slow P2P payments — India's answer to fraud
India is considering introducing a 60-minute window for transfers exceeding 10,000 rupees (approximately $108), during which users would be able to cancel a payment.
This measure is aimed at combating active fraudsters who trick victims into sending money to scammers directly. Since the payment clears instantly, user is deceived within minutes and the fraudster goes silent. The idea is that within an hour, the customer would be able to realize they've been scammed and initiate a reversal through an expedited procedure.
The Reserve Bank of India is also proposing the introduction of a “kill switch” — a button that would instantly block everything: UPI, cards, and internet banking. This would help protect a customer's accounts if they have already entered into a dialogue with a fraudster.
In recent years, India has seen an unprecedented rise in fraud involving direct transfers to scammers' accounts. Over the past four years, financial losses have grown more than 40 times — from 5.5 billion rupees in 2021 to nearly 229 billion rupees in 2025. Standard anti-fraud mechanisms are largely ineffective in these cases, since the victims, under the influence of convincing fraudsters, initiate the payments themselves. Their accounts are not hacked, no credentials are stolen — which makes defending against such attacks particularly difficult.
Spain's Bizum launches NFC payments
Starting this May, Bizum is moving beyond its P2P focus to become a full participant in POS terminal payments. To make a payment, users will need to open their banking app or the Bizum Pay app and tap their phone to the terminal, as usual.
The functionality will compete with the already familiar Apple Pay and Google Pay, and merchants are being promised even lower fees in an effort to attract their business.
Bizum has nearly 30 million users — over 60% of Spain's population — and its move into offline payments is part of a broader European strategy to replace American payment methods with homegrown alternatives. The European Union has for years noted its total dependence on American payment systems, and in the current climate of political instability, this could become a serious concern. In anticipation of potential difficulties, the EU is developing a new payment method called WERO, as well as working on integrating existing wallets and alternative payment methods already operating within its territory.
Tether launches its own crypto wallet
The non-custodial tether wallet from Tether will support the company's own tokens: USDT, USAT, XAUT, and Bitcoin. The USDT issuer announced the launch just recently, positioning the wallet as a safe and user-friendly tool for those with no prior experience in cryptocurrency.
For this audience, Tether has adopted a simpler transaction format — payments can be sent using usernames in the format name {@} tether . me instead of entering a full wallet address. This reduces confusion and errors during transactions, lowering the barrier to entry for new users.
In addition, payments will not require users to hold a network currency balance to cover fees — fees are deducted from the balance of the token being used in the transaction itself. This also reduces friction across different networks, as many newcomers find it difficult to track "energy" balances and keep them topped up at all times.
USDC faces a lawsuit, USDT gains new ground
We continue our digest with another interesting story involving Tether, which has announced a new investment in the DeFi protocol Drift. The platform fell victim to a hacking attack earlier this month and suffered serious damage.
The attack caused liquidity problems — Drift token dropped 70% — and resulted in losses for users, as the Drift protocol is used for derivatives trading on the Solana network, with USDC serving as the primary collateral asset.
The hack also had consequences for Circle, issuer of the USDC stablecoin. A number of investors filed a lawsuit against the company, claiming it was inactive during the incident and failed to prevent the withdrawal of some funds through its own infrastructure.
At the same time, Tether moved quickly and offered Drift funds to restore the platform — approximately $150 million — in exchange for switching from USDC to USDT. In doing so, Tether secured an additional transaction flow as well as a new investment direction. As for the consequences for Circle, it remains to be seen — whether the legal proceedings will affect the USDC exchange rate and its market share is too early to judge.
We will continue to follow the situation, and you can follow also in our Telegram channel. More detailed materials, breakdowns, and expert opinions are regularly published on our website in the MonoTalks section.
