Snippings

xxx

Brazil last year switched to a broader open finance strategy. Australia has done the same but gone further, implementing a consumer data right which can be implemented sector by sector starting in energy. The UK’s equivalent, a smart data regime that would establish customers’ rights and enable the sharing of data in other sectors, is currently shelved after an on-again, off-again experience in the political turmoil last year.

From The UK led the world in open banking — and then got left behind | Financial Times:

xxx

xxx

Meanwhile, from the state of New York came the news that several government agencies are currently testing a new digital ID solution aimed at making it easier for residents to access online services.

Dubbed “NY.gov ID+”, the solution is meant to replace a number of disparate login systems currently used for access to different agencies. The system’s development is tied to a broader effort, led by Governor Kathy Hochul, to revamp government services, with plans to build out the state’s web design team and make online services more user-friendly and accessible.

From MDL, Digital ID Gain Momentum in State Efforts:

xxx

xxx

Authentication processes are also being enhanced by delegating power to merchants. Lowering authentication friction is key to a seamless user experience. Therefore, merchants across Europe are investing in advanced authentication capabilities to allow them to process SCA-compliant transactions without purchasers being redirected to a banking app or having to enter a one-time passcode. This helps reduce fraud and improve authorization rates, all while retaining ownership and control of the checkout experience.

From 2023 Predictions: Authentication, Digital Identity, In-Car Payments:

xxx

The Governor of the Bank of England, Andrew Bailey, recently told the Treasury Select Committee that he wasn’t sure if a wholesale CBDC and or whether “a wholesale CBDC and digital RTGS are different”.

The Governor of the Bank of England, Andrew Bailey, recently told the Treasury Select Committee that a private sector Sterling stable coin would be a “digital version of a Scottish bank” which prints banknotes than are a liability of a commercial bank but fully backed at the at the Bank of England.

Andrew Griffith, the Economic Secretary of the UK Treasury, recently said he thought that a wholesale private sector stablecoin would precede a wholesale CBDC, which he sees as happening before a retail CBDC, while the Governor of the Bank England Andrew Bailey doesn’t see the need for a wholesale CBDC because the real time gross settlement system (RTGS) used for interbank payments already settles in central bank money (and, frankly, is always going to be faster than any form of shared ledger). But the benefit of a wholesale CBDC is that it gives the the ability to settle trades in tokenised assets on the ledger itself, enhancing liquidity in capital market.

xxx

People close to the investigation suspect the cash received by Panzeri and Giorgi was used to pay off others. “Otherwise they would have wired the money to offshore bank accounts,” says one person.

From Inside the ‘Qatargate’ graft scandal rocking the EU | Financial Times:

xxx

xxx

Russia-based Sberbank has announced that in February 2022 it will launch one its largest Pay Sticker technology mass testing, offered to users free of charge.

Pay Stickers enable one-tap NFC payments without the need to install any apps.

From Sber to carry out Pay Sticker user testing – ThePaypers:

xxx

Barclaycard sticker

Turkish sticker

Not everyone wants app.

Key fob

xxx

Natalie sells live shows, which includes performing various sex acts, but also a lot of talking because, as she explained, “camming is about connecting with people, more than it’s about sex.”

From Porn conventions are decadent and depraved (and also very mainstream).

xxx

xxx

Half (51%) of people in the UK think physical wallets will become less relevant as digital ways to pay become more popular, according to new research from Mastercard.

The data points to a decline in physical wallets, as 21% saying they don’t expect to carry a wallet or purse within the next five years – rising to 38% among Millennials.

The findings come as data points to a global increase in the adoption of digital payment methods. 93% of consumers will consider using alternative means of payment, including contactless, QR code, biometric payments, and cryptocurrency transactions in the next year. This uptick in digital coincides with the continuing downward trajectory of cash usage in the UK – a decade ago around 60% of payments were made in cash, and UK Finance estimates that this figure will fall to 6% by 2031.

The Mastercard research shows that this is particularly the case among young people. A third (31%) of 18-24 year olds say that the digital wallet on their phone is their preferred way to pay, compared to just 5% of those aged 55+, more than half (55%) of 18-34 year olds would rather just carry their phone in place of a wallet or purse, and 41% of Gen Z say they don’t expect to ever buy a physical wallet or purse again

From Physical wallets in decline as smartphone payments accelerate:

xxx