Monoup news digest: main updates from fintech industry
As we wrap up the first week of April, coming with important news from fintech world. After many years, the U.S. appears to be abandoning paper-based checks and transitioning to electronic payments. Let’s discuss why and what actually happened. Illegal casino operators are causing concern in Brazil, and Central Bank is considering opening a real "hunting season" on all those using PIX without a proper license.
Today's roundup includes everything you might have missed but need to know about fintech and iGaming. We have gathered the key information and share it in a concise and understandable format. Even if you are not a payment expert, you will still understand everything, as our media is created primarily for businesspeople. Enjoy your reading!
U.S. government will no longer use checks
President Donald Trump continues to optimize budget spending and has found another way to save — by eliminating paper checks. It turns out that maintaining the infrastructure and printing these checks costs enormous sums annually. For example, $657 million was spent on checks in 2024 alone. This includes not only paper costs but also bureaucratic procedures, problematic situations with check returns and non-payments, personnel, and infrastructure associated with all these processes.
Starting in September 2025, government will transition to electronic payments through direct bank transfers, card payments, or electronic wallets. This applies to payments between government agencies and citizens, tax payments and refunds, and any other government fees and payments. This move will not only save money but also improve the process of interacting with the government. The U.S. has lagged behind more advanced countries in payment experience, as supporting the check infrastructure clearly indicates an outdated approach.
Donald Trump's initiative signals a sharp change in approach: from checks to cryptocurrency in 30 seconds. The initial support for digital instruments has already gained followers in the crypto industry, and this news also brings joy to many fintech enthusiasts in the country and worldwide.
Brazil plan to control PIX usage
Brazil continues to face the issue of illegal casino operators who refuse to obtain a legal license or exit the market. Until recently, Brazil was a popular market for Curacao license holders, but strict regulation now prevents operations there. However, as often happens in other countries, offshore players continue to seek workarounds and do not respond to website blockages.
In response, the government finds only one solution: cutting off offshore operators from the PIX payment system. The CEO of Brazilian Institute of Responsible Gaming (IBJR) recently stated that 60% of GGR is still generated offshore, which concerns the country. Strict measures are being developed to control banks and payment providers, who will be required to disconnect all offshore operators from accepting PIX. If any account is suspected of being used for this purpose, it will be instantly blocked. Brazil sees great potential in this measure, as PIX is fully controlled by the Central Bank and is a local payment method, not an international one. Controlling it will be straightforward since it is managed by the state.
Meanwhile, operators are divided into two camps: some are confident that this will not help, while others believe the idea is viable. Legal businesses in the country support any measures to eliminate offshore competitors. However, offshore casino operators are convinced that there will always be alternatives, albeit potentially more expensive than before.
Ukraine removes restrictions on P2P transfers
In September 2024, Ukraine saw a surge in fraudulent activities related to the sale of bank cards, with an increase in scam. These individuals form the basis of illegal P2P processing scheme and directly deceive the banking structure by sharing their bank cards for a fee.
To combat this, National Bank imposed limits of 150,000 hryvnias per month on card-to-card transfers. The rules took effect on October 1 and were active for exactly six months.
National Bank reported that these limits successfully curbed illegal transactions, and the situation has not recurred as it did the previous year. During this period, Ukraine developed measures to combat such "businessmen" and is confident that it can now handle this issue more effectively. National Bank also plans to create a registry of individuals requiring special monitoring, whose operations will be closely watched. During the enforcement period, a network of 4,000 individuals involved in illegal transactions was uncovered.
Crypto Booking by Wirex
Crypto company and wallet provider Wirex has announced the creation of its own platform for booking hotels and flights.
The company believes this service will help many people who want to pay for travel with cryptocurrency and avoid repeated currency exchanges. Additionally, payments can be made using the Wirex crypto card, keeping everything within the platform. Wirex has been in the market for a long time and has already built a large customer base. Given the favorable booking conditions and good crypto exchange rate, this solution could become very popular.
These are the updates Monoup has gathered for you this week. Remember that you can receive news on Telegram, where we publish all the main events daily in short message format.
