Klarna eyes crypto; Monzo expands gambling management

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Crypto rate

Buy Now / Pay Later Klarna has partnered with the Swedish cryptocurrency broker Safello to support crypto trades.

Klarna, also based in Sweden, will use its open banking platform, which has access to more than 5,000 banks in 18 European countries, so that Safello's 180,000 users can buy crypto from their bank accounts.

Buy Now / Pay Later Businesses have grown rapidly over the past year as consumers seek credit alternatives and merchants want to encourage larger purchases. However, the market is subject to regulatory and economic pressures that encourage companies to diversify.

Not open

The British challenger bank Monzo is expanding its gambling blocks to include payments via third-party PSD2 connections.

Monzo will use TrueLayer's technology to expand its three-year-old gaming payment controls, which are used by more than 275,000 consumers. Payment companies use merchant category controls to stop gambling payments as a service to consumers who may be dependent.

These controls only apply to cards. With the new integration, TrueLayer will automatically notify Monzo when an open banking platform that connects banks to third-party apps is used to transfer money to a gambling company. Monzo may use this information to stop the payment.

Fast work

The US Faster Payments Council has set up working groups that deal with financial inclusion and recurring transactions.

The Council wants to ensure that expedited processing in support of e-commerce reaches underserved communities and examines the needs of small businesses and consumers. Other work will create instructions for billing, subscriptions, and other transactions that will be repeated at set intervals.

The council also has working groups on cross-border transactions, fraud, QR codes and regulations.

Clogging the drain

Russia's central bank has developed a central bank digital currency model designed to address commercial banks' concerns that a public option will result in fewer deposits.

According to the Russian model, banks would open wallets for customers on the central bank's platform, reports Coindesk. The model will be officially launched this summer, followed by tests.

The Russian government is also on the verge of slashing non-CBDC digital assets for payments and making crypto holdings taxable property for the cryptocurrency that is similar to China and India.

From the web

Bitcoin hits a new record, approaching a market cap of $ 1 trillion
REUTERS | Friday 19th February 2021
Bitcoin hit another record high on Friday, moving within sight of a market cap of $ 1 trillion.

Elon Musk says Bitcoin is slightly better than cash
REUTERS | Friday 19th February 2021
Elon Musk, CEO of Tesla Inc, said Thursday that owning Bitcoin is little better than holding traditional cash, but that the slight difference makes it a better asset.

New Jersey Crime Watchdog Says Crypto ATMs Need More Regulation
COINDESK | Friday 19th February 2021
According to New Jersey's Independent Organized Crime, Public Corruption and Financial Waste Watchdog, ATMs using cryptocurrency pose a risk to the public due to a lack of regulatory agencies.

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