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Large technology firms and financial start-ups are bundling payments with digital services, such as online marketplaces, messaging apps and financial services (for example lending and insurance). While banks continue to provide the underlying payment rails for these solutions, they are losing access to the customer interface.

From Cold hard (digital) cash: the economics of central bank digital currency:

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According to data from Juniper Research (September 2022), global spending on digital identity verification checks will rise from US$11.6 billion in 2022 to US$20.8 billion in 2027, and is expected to reach US$40 billion.

From Digital identity verification to top $40 billion in 2032 – What is new? – Security Boulevard:

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Third, a CBDC could help to preserve privacy. Private enterprises typically seek to profit from the personal data they can collect when people make digital payments, which can discourage their use in the first place – an inefficient outcome. A CBDC could be designed to provide users with more control over their data, for example over whether they choose to share personal data with third parties to receive more personalised services. This can foster efficiency and welfare in the digital economy (Ahnert et al., 2022b).

From Cold hard (digital) cash: the economics of central bank digital currency:

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JPMorgan Exploring Applications of Digital Identity

The bank’s potential digital wallet would enable people to choose digital identity credentials they want to share across Web3, DeFi and the metaverse

From JPMorgan Exploring Applications of Digital Identity – Blockworks:

 

The banking giant published a video detailing a planned solution enabling people to choose the identity credentials they want to share in their interactions across Web3, the metaverse and DeFi protocols.

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Privacy protection is one of the top issues among the many still remaining when it comes to the use of China’s central bank digital currency (CBDC), the digital yuan, according to China’s Central Bank Governor Yi Gang.
“It is also important to keep in mind that anonymity and full disclosure are not as simple as black and white. There are many subtleties in between,” Gang said during a virtual speech at Hong Kong FinTech Week. “Therefore, we must strike a delicate balance between protecting privacy and combating illicit activities.”

From Privacy Protection a Top Issue for Digital Yuan: China’s Central Bank Governor:

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Prove Auth enables companies to reduce reliance on passwords and one-time passcodes (OTPs) and empowers consumers to frictionlessly authenticate in all channels including phones, desktops and call centers with a solution that is simple, cost-effective, and secure. Prove Auth protects consumers from fraud including account takeovers.

Prove Auth is powered by Pinnacle™, Prove’s identity platform which manages identity tokens for 90% of the US adult population and is rapidly expanding globally. Prove’s identity tokens enable passive authentication with unparalleled accuracy versus legacy methods that are probabilistic and cumbersome.

From Prove Announces the Launch of Prove Auth™ to Deliver Next-Generation Passwordless Identity Authentication | Business Wire:

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Suresh Kumar suggested that crypto will become an important payment tool across the Metaverse and social media, as these areas will be a major way customers discover new products.

From Walmart CTO says crypto will become a ‘major’ payments disruptor:

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The Reserve Bank’s annual report said a 7.2 per cent increase in circulating notes last financial year was driven by demand for $50s and $100s.

From RBA says Australia flush with $50, $100 notes:

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If you want more evidence that Musk’s Twitter purchase is a payments play, look at some the people he has brought in to help him: Binance founder Changpeng Zhao, David Sacks, another PayPal Mafia member who is deeply involved in crypto, as well as Sriram Krishnan, who invests for a16z crypto and who has an Ethereum address in his Twitter handle. Does this sound like the makings of a political and media operation—or a payments one?

From Payments are the reason Elon Musk bought Twitter | Fortune:

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In 2020, NBK developed the Strategic Roadmap for FinTech and Innovation for 2020-2025 and the National Payment System Development Strategy until 2025 to envision the future of digital financial infrastructure in Kazakhstan.

This includes projects such as:

Instant Payment System
Digital Tenge
Open Banking and SupTech & RegTech solution stack

From Kazakhstan: Future of Payment and Digital Financial Infrastructure / News / Currency Research:

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