Google delves into blockchain and crypto

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What to read today: US B2B Payments: Providers are competing to capture B2B payments market share. Though it's the largest addressable payments market, it is still in the early stages of digitization—but evolving rapidly. This report takes an in-depth look at the rapidly evolving B2B payments space. We explore how market share will shift between payment methods, the transformative effect of innovation, and what all this means for incumbent payment players..
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January 29, 2022
Insider Intelligence
Google's forming a blockchain unit and looking to partner on crypto
Google is creating a new unit dedicated to "blockchain and other next-gen distributed computing and data storage technologies," according to a leaked email obtained by Bloomberg.

The blockchain unit will be led by a longtime Google veteran Shivakumar Venkataraman, Bloomberg reports, and will sit in Google's relatively new Labs division, which is also home to the firm's research into virtual and augmented reality.

It's too early to tell whether Google's blockchain effort is more research-oriented—aimed at shoring up the infrastructure meeting its massive network and storage needs—or if it just wants to boost Google Pay's transaction volume.

But mention of "blockchain" inevitably conjures the scenario of Google developing its own crypto. Google could deploy a blockchain in direct competition with JPMorgan's Onyx project. Or Google's blockchain could run platforms for the metaverse, such as decentralized projects like Decentraland and The Sandbox already in use.

Insider Intelligence's Sherry Fairchok has the full story.
BRIEFING HIGHLIGHTS
The CFPB hopes to shed light on potentially harmful credit card practices
The Consumer Financial Protection Bureau (CFPB) is looking into business practices used by credit card companies and ways to improve consumers' experiences with credit cards, per a blog post.
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Regions offers a case example of an overdraft-reliant bank weaning itself off fees
Regions is looking to make up revenue that it's forgoing due to reducing its customers' exposure to overdraft-related charges, per American Banker's interview with the regional US bank's chief financial officer, David Turner.
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Zip 'in discussions' to buy Sezzle amid BNPL market upheaval
Buy now, pay later (BNPL) provider Zip confirmed reports that it is "in discussions" to acquire rival Sezzle.
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Walmart-backed fintech is building a super-app, complete with a neobank
Walmart revealed the fintech it invested in has emerged from stealth mode and is making two key acquisitions that will help it become a neobank.
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Why fintech investment in LATAM more than tripled over the past year
Venture capitalists invested a record $15.3 billion in funding in Latin American firms during 2021—triple the funding raised in 2020.
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Save's Wealth credit card teases plump rewards with portfolio investment feature
Save, a fintech that offers high-yield savings accounts and debit cards, will launch the Wealth credit card in partnership with Visa next month, per a press release.
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Apple's rumored softPOS solution could threaten mPOS titans
Apple is reportedly developing technology that will let merchants accept contactless payments using their iPhones, people familiar with the matter told Bloomberg.
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In-house credit builders could give neobanks an edge in building loan books
UK-based neobank Monese has rolled out its Credit Builder product in its home market.
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Fed outlines how banks can live with a CBDC
Through a newly issued paper, the Federal Reserve is seeking to start a conversation about creating a US central bank digital currency (CBDC).
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Amex's Q4 upswing driven by evolving spending mix
American Express's total network volume surged 30% year over year (YoY), up slightly from last quarter's 29% YoY increase, per its earnings presentation.
Read More →
RESEARCH IN FOCUS
US B2B Payments
Providers are competing to capture B2B payments market share. Though it's the largest addressable payments market, it is still in the early stages of digitization—but evolving rapidly. This report takes an in-depth look at the rapidly evolving B2B payments space. We explore how market share will shift between payment methods, the transformative effect of innovation, and what all this means for incumbent payment players.
Get the full report →
Banque Nationale Mobile App Spotlight 2021
The ranks of new smartphone banking users in Canada will slow to a trickle in 2021, forcing financial institutions (FIs) to enhance their offerings on the primary user acquisition battlefront that is their mobile apps. This report highlights the growth areas of Banque Nationale's mobile banking app that it should strengthen to compete for prospective users. This report focuses on the Banque Nationale-specific findings from our inaugural Canada Mobile Banking Emerging Features Benchmark Study, which scores the seven largest FIs based on their support of 42 advanced mobile banking emerging features. This report focuses on the top features that Banque Nationale does not yet offer across the six key categories.
Get the full report →
US Cash-Back Credit Card Emerging Features Benchmark 2021
Cash-back credit card innovation has been boosted to new heights by the convergence of digitization (driven by the pandemic), competition, and consumer behavior. In this inaugural study, the Insider Intelligence "US Cash-Back Credit Card Emerging Features Benchmark 2021," we identify the emerging features that prospective cash-back credit card users find most valuable, and rank 10 leading cash-back credit cards (with no annual fee) according to the degree at which they offer these features.
Get the full report →
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