Sometimes, things take longer than expected.
In my 2018 review, I have hinted at how PSD2 and GDPR would ring in a new, more dynamic era of fintech, filled with opportunities. And then again it didn’t. The PSD2 deadline has been expanded, as banks and other financial companies have kicked the adaption of their systems and services down the road, so to say.
In the meantime, BigTech companies like Google, Alibaba or Apple cement their market position with their own smart payment solutions.
Another fintech year is over. Even a fintech decade. A lot of things happened last year and in good tradition, I’d like to look back at 2019. In this article, I’ll recap the highlights of the crypto scene from my point of view. It has been a year full of victories and drawbacks, as usual.
The beginning of the crypto year was quite turbulent.
Bitcoin, father of the crypto industry and most prominent and popular cryptocurrency, started the year below the 4.000 USD mark, achieved a yearly high in July at approx. 12.000 USD and then fell back to 7.000 USD at the end of the year.
In the meantime, the start of the new year wasn’t much better for Ethereum Classic. The blockchain experienced a 51% attack. The attack began on January 5th, went on for three days, finally ending on January 8th with estimated losses of 1.1 million USD. The attack could be stopped due to the collaboration of blockchain analytics companies and exchanges, who halted the ETC transactions and provided data to the analytics companies. Even though the possibility of a 51% attack on a proof-of-work blockchain was known it was scary to see it becoming reality on a blockchain that ranks in the top 20 crypto assets list.
Open Banking is late for the deadline.
On September 14th 2019, the final step of the European Payment Service Directive 2 has been taken. PSD2 is now a mandatory regulation all financial service providers must adhere to. Open Banking culture is finally established in Europe.
Or so we hoped.
Your bed stand is the best place to store your savings.
Strange statement from a company with a background in the financial industry.
But hear us out. It’s very true. In a way. Provided of course that the bed stand in question contains a specific tool often found there. This tool will become the new focal point of saving and storing money: The smartphone.
This article was published on April 30, 2019.
But since the payment landscape is constantly evolving, we wrote a new article based on research not available at the time of the creation of this article.
You can read the new article here. Please consult it, if you want an updated overview of payment methods around the world:
A Voyage Through the World of Payment Methods: How Customers Pay
Enjoy your reading!
Payment around the world – where were we? In the previous articles of this series, we devoted ourselves to different payment landscapes of the globe. And with the trends and challenges, we found there.
But no matter which region we looked at: All of them stood on the verge of digital transformation or have crossed that line. China and the USA press ahead in terms of payment innovation, as we have seen in our second article. In other countries, digital payments are still in the process of taking hold in the populace. The changes they bring have already become apparent. Digital payment services play the role of an equalizer, especially for the unbanked people. Developments in Africa‘s and Latin America’s payment landscape, as detailed in the first article of this series, stand as an example for this.
We will see if those tendencies manifest in the last waypoints of our journey, too. So, let’s move on, shall we?
Financial education. It starts with simple questions. Just like this one:
For her 9th birthday, Emma asks her parents to put money on a savings account, instead of buying her presents. She rather wants to celebrate her next birthday in style, with party assets worth 200€. At a yearly interest rate of 5%, how many Euros must be put into the account to fulfill Emma’s birthday wish?
Sound familiar, such questions, right? We all had to answer a fair share of them in math class during 8th grade. Looking at them today, they still are tricky to answer for many of us. And you would have to explain your child, that putting €4000 on a savings account tears a big hole in your financial planning. And only under the premise that you would find a bank providing 5% interest on savings accounts. Which you wouldn’t. Emma, who already showed prudence in her financial behaviour not normally seen in her contemporaries, still has to face some hard truths.
This article was published on April 15, 2019.
But since the payment landscape is constantly evolving, we wrote a new article based on research not available at the time of the creation of this article.
You can read the new article here. Please consult it, if you want an updated overview of payment methods around the world:
A Voyage Through the World of Payment Methods: How Customers Pay
Enjoy your reading!
When exploring the payment preferences of the world, you have to go places. In the first part of our article series, those places were Europe, Russia, Latin America, and Africa.
The takeaway: Hard cash dies hard in many parts of the world like Germany, Hungary, Russia, and Brazil. But digital payment services have taken up the fight. They give new options to emerging countries with vast numbers of unbanked people. Mobile access to finances and digital-only money accounts help integrate the unbanked, so they can become proactive contributors to the financial system.
But it’s a large world with a great number of payment landscapes still waiting to be sketched. In this article, we will take a good look at the clashing fintech forerunners USA and China, as well as Canada and Oceania. So, let’s go!
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Definition: “Stablecoins are cryptocurrencies designed to minimize the volatility of the price of the stablecoin, relative to some “stable” asset or basket of assets. A stablecoin can be pegged to a currency, or to exchange traded commodities (such as precious metals or industrial metals). Stablecoins backed by currencies or commodities directly are said to be centralized, whereas those leveraging other cryptocurrencies are referred to as decentralized” – Wikipedia
Stablecoins by their nature aren’t necessarily a new invention to the financial world. Their basic characteristics have already been described in the first Electronic Money Directive (2000):
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This article was published on March 11, 2019.
But since the payment landscape is constantly evolving, we wrote a new article based on research not available at the time of the creation of this article.
You can read the new article here. Please consult it, if you want an updated overview of payment methods around the world:
A Voyage Through the World of Payment Methods: How Customers Pay
Enjoy your reading!
Since those times, worldwide payment habits have aligned with each other a bit. But technological disruptions have different impacts in different countries. And the global financial system cannot complain about a lack of disruptive tech.
At a first glance blockchain and art are polar opposites. But how do they say: Opposites attract. Blockchain technology can help to solve many issues of the modern art market, for example:
Let’s have a look at the most popular and interesting blockchain and art projects where creativity meets technology.
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