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While financial institutions are unlikely to reverse course, other sectors can help LMI consumers by funding financial counseling as an employee benefit, social services can offer the human element through trained financial counselors, and even the Fintech market can partner with financial counseling programs to offer a hybrid of financial products and counseling (think either of Financial Counselor “cyborgs” out in the field, equipped with tablets from financial institutions, or Fintech solutions that incorporate a human to walk people through the function and utility of new technology).

From (6) The Human Element in Fintech (or “the Case for Cyborg Financial Counselors”​) | LinkedIn:

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In contrast to Lynch, Republican ranking member Congressman Tom Emmer offered support for the OCC payment charter, saying it is “by no means a license to operate free from regulation”.

From US politicians weigh response to OCC payments charters:

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In contrast to Lynch, Republican ranking member Congressman Tom Emmer offered support for the OCC payment charter, saying it is “by no means a license to operate free from regulation”.

From US politicians weigh response to OCC payments charters:

Regulating organisation by what they are is indeed a 19th century prescription.

We should regulate companies by what they do.

Payment institution

US Payment Institution charter.

As J. P. Koning observed, the standardisation of global payments through ISO 20022 is happening at the same time that 365/24/7 instant payment systems for retail use are being introduced by central banks around the world.

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This proliferation of messaging standards is a global phenomenon. The U.K.’s multiple payments systems each use a different one. The Faster Payments Service uses a modified version of ISO 8583, BACS (the U.K.’s ACH system) uses Standard-18, and CHAPS (its large value payment system) uses the SWIFT MT messaging format.

From J.P. Koning: The Standard About to Revolutionize Payments – CoinDesk:

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Dorsey said he expects his recently established nonprofit Blue Sky, which is in the midst of recruiting “a team of up to five architects, engineers, and designers,” to create a public blockchain platform and open Twitter protocol.

From Bitcoin And Blockchain Are The ‘Future’ Of Twitter, CEO Jack Dorsey Reveals:

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Jack Dorsey is one of bitcoin’s biggest proponents in Silicon Valley.

Dorsey, who earlier this month said bitcoin is “probably the best” native currency of the internet, has previously gone as far as saying bitcoin has the potential to be the world’s sole currency by 2030.

From Bitcoin And Blockchain Are The ‘Future’ Of Twitter, CEO Jack Dorsey Reveals:

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Kumar also said Amazon is discussing with potential partners the idea of linking palm scans with building IDs to replace office ID cards, or with event tickets for stadiums or arenas

From Amazon introduces new hand-scanning payment option in its stores – Vox:

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Of course, who will provide the apps themselves is a different matter. And here is where I expect to see competition and innovation. If we look to somewhere that went contact-free some time ago, we can already get some idea of the possibilities. Wei Zhihong of UnionPay International highlights the interesting example of large mall that enabled consumers to buy from the merchants inside using its own app. Shoppers could then easily access all the brands they wanted and it was also good for the merchants who were able to sell through the app, giving them an added incentive to locate in the mall.

As Wei Zhihong of UnionPay International recently said, the pandemic has boosted demand for indoor entertainment with consumers spending more time and money on music, movies and games: Unionpay transactions at the world’s top online game stores have multiplied “several times” during the pandemic.