The hype has quieted-but that doesn't mean Apple Pay, Samsung Pay, and Google Pay are sitting still.
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The hype
has quieted—but
that doesn't mean
Apple Pay, Samsung Pay,
and Google Pay are
sitting still.
Volume Eighteen, Number Twelve • DigitalTransactions.net • December 2021
ALSO IN THIS ISSUE:
PayPal’s Amazon Coup
Real Time at the Register
A Volatile Time for Stablecoins
Why Europe is Scary
DigitalTransactions.net
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all in one place. payments market, posted daily
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13 years of payments news and analysis
Complete
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events
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listings of
payments market
suppliers
DECEMBER 2021 • VOLUME 18, NUMBER 12
Remember the Pays? 22
You may not be hearing much about them any more, but Apple Pay, Google Pay, and
Samsung Pay haven’t gone away. In fact, they may be more potent than ever.
THE GIMLET EYE Searching for Stability 4
TRENDS & TACTICS 6
PayPal, Venmo, Amazon, How the Chip Squeeze Is Mastercard Eyes a Square Looks to Attract
And the Super App Helping Tap-to-Mobile Tech Deeper Involvement Bigger Merchants
The colossal marketplace Can’t find a new POS terminal? in A2A Transfers The $29-billion Afterpay deal
welcomes Venmo for payment No worries—just start using is just the start.
The global networks are
just as PayPal rolls out its your mobile phone. looking for fresh pipes
souped-up super app. to funnel huge volumes.
Mastercard is no exception.
Plus, Security Notes explains the role of randomness as it concludes its series on quantum money;
and Payments 3.0 warns against the potential for over-reach from Washington’s regulators.
ACQUIRING 14 STRATEGIES 27
Coming to a Store Checkout The Digital Financial
Near You? Services Playbook
Real-time payments have proven value Advanced technologies and open
for many payment needs. Now, experts banking have rewritten the rules for
are looking at mining the potential for success in payments and other crucial
real time at the point of sale. financial services. Here’s how to
compete—and win.
NETWORKS 18
ENDPOINT 30
The Price of Stability
And you thought stablecoins Why Europe Is Scary
were all about ‘set it and forget it.’ PSD2 won’t solve fraud completely.
Some—including the government— Here’s why—and what U.S. online
think otherwise. merchants should do.
Cover Illustration: Jason Smith, 123rf.com
Digital Transactions (USPS 024-247) is published monthly by Boland Hill Media LLC, 800 Roosevelt Road, Building B, Suite 212, Glen Ellyn, IL, 60137. Periodicals Postage
Paid at Glen Ellyn, IL, and at additional mailing offices. POSTMASTER: Send address changes to Digital Transactions, P.O. Box 493, Northbrook, IL 60065-3553.
2 DIGITAL TRANSACTIONS | DECEMBER 2021 CONTENTS
DECEMBER 2021 • VOL. 18, NO. 12
PUBLISHER Robert A. Jenisch
EDITOR-IN-CHIEF John Stewart
SENIOR EDITOR, DIGITAL
HAVE YOU USED BITCOIN OR SOME OTHER CRYPTOCURRENCY LATELY? Kevin Woodward
Or have you used one at all? If you did, was it worth the same at the time of CORRESPONDENTS
the transaction as it was when you obtained it? Chances are, its value had Jim Daly, Peter Lucas
fluctuated, maybe by a very wide margin. ART DIRECTOR/PRODUCTION EDITOR
Bitcoin, the largest (in terms of market cap) and best-known of the cryptos, Jason Smith
is notorious for these big swings in value between when the coin was gener- EDITORIAL ADVISORY BOARD
Eula L. Adams
ated and when it was spent—or even from day to day or week to week. To take
John Elliott
a recent example, Bitcoin recorded a value of $64,863 at 10:30 a.m. on Nov. 13, Alex W. “Pete” Hart
but at 10 p.m. five days later it was logging in at $56,016, a loss of $8,847, or Former Chief Executive Officer,
Mastercard International
13.6%, in a matter of five-and-a-half days. That sounds more like a share of
William F. Keenan
stock than a medium of exchange. President, De Novo Corp.
And that’s been the rub with most cryptocurrencies. Holders who want Dr. Gideon Samid
Chief Technology Officer,
to spend their coins can’t be certain hour-by-hour of the total value of their AGS Encryptions Ltd.
holdings, as they could be with a stack of dollars or a card backed by a stack DIRECTOR OF ADVERTISING
of dollars. This is what has made holders of Bitcoin treat the digital currency Robert A. Jenisch, 877-658-0418
bob@digitaltransactions.net
more like an investment. But that wasn’t the original intention for this money.
It was supposed to function as a digital stand-in for folding money, able to be ADVERTISING SALES REPRESENTATIVES
Robert Mitchell, 877-658-0418, x7
swiftly transmitted from a mobile wallet to any seller anywhere in the world. bmitchell@digitaltransactions.net
What’s the solution? Some have argued for stablecoins, a digital currency Rob Akert, 877-658-0418, x6
rakert@digitaltransactions.net
whose value can be linked to an existing national currency, typically the U.S
dollar. In this way, the coin enjoys all the ease and convenience of digital safe- Digital Transactions, Digital Transactions News,
and DigitalTransactions.net are publications of
keeping and transmission but without the volatility of a Bitcoin. Since the first Boland Hill Media LLC, 800 Roosevelt Road,
Suite B212, Glen Ellyn, IL 60137
stablecoins appeared in 2014, the market has seen the emergence of scores of
John Stewart, Managing Director
these coins, so much so that their total market cap has soared past $140 billion. Robert A. Jenisch, Managing Director
But as our story on page 18 points out, this popularity hasn’t come without For advertising information, call
877-658-0418. To subscribe or
problems. The federal government, concerned about how some issuers are give us a change of address, go to
www.digitaltransactions.net and click on
backing their coins with loads of commercial paper and other instruments “Subscriber Care” or call 847-559-7599.
besides cold, hard cash, is looking to impose a menu of regulations to safe- The views expressed in this publication are
not necessarily those of the editors or of the
guard holders in case of a run. Some observers fear over-regulation, which members of the Editorial Advisory Board.
The publisher makes reasonable efforts to
could stifle stablecoins just as they’re edging toward mainstream usage. ensure the timeliness and accuracy of its
That would render the coins less useful as a medium of exchange, and throw content, but is not engaged in any way in
offering professional services related to
the digital-transactions market back onto cards—plastic or virtual. In our financial, legal, accounting, tax, or other
matters. Readers should seek professional
opinion, that would be a shame. Let’s hope the regulators can find a balance counsel regarding such matters. All content
herein is copyright © 2021 Boland Hill Media
between user protection and the innovative benefits offered by stablecoins. LLC. No part may be reproduced without the
express written permission of the publisher.
John Stewart, Editor Subscription prices: $59/year for subscribers
in the United States; $69/year for Canadian
john@digitaltransactions.net subscribers. All other subscribers, $119/year,
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4 DIGITAL TRANSACTIONS | DECEMBER 2021
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trends & tactics
PAYPAL, VENMO, AMAZON,
AND THE SUPER APP
PayPal Holdings Inc.’s big news in PayPal has concentrated over the Venmo will generate $900 million in
November was that U.S. users of its past few years on finding ways for its 2021 revenue, Schulman said.
Venmo wallet will be able to pay with P2P app to earn revenue. One of those Amazon’s U.S. gross merchan-
Venmo on Amazon.com Inc.’s mas- initiatives, Pay with Venmo, allows dise volume, both directly and
sive marketplace and on the Amazon users to pay merchants with funds through third-party sellers, totaled
shopping app, starting in 2022. in their account and PayPal to levy $92.4 billion in the third quarter,
The news comes as the latest devel- transaction fees. Venmo’s payment accounting for about 44% of the U.S.
opment in a long effort PayPal has volume grew 36% in the quarter, to e-commerce market, according to
engaged in to bolster Venmo’s ability $60 billion, though PayPal does not estimates from Digital Commerce 360.
to earn fee revenue and move beyond break out volume for Pay with Venmo. The Amazon deal represents the
its base of peer-to-peer payments. Partly as a result of such efforts, latest such marketplace agreement
“This is obviously a very significant
moment in monetizing Venmo,” said
PayPal chief executive Dan Schulman
while announcing the news during
VENMO HELPS LIFT PAYPAL $311.0
(Total payment volume, in billions, by quarter) $309.9
an earnings call to discuss PayPal’s
third-quarter results.
PayPal announced the Venmo deal $285.4
with Amazon even though an exact $277.1
launch date hasn’t yet been fixed. “We’re
still working through the launch time
frame,” Schulman said, “We’re both $246.7
[PayPal and Amazon] eager to get going.
Think about the market share Amazon $221.7
has in the United States. This [deal]
quite appreciably increases the address-
able market for Pay with Venmo.” Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Source: PayPal
6 DIGITAL TRANSACTIONS | DECEMBER 2021 TRENDS & TACTICS
struck by PayPal since the expiration
last year of the payments company’s HOW THE CHIP SQUEEZE IS
HELPING TAP-TO-MOBILE TECH
legal agreement with its former owner,
eBay Inc. PayPal separated from eBay
in 2015 but agreed to process payments
for the site for five years. The continuing shortage of semicon- and maintenance of the technology
Separately, Schulman reported the ductor chips is creating an opportu- and more than 55% cited consumer
thorough-going redesign of the PayPal nity for merchants and consumers demand. Both are significant indica-
app, launched this summer, is on its way to embrace tap-to-mobile payments, tors of tap-to-mobile’s growing appeal.
to paying dividends for the company, according to a study from payments The chip shortage, which has pushed
though he didn’t announce numbers. processor NMI. lead times for POS terminal orders out
“We’re focused on becoming an everyday The survey, which polled mer- to 26 to 30 weeks, compared to 12 weeks
app for consumers,” he told the analysts. chants and consumers in the United pre-Covid, is causing terminal prices
The so-called super app supports States and the United Kingdom, to rise, especially on the spot market,
an array of payments, shopping, and revealed that 95% of merchants said according to payment-industry experts
financial features and represents the they would consider tap-to-mobile (“Out of the Chips,” September).
company’s first complete redesign of payment technology to accept pay- “For a lot of small merchants, the
its app in seven years. It also enables ments. NMI defines tap-to-mobile cost of a terminal can be a barrier to
cryptocurrency transactions, a feature
Schulman called out by announcing
it had led to a “15% lift in first-time ‘The cost of a terminal can be a barrier to
users of crypto.”
In the increasingly critical buy entry. Eliminating that barrier can spur a
now, pay later arena, PayPal’s entry, lot of entrepreneurs to go this route.’
Pay in 4, has generated $5.4 billion —JEREMY GUMBLEY, CHIEF INFORMATION SECURITY OFFICER, NMI
in payment volume since its launch
late in the summer of 2020, Schul- technology as a payment solution that entry. Eliminating that barrier can
man said. “We will expand in early converts a smart phone into a point- spur a lot of entrepreneurs to go this
2022 to allow longer-term repayment of-sale device that allows a consumer route,” Gumbley says.
plans,” he added. to pay for a purchase by tapping her Despite growing demand for tap-
For the quarter, PayPal recorded credit or debit card against the phone. to-mobile, NMI’s research reveals that
$310 billion in payment volume “With the chip shortage that is affect- 34% of small and medium businesses
($300 billion excluding eBay), down ing production of POS terminals not in the U.S. still don’t offer contactless
slightly from the second quarter but expected to end any time soon, there payment options.
up 26% year-over-year. Active accounts are a lot of merchants looking at remov- In addition, the research reveals
reached 416 million, up 15%, including ing [POS] hardware from the [payment there is significant consumer demand
33 million merchant accounts. Reve- acceptance] equation,” says Jeremy Gum- for the technology. Indeed, 83% of
nue was up 13%, to almost $6.2 billion. bley, chief information security officer consumers surveyed said they would
The transaction take rate, however, for Schaumburg, Ill.-based NMI. “Tap- likely use tap-to-mobile payments if
slipped to 1.81% from 2.06% a year to-mobile is an alternative to POS ter- it were offered by a merchant. Key
ago. PayPal attributes the decline in minals because all merchants need to reasons for using the technology are
this number, which measures PayPal’s do to enable tap-to-mobile is download convenience (76%) and speed (73%).
share of each transaction, to factors an app to their mobile device.” Factors influencing merchants’
including lower eBay volumes and a When asked what factors would preference for tap-to-mobile include
larger share of payments at bigger influence their decision to adopt tap- security (53%), easy set up and instal-
merchants and marketplaces. to-mobile payments for their busi- lation (46%), user friendliness (38%),
—John Stewart ness, 63% of merchants cited cost and good customer service (33.9%).
TRENDS & TACTICS DIGITAL TRANSACTIONS | DECEMBER 2021 7
The ease of converting existing
mobile phones into a POS terminal MASTERCARD EYES A DEEPER
is expected to keep interest in tap-
to-mobile solutions high, says Sam
Shawki, chief executive of Magic-
INVOLVEMENT IN A2A TRANSFERS
Cube Inc., whose i-Accept software Mastercard reported a strong third account balances and ownership,
converts off-the-shelf mobile devices quarter as it builds out the founda- vital functions for transfer activ-
into point-of-sale terminals. tions for a near-term future in which ity that doesn’t depend on cards.
“This [the chip shortage] has been an it sees itself playing a central role “We see [A2A] as an opportunity, a
element that encourages some players in new transaction flows involving way to get volumes we’ve not his-
to look at us more closely …. Everyone account-to-account (A2A) transfers torically been involved with,” Mie-
that stopped talking to us are back and digital-currency payments. bach said. Years before these deals,
as they are looking at alternatives,” Mastercard has been laying the Mastercard had laid the ground-
Shawki told Digital Transactions in groundwork for A2A business for at work for its nascent A2A business in
an interview conducted in August as least the past couple of years. The Europe with its acquisitions of the
part of the magazine’s research for payments network expects to close software firm Vocalink and Trans-
its September cover story, “Out of the by year’s end on its acquisition of fast Remittance LLC, a cross-border
Chips.” “It’s wind in our sails,” he added. Copenhagen-based open-banking payments specialist.
Despite merchants’ growing incli- provider Aiia, chief executive Michael Mastercard is in a race with its
nation toward tap-to-mobile technol- Miebach said during an October earn- rival network, Visa Inc., to build out
ogy, there are lingering reservations ings call. its A2A capabilities, with Visa having
about the technology. According to The deal, terms of which were not agreed in June to acquire Stockholm-
NMI, 50% of merchants have concerns announced, represents Mastercard’s based open-banking network Tink AB
about the security of the technology, second major acquisition in open in Europe. Earlier, Visa withdrew an
more than 35% say they don’t have the banking, following its $825-million offer to buy open-banking specialist
infrastructure to support the technol- pickup late last year of Salt Lake Plaid Inc. after the Department of
ogy, and 21% don’t want to incur the City-based Finicity Corp. Justice objected to the deal on anti-
cost of adding a new payment option. Both deals involve technology trust grounds.
—Peter Lucas that allows financial firms to verify Miebach denied the race to build
A2A capability will hurt his company’s
core card business. “We don’t see a
disintermediation risk. I see a way
MONTHLY MERCHANT METRIC to form partnerships and improve
Growth in Same-Store Sales Year Over Year
Annual volume
our [transaction] flows,” he said. “It’s
still early days.”
change/growth Q3 2020 2.61% Other opportunities beckon for
of retained
Q4 2020 1.54% Mastercard, Miebach made clear.
(non-attrited)
accounts for He cited the rapidly growing mar-
given period Q1 2021 8.73% ket for buy now, pay later install-
divided by total
portfolio volume Q2 2021 36.29% ment lending online at the point
from same period of sale, for which Mastercard has
of the prior year. Q3 2021 15.39%
built an application programming
Note: This is sourced from The Strawhecker Group’s merchant data interface called Mastercard Install-
warehouse of over 3 million merchants in the U.S. market. The ability
to understand this data is important as small and medium-size ments. There will be further devel-
businesses (SMBs) and the payments providers that serve them are key drivers of the economy. opments soon, he promised. “Watch
All data are for SMB merchants defined as merchants with less than $5 million in annual card volume. this space. More to come,” he told
Source: The Strawhecker Group © Copyright 2021. The Strawhecker Group. All Rights Reserved. All information as available.
the analysts.
8 DIGITAL TRANSACTIONS | DECEMBER 2021 TRENDS & TACTICSMASTERCARD’S U.S. VOLUME Longer term, he said, his company
plans to support crypto transactions
Q3 2020 Q3 2021 (Gross dollar volume, in billions) on central bank digital currencies,
which are digital versions of the dol-
lar and other national currencies.
“When it comes to crypto as a pay-
ment tool, we will make our network
able to do that when a government
$299 $326
is ready,” he said.
$292 For the quarter, gross dollar
volume for Mastercard in the U.S.
$214 market climbed 20% to $618 billion.
That’s compared to a year-ago
quarter impacted by the pandemic.
Debit volume alone shot up 36% to
$292 billion. Overall volume globally
Credit Debit totaled $1.99 trillion, up 21%.
Source: Mastercard
Revenue for the quarter came to
Miebach also promised further users buy and sell crypto. “We see $4.99 billion, up 30%. Transaction
development of Mastercard’s early a role in facilitating that,” he said, processing, the biggest component
ventures into cryptocurrency. One “It’s good from a volume perspec- of that flow, grew 27% to $2.85 billion.
entry point, he said, lies in helping tive, and there’s real opportunity.” —John Stewart
.com
800-296-4810
PIN Debit
Inventory
Cash Discount
LEVEL II & III
Multi-Merchant
QuickBooks® SyncSQUARE LOOKS TO ATTRACT BIGGER MERCHANTS
In the face of an ongoing pandemic,
Square Inc. last month reported a
record quarter for gross processing
SQUARE’S VOLUME TAKES OFF
(Gross payment volume in billions)
volume and made it plain its strategic
priorities are to move upmarket to Q3 2020 $31.7
larger merchants and to expand the Q4 2020 $32.0
user base for its consumer product, Q1 2021 $33.1
Cash App. Q2 2021 $42.8
Recent moves include Square Q3 2021 $45.4
Invoices Plus, launched in the second
quarter and aimed at “larger, more
complex businesses,” said Square chief
executive Jack Dorsey during a call
with equity analysts. But other tac-
tics also support the thrust toward
bigger sellers, including Square’s
August announcement of its deal
to acquire the Australia-based buy
now, pay later provider Afterpay Ltd.
That $29-billion investment,
expected to close early next year,
Source: Square
not only launches Square into the
hot market for installment lending, parental approval,” Dorsey stressed currency for the Internet.” To that
it also brings into Square’s camp a while touting the new feature, Cash end, he said, Square is also “focus-
bevy of big chains, including such App for Families. ing on building a hardware wallet.”
names as Bed, Bath, & Beyond, Dil- Cash App for some time has sup- A longtime Bitcoin enthusiast,
lard’s, and Gap. “Afterpay has done ported Bitcoin trading and stock Dorsey has said on previous earn-
very well with large retailers,” noted investments. To bring commerce ings calls that Square is focused on
Dorsey during the call. to the wallet, Square in September the biggest digital currency and is
The migration to larger sellers launched Cash App Pay, which uses not interested in supporting others.
has been evident among Square’s QR codes to let users make contactless This may not be surprising in view
existing seller base for some time. transactions in stores. It’s not Square’s of the $1.82 billion Square reported
Merchants with half a million dol- first effort to launch a mobile wallet. in Bitcoin revenue for the quarter,
lars or more in annual processing But, with more than 40 million active or 48% of all revenue.
volume accounted for 37% of Square’s users of Cash App, the company is For the quarter, Square reported
merchant volume of $41.7 billion in betting this product will be its most $3.84 billion in total revenue, up 27%
the third quarter, up from 31% a successful. “There’s a lot of potential year-over-year. It’s the second suc-
year ago and from 28% in the same in having the scale we have, but we cessive quarter Square has exceeded
period in 2019. can go much higher,” noted Dorsey. $1 billion in transaction revenue
On the consumer side of its busi- With its Bitcoin capabilities, Cash alone, and represents a near dou-
ness, Square’s other priority is growth App supports another priority Dorsey bling of that revenue since the third
in adoption and usage of Cash App, a has set for Square. That, he said, is quarter of 2018.
digital wallet now open to teens “with “helping Bitcoin become the native —John Stewart
10 DIGITAL TRANSACTIONS | DECEMBER 2021 TRENDS & TACTICSI’M CLOSING MY SERIES on quan- to play with two dice, and the game tum computing and payments with returns to the way it was. And so an introduction of the underlying does the score. vision, pregnant with a bouquet of What happened? Randomness shining scenarios for a level playing gideon@bitmint.com denied Mr. Sophisticato his smarts field in cyber territory. advantage. The players could not Quantum computers are surpris- play any better than randomness ingly non-deterministic in that they who laments that his IQ advantage allowed, nor could they play worse are governed by probability. The lot- over Mr. Innocento is not coming than randomness dictated. Random- tery they play on runs on what we into play. ness cannot be defeated by math- might call cyber oil—randomness. So Mr. Sophisticato contrives a ematical wisdom. Much as the 20th Century ran on scheme. He proposes to Mr. Innocento The payment-security lesson for us crude oil, this century runs on cyber a slight change in the game. Instead of is: Increase the role of randomness, oil. It took us a while to realize that tossing one die, they will throw two. and decrease the role of mathemati- crude oil is the source of plastic, The guesser will guess the outcome, cal sophistication. A smart mathema- asphalt, medicine … and climate not from one to six but from two to tician will be defeated by a smarter change. Similarly, one by one, we twelve. Mr. Innocento readily agrees. one (who is often a hacker). But a learn that cyber oil has a lot to offer But then something strange happens. randomness shield works every time for the betterment of society in gen- While Mr. Innocento is guessing all it is tried. eral and for money and payment in over the place, sometimes two, some- A caveat: Randomness deliv- particular. times three, sometimes twelve, and ers only if it is high grade, that is, Randomness is the undefeatable so on, Mr. Sophisticato invariably quantum grade. Fake randomness equalizer. How so? Bear with me for guesses seven. (which is most of the randomness this short tale. Mr. Sophisticato and When the sun sets, Mr. Sophisti- used for cyber security) is defeatable Mr. Innocento come together to play cato counts $1,850 and Mr. Innocento, by smarter math. dice. One throws a single die, and the $150. A similar gap happens the next What can be done then? Random- other is to guess the outcome. If the day, and the next. Mr. Innocento is ness affects every facet of the pay- guess is correct, the thrower pays at his wit’s end. How did his luck ment realm, from choice of cipher a dollar to the guesser. Then, they switch on him? Little does he know to network processing, data storage, switch roles. that math advised Mr. Sophisticato origination, validation, summation, Both players bring $1,000 to to choose seven every time. There settlement, legacy payment, digital the game. After ten hours of play, are six dice combinations resulting currency, Internet of Things pay- Mr. Sophisticato counts $1,020 in his in seven (1+6, 2+5, 3+4, 4+3, 5+2, 6+1]) ment, cross-border payment—down pocket, and Mr. Innocento counts while two and twelve appear only in to behavioral solutions. Watch for $980. The next day, Mr. Sophisticato a single combination. coming columns. finds only $970 in his wallet, and But then Mr. Innocento has a flash- The first important step is to inter- Mr. Innocento clocks $1,030. So it back. Things looked quite different nalize this unexpected realization goes, day after day. This persistent when they played with one die only. that cyber space is run on cyber oil— equality annoys Mr. Sophisticato, He resolutely withdraws his consent randomness. TRENDS & TACTICS DIGITAL TRANSACTIONS | DECEMBER 2021 11
THE REGULATORY PENDULUM is that they provide access to money
swinging again in Washington, and that workers have already earned.
while the changes might be predict- Using both of these hearings as a
able, they are not always optimal for bjackson@ipa.org guide to what is coming next, one dis-
consumers. appointing trend is that preconceived
The Consumer Financial Protec- shut down and when the large play- notions seem to rule the day. Even
tion Bureau got a new director when ers repeatedly break the law, it feels the titles of the hearings spell out the
Rohit Chopra was confirmed by the like nothing happens,” Chopra said. attitudes of lawmakers. Depending
Senate on Sept. 30, and the Biden “In my testimony, I submitted one of on who’s talking, either regulators
Administration has nominated a new the areas that is going to be a focus for are the devil or industry is the devil.
Comptroller of the Currency. me is the issue of repeat offenders.” People in the industry and, more
Additionally, Congress continues But even with that focus on big important, the customers themselves,
to take an active interest in the pay- companies, Congress, and with them know that neither is true.
ments business. The House Financial the regulators, are not going to ignore Whether a financial product is
Services Committee and its Financial the rest of the industry. On Nov. 2, the good or bad often depends on the
Technology Task Force held hearings Task Force on Financial Technology circumstances of the people using it.
on a wide variety of payment prod- held a hearing entitled “Buy Now, Pay Too often, regulators and consumer
ucts. These hearings provide clues More Later? Investigating Risks and advocates operate on the assumption
about the attitudes and agendas for Benefits of BNPL and Other Emerging that everyone has the same access
both regulators and legislators. Fintech Cash Flow Products.” to products and services (and oper-
On Oct. 27, Chopra testified in a The hearing covered the short- ates on the same income level) as
hearing entitled “Bringing Consumer term financing now being offered at someone in Congress or a lawyer at
Protection Back: A Semi-Annual Review the point of sale and in online check- a nonprofit has. While they intellec-
of the Consumer Financial Protection outs by non-traditional lenders. It tually understand that many people
Bureau.” The title reflects that many in also looked at earned-wage-access could not manage a $400 emergency
Congress expect regulators to step up products that provide workers with expense, it appears they have no vis-
their scrutiny of the industry. access to the money they have earned ceral sense of what that means.
In the hearing, Chopra pledged to outside of traditional pay cycles. As with any other issue facing this
do this, citing mortgages, consumer This and the Chopra hearing make country, the reality is not reflected
debt, and big technology companies it plain that credit products are top in radical rhetoric. The industry,
as three areas of early focus. He also of mind for regulators and legisla- regulators, and even advocates need
noted that he plans to hold organiza- tors. Brian Tate, the chief executive to come together to ensure that laws
tions of all kinds accountable. of the Innovative Payments Associa- and regulations do not end up hurting
“I have to tell you, one of the things tion, testified on earned-wage-access the very people they are supposed to
that bothers me so much is when products and tried to make it clear protect by eliminating the ability for
small players break the law, they get that these products are not credit in certain products to exist.
12 DIGITAL TRANSACTIONS | DECEMBER 2021 TRENDS & TACTICSONLY ONE OF THESE BIRDS CAN
GIVE YOU THE LATEST NEWS
IMPACTING THE PAYMENTS MARKET
Today and every day follow
DIGITAL TRANSACTIONS
@DTPAYMENTNEWS on TwitterReal-time payments THE TECHNOLOGY TO ENABLE a March report from ACI Worldwide
REAL-TIME PAYMENTS at the point Inc., ranked ninth in real-time pay-
have proven value of sale is available today. But many ments transactions with 1.2 billion.
for many payment questions remain: Are consumers
ready? Are merchants ready? Is the
India had the most, 25.5 billion.
Some payments executives don’t
needs. Now, experts payments ecosystem ready? hesitate. “Absolutely,” says Brady
The answer is, kind of. The hesi- Harris, chief executive of Dwolla
are looking at tation is like that you see with any Inc., a Des Moines, Iowa-based com-
mining the potential change in payments. Questions sur-
face over whether real-time payments
pany that specializes in application
programming interfaces for digital
for real time at the at the point of sale will overly disrupt
the regular flow of transactions.
payments. In April, Dwolla debuted
an API that can connect fintechs to
point of sale. Plus, questions remain about The Clearing House Payments Co.
demand. Is there really a market for LLC’s Real Time Payments network.
real-time payments at the point of TCH’s RTP service primarily
BY KEVIN WOODWARD sale? After all, the United States, as of enables financial institutions to offer
the real-time payment service to their
business clients, which can then offer
it to their customers. TCH declined
to discuss real-time payments at the
point of sale. “We have a lot going on
with RTP right now, but POS is not
one of them. It is something RTP
will address in the future, but not
right now,” a TCH spokesperson says
via email.
The Federal Reserve is developing
a real-time payment service called
FedNow, but it is not expected to be
available until 2023. The Fed did not
respond to a Digital Transactions
inquiry for this story.
“Transactions should happen as
fast as the Internet moves,” Harris
says. “As real-time payments continue
14 DIGITAL TRANSACTIONS | DECEMBER 2021 ACQUIRINGto be more widely used by consumers “The interesting thing is that RTP the regulators. Here in the United
of all ages and technology abilities, capabilities advertise as being able to States, innovators are pushing the
RTP will be essential for point-of- have other industry players partici- real-time payment movement, caus-
sale transactions.” pate in the ecosystem more directly,” ing banks and government regulators
Allen says. “I’m sure the online mer- to play catch-up.”
‘A LASTING TREND’ chant community would love to get
their money faster.” One acquirer,
As a result, he adds, “As policymak-
ers and financial institutions start to
Others agree. “Absolutely,” says EVO Payments Inc., added in 2020 the catch up with the fintech industry,
Erika Baumann, director of com- Visa Direct push-payment service as retailers and even countries will feel
mercial banking and payments at a settlement option for merchants. even more comfortable utilizing faster
Aite-Novarica Group, a Boston-based Funds can be credited to a debit card account-to-account transactions.”
consulting and research firm. “For at any time. The Deloitte report also suggests
small businesses in particular, [real- Real-time payments at the point that technology innovation, such as
time payments] can have a dramatic of sale have the potential to speed up pervasive smart-phone adoption and
impact on cash flow.” merchant funding, lower payment- consumer use of digital wallets, will
“There are so many options, Pay- acceptance fees compared to credit have a large role in real-time payments
Pal, Zelle, RTP,” she says. “The issue and debit cards, and increase vis- adoption. New providers, merchant
really is how to change expectations ibility around payment status and and consumer expectations, how regu-
of the POS experience. [With] online, transaction information. But can lators treat real-time payments, and
[it] is much easier to align expecta- that potential be realized? increasing globalization will all have
tions than in a retail location, due to “You are seeing different markets an impact on real-time payments
how we as consumers and business and industries realize the potential adoption, too, the report says.
owners have been conditioned.” of real-time payments,” says Harris.
Now, some consulting firms are
measuring the potential for real time
“The shift towards real-time pay-
ments for point-of-sale and online
‘THE PARADIGM WILL SHIFT’
payments at the checkout counter. shopping is going to be a lasting trend What will it take to get real-time
Deloitte published its “Real-time that will become a standard option payments in regular use at the point
payments are changing the reality moving forward.” of sale?
of payments” report that discussed Harris says a number of factors “Merchants. They’re the ones who
the opportunity the payment method could affect the ability of real-time typically pay the cost of transactions,”
presents. Christopher Allen, Deloitte payments to have a larger role in retail says Ravneet K. Randhawa, senior
Consulting managing director and payments. “Banking and govern- manager of payments transforma-
payments sector lead, says there will ment regulations are in the process of tion at Deloitte Consulting. “They
be point-of-sale and online opportu- catching up to fintech solutions,” he would play a significant role in driv-
nities for real-time payments. says. “In Europe, the faster-payment ing adoption of real-time payments
movement was very much driven by in the retail space.”
‘As policymakers and financial institutions start to
catch up with the fintech industry, retailers and
even countries will feel even more comfortable
utilizing faster account-to-account transactions.’
—BRADY HARRIS, CHIEF EXECUTIVE, DWOLLA INC.
ACQUIRING DIGITAL TRANSACTIONS | DECEMBER 2021 15‘Right now, real-time payments
are thought of as beneficial for
the recipient, but not as much
for the payor. As real-time
becomes more the norm, the paradigm
will shift to be accepted as normal.’
—ERIKA BAUMANN, DIRECTOR OF COMMERCIAL BANKING
AND PAYMENTS, AITE-NOVARICA GROUP
As Harris explains, the impact is like an instant debit,” she says. from account to account at not even
real-time payments at the point of “The U.S. has been more of a credit- a quarter of the cost and with just
sale could have on acceptance costs based economy. However, we did see as much reliability?” adding that
is substantial, “which is why you see a shift in the pandemic. It would be Dwolla is working on how to intro-
the big-time card processors start- interesting to see how this plays out duce account-to-account payments
ing to invest in alternative payment in the longer run.” with real-time speed in a retail envi-
methods. Real-time payment technol- What could aid the adoption for ronment. He did not share details.
ogy will be offered alongside credit point-of-sale transactions? “Real-
cards,” he says.
“And because of how expensive
time payments are slowly becoming
understood and expected by the mar-
AN ‘EMBEDDED’ OPTION
credit card fees are to a business,” ket,” Aite-Novarica’s Baumann says. Real-time payments at the point of
Harris continues, “we are seeing She looks at the adoption of the sale may not show up in a big way
brands use account-to-account trans- Check 21 legislation 17 years ago as an in 2022, but sources for this article
actions to actually create their own example of how real-time payments agree it will happen relatively soon.
customer loyalty debit card and offer at the point of sale might advance. “From merchants’ perspectives, they
rewards with the transaction sav- “… Everyone panicked about what it would like to get their money faster,”
ings, making account-to-account would mean to convert a check to an Deloitte’s Allen says. “The merchant
more appealing than a credit card electronic payment, and that anxiety side would like to be a bigger player
for their customers.” went away as a new norm was estab- in the payment ecosystem. Potentially,
One early adopter of that logic was lished,” she says. real-time payments has the ability to
ZipLine, a private-label debit-payment “As [real-time development] con- allow for that. From the consumer
service for convenience stores that is tinues and accessibility expands, it side, it will create more innovation.”
now owned by Professional Datasolu- will become more prevalent at the He adds, though, that “research
tions Inc. While not a real-time pay- POS,” she adds. “Right now, real-time has suggested that consumers aren’t
ments variant, it does showcase the payments are thought of as beneficial completely unhappy with how they
account-to-account example. for the recipient, but not as much for pay for things.”
Still, Deloitte’s Allen cautions that the payor. As real-time becomes more Still, the point-of-sale future has a
credit cards offer benefits that real- the norm, the paradigm will shift to place for real-time payments. “It will
time payments, at least at this time, be accepted as normal.” be part of the POS experience,” Bau-
do not, such as extended warranties As Harris says, “On e-commerce mann says. “Online, this is selecting
and fraud-protection plans. sites, customers value choice and the payment method at checkout. At a
And consumers may need some expect a variety of payment options. POS terminal, it will be embedded in
coaxing, Randhawa says. “One thing Why pay a fee on top of your trans- the options we see today like tap-to-
to consider is that real-time payments action when the funds can move pay or Apple Pay through a device.”
16 DIGITAL TRANSACTIONS | DECEMBER 2021 ACQUIRINGAnd you thought IT IS ONE OF THE IRONIES of the Some observers aren’t surprised.
payments business these days that “Stablecoins promise something
stablecoins were there seems to be little that’s stable they’re basically not delivering,” says
all about ‘set it about the news surrounding stable-
coins. For a concept that came on
James Royal, senior wealth reporter at
Bankrate.com. “They promise they’re
and forget it.’ the scene a scant seven years ago to
answer complaints about the wild
backed by cash, and they’re not.”
Still, if any cryptocurrency concept
Some—including volatility of Bitcoin, stablecoins
have grown to a collective mar-
seems ripe to function as a means of
exchange, it would be stablecoins.
the government— ket cap of more than $140 billion
as of mid-November, according to
This is blockchain currency, like Bit-
coin, but unlike Bitcoin its value is
think otherwise. Coinmarketcap.com. tied to that of a national currency, in
Yet rising concerns about the nearly all cases, the U.S. dollar. There
potential for runs, money laundering, may be small fluctuations, but over
and terrorism financing led govern- time the price of a single stablecoin,
ment officials last month to recom- like Tether or USDC, is supposed to
mend Congress regulate this rela- zero in on $1.
BY JOHN STEWART tively new species of cryptocurrency. These tokens have grown fast over
the past year, rising from a total mar-
ket cap last fall around $25 billion.
And new entrants could supercharge
that growth further. One such can-
didate is the Diem stablecoin, for-
merly known as Libra, which has
yet to launch. Its backer, Facebook
Inc., has already introduced a Diem
digital wallet, known as Novi.
A PERFECT BRIDGE’
That vaunted price stability has
attracted major payments entities
that otherwise have looked askance
at the dizzying runups and scary
pratfalls of other cryptocurrencies.
Mastercard Inc. in July said it will
work with a pair of issuing banks and
18 DIGITAL TRANSACTIONS | DECEMBER 2021 NETWORKSseveral service providers to test con- And right now, stablecoins are USDC, at $34.4 billion the second-
verting crypto coins to stablecoins for coming on fast. At BitPay Inc., a plat- largest stablecoin by market cap,
direct acceptance of crypto-backed form that supports crypto transac- behind only Tether.
cards on its network. tions, the USDC stablecoin accounted
Mastercard’s announcement fol-
lowed a similar move by Visa Inc.,
for 15.1% of volume in October, up
from 1% a year earlier, says Bill Zielke,
‘A LOT TO UNPACK’
which late in March said its inte- chief marketing officer. Much of this But some of that momentum could
gration with San Francisco-based activity, he adds, stems from cross- be sapped by a federal government
Anchorage Hold LLC, the first fed- border payments, where senders are that isn’t so sure this branch of cryp-
erally chartered digital-asset bank, looking to avoid the costs of conven- tocurrency is such a good idea. The
allowed the network to process its tional channels. “Wire transfers can root cause of this skepticism lies in
first transaction involving direct be expensive and cumbersome” by the backing for these digital dollars.
settlement with a stablecoin, in this comparison, he adds. Stablecoin developers are supposed
case, USD Coin (USDC). Indeed, a digital transfer at the to keep reserves in hard currency
“As a payments guy, I think crypto blink of an eye and at low cost explains equal to the value of the coins they
is coming on a transaction network, much of the increasing appeal of have minted. In at least some cases,
and stablecoins are a very impor- stablecoins. “We provide that per- however, they have been found to
tant [push] behind that,” says Cliff fect bridge, a seamless transition have used some cash along with com-
Gray, who follows cryptocurrency as from legacy systems to fast, cheap mercial paper, short-term corporate
a senior associate at The Strawhecker systems,” says Rachel Mayer, vice debt, or other such non-cash assets.
Group, an Omaha, Neb.-based pay- president of product at Circle Inter- Such investments can generate
ments consultancy. net Financial Inc., the developer of income for the stablecoin sponsor,
THE ONLY MAGAZINE COVERING
THE TOTAL PAYMENTS MARKET
In 2019, there were 150.2 billion
digital transactions in North America.
Digital Transactions magazine covered
them all. It is the only publication
addressing the total market.
Subscribe today by going to
Bolandhill.omeda.com/dtr/ to start tackling
the ever-changing payments market.TOP 10 STABLECOINS BY MARKET CAP
(As of mid-afternoon Central Time, Nov. 15)
private-sector innovation in sta-
blecoins,” notes Eric Grover, princi-
pal at Intrepid Ventures, a Minden,
1 Tether $73.9 billion Nev.-based payments consultancy.
Grover backs disclosure require-
2 USD Coin $34.4 billion ments for stablecoin sponsors but
3 Binance USD $12.8 billion suspects some regulators may be
angling for stricter rules to hobble
4 Dai $6.5 billion private-sector initiatives and protect
5 TerraUSD $5.4 billion a future central bank digital currency
(CBDC) tied to the dollar and likely
6 TrueUSD $1.2 billion controlled by the Federal Reserve.
7 Pax Dollar $946 million Such government-backed digital
currencies have been topics of discus-
8 Neutrino USD $559 million sion in a number of countries. “I worry
about that,” says Grover. “This notion
9 Reserve Rights $552 million
that the Fed is benign and fintechs
10 Fei USD $424 million are risky. That concern is wrong, but
Total market cap for all 70 stablecoins: $140.2 billion it’s clear that it’s out there.”
Source: Coinmarketcap.com
which makes them more attractive and the Office of the Comptroller
‘NO COMPARISON’
than cash, but that kind of backing of the Currency early last month For now, sponsors are chiefly inter-
could prove problematic, to say the issued sweeping recommendations ested in developing use cases that
least, were there a run on any of these to address what they called “signifi- can maximize stablecoins’ inherent
coins. “At a time of stress, those assets cant and growing risks.” advantages—a primary one having
could be marked down, making the These boiled down to a suggested to do with enabling low-cost trans-
coins worth less than a dollar,” says trio of new regulations. The first one, fers in markets like remittances.
Bankrate.com’s Royal. “It’s a problem which would mandate that issuers be Circle has formed ties to both Visa
generally for stablecoins.” insured depository institutions, cap- and Mastercard for settlement of
By contrast, non-stablecoin block- tured the most notice, But the other payments in USDC at rock-bottom
chain currencies, like Bitcoin, may two could be equally consequential: cost, Mayer says. “To settle $1 million
have volatility problems but are gen- that custodial-wallet providers be in USDC transactions, it’s orders of
erally not seen as run risks. “Bit- subject to federal oversight and that magnitude less than a traditional
coin doesn’t have to have backing issuers be subjected to limits on affili- transfer,” she notes.
because it derives its value from its ations with commercial enterprises. The same holds for such fast-
utility as the most widely accepted For their part, issuers are pub- growing markets as gig-economy
[cryptocurrency] coin,” notes Aaron licly promising cooperation with payouts, “where, with the econom-
McPherson, an independent fintech any new regulations, whatever their ics of sending $30 to Nigeria, there’s
and payments consultant. private opinions may be. “There’s a no comparison [with stablecoins],”
Fears of a general rout in sta- lot to unpack, and we’re hard at work Mayer adds. “It’s orders of magni-
blecoins—and a resulting general working with the federal agencies,” tude cheaper” than a card network.
markdown in value—grow steadily says Circle’s Mayer. It may be hard to beat costs like
along with the coins’ market caps. But not all observers agree there’s that, but stablecoins may first have to
In response, the President’s Working a problem, let alone a need for new find some stable ground with the Feds
Group on Financial Markets, the Fed- government fixes. “One has to worry and other skeptics before they can
eral Deposit Insurance Corporation, the regulatory regime will stifle profitably press that advantage.
20 DIGITAL TRANSACTIONS | DECEMBER 2021 NETWORKSDigital Transactions News
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or email publisher Bob Jenisch at
Bob@digitaltransactions.netThe hype around
Apple Pay, Samsung Pay,
and Google Pay has quieted
considerably. But that
doesn’t mean the three big
wallets are sitting still.
BY PETER LUCAS
When the so-called Pay wallets— iPhone or Android phone, was 27%,
Apple Pay, Samsung Pay, and Google according to payment consultancy
Pay—launched in 2014, 2015 and 2018, Auriemma Group Inc. Fast forward
respectively, they did so to great fan- to late 2021, and that figure jumps to
fare. At the time, the expectation 44%; respectable growth, but still less
was that these mobile wallets could than half of eligible users.
potentially make traditional card- Another indicator of the Pays’
based payments obsolete. struggles to gain traction is the low
Mobile wallets were considered percentage of consumers linking a
groundbreaking payment technology credit card to one of them. That figure
because they gave consumers tap-and- held flat at 15% in 2016 and 2017, then
go payment capability through their dropped to 14% in 2018, according to
smart phones, which greatly reduced Phoenix Marketing International,
friction at the point-of-sale. That which tracks the wallets.
convenience, along with the weight In 2019, that percentage jumped to
and consumer awareness of the Apple, 18%, and then to 26% in 2020, when
Samsung, and Google brands, made the the Covid-19 pandemic accelerated
ceiling for the Pays seem unlimited. consumer adoption of contactless
In the intervening years, much of payments. Nevertheless, indications
the marketing hype around the Pays are that growth is flattening again,
has died down and consumer adop- with 27% of consumers having a credit
tion has been sluggish. card linked to one of the Pay wallets
In 2016, for example, adoption through the first half of the year.
among consumers eligible to use a Even Apple Pay, the largest of the
Pay wallet, i.e., consumers with an Pays with 43.9 million users, according
DIGITAL TRANSACTIONS DECEMBER 2021 23to research firm Insider Intelligence,
has followed a similar trend line when
it comes to consumers linking a card. HOW THE PAYS STACK UP
(User counts in millions)
From 2016 to 2018, that percentage of
consumers held steady at 10%, then 2021 2025 1
climbed to 12% in 2019. In 2020, the
figure jumped to 16%, then leveled off
at 17% during the first half of 2021,
according to Phoenix Marketing.
Again, the figures, while respect-
able, are not world beaters, payments
experts say. If nothing else, they
are an indication the Pays have not
accomplished what they and many
observers expected terms of adop-
54.5
tion and usage.
“A lot of mistakes were made by
43.9
the Pays when they launched, includ- 32.2
ing a stretched adoption curve [and]
technical and acceptance problems.
25.0
And when they didn’t spark like ini- 16.3 17.6
tially thought, the marketing fervor
around them ceased and there was no
real backup plan [to reignite them],” Apple Pay Google Pay Samsung Pay
says Leon Majors, senior vice presi- 1. Projected Source: Insider Intelligence
dent, payments systems practice, at
Phoenix Marketing.
“Millennials and Gen Zers make or they are integrated as one-click
‘FULLY INTEGRATED’ up 68% of mobile proximity pay-
ments, and their use of the technol-
checkout options in-app, which makes
them more convenient than other
That’s on the negative side of the led- ogy is great news for the future [of methods,” says Nick Maynard, head
ger. While the wallets may not have the Pay wallets],” says Jaime Toplin, of research for Juniper Research.
met their initial lofty expectations a senior research analyst for Insider To be sure, the Pays still face many
for adoption, payment experts say Intelligence. challenges when it comes to broad-
they remain a force to be reckoned The second reason is that Pay ening consumer adoption beyond
with. They cite two primary reasons. users have shown a preference for online usage and their popularity
First, the Pays are extremely popu- using their wallets online, as opposed among Millennials and Gen Zers. If
lar among Millennials and Gen Zers, to in-store. That’s encouraging, as the Pays are to become truly ubiq-
which consider it easier to pay with e-commerce sales have rocketed since uitous, especially outside their core
a mobile wallet than with a physi- the Covid-19 pandemic hit and show audience, they will need to find ways
cal card. Indeed, more than 36% of no signs of a slowdown nearly two to attract new users and increase
the population of the United States, years into the health crisis. daily usage, payments experts say.
ages 14 and up, have made at least A big reason for why the Pays are “With the exception of Millenni-
one mobile proximity transaction getting used more for online pur- als and Gen Zers, a large percentage
in the last six months, according to chases is that “in a lot of cases these of consumers don’t see the value of
Insider Intelligence. By 2025, that wallets are fully integrated in the user migrating to a mobile wallet, espe-
figure is projected to rise to 43.7%. journeys for respective app stores, cially with contactless cards more
24 DIGITAL TRANSACTIONS | DECEMBER 2021 REMEMBER THE PAYS?and loyalty information, all of which
IT’S PROGRESS— can be organized around conversa-
tions with other users, former Google
BUT IS IT ENOUGH? general manager and vice president
Caesar Sengupta said in a blog post
at the time. In April, Sengupta left
(Percentage of cardholders linking
a credit card to a Pays 1 wallet) Google after nearly 15 years to pur-
sue entrepreneurial opportunities.
Despite Sengupta’s departure,
Google has remained on track for
2016 2017 2018 introducing new enhancements to
15% 15% 14% Google Pay. “This spring we intro-
duced new features which help users
find the latest grocery deals, quickly
search their spending by category or
business, and a way to send money to
friends and family abroad in India and
Singapore, thanks to an integration
2019 2020 20212 with Wise and Western Union,” says
18% 26% 27% Josh Woodward, Google Pay’s senior
director of product management.
More enhancements are planned
for the coming year. Starting in 2022,
Google Pay users will reportedly be
1. Apple Pay, Google Pay, Samsung Pay 2. Through first half 2021 Source: Phoenix Marketing able to access Groupon deals through
their wallet.
“There’s a need for a new, mobile
widely available,” says Thad Peter- don’t necessarily think of using it money experience for people who have
son, strategic advisor, retail bank- for payment,” says Jaclyn Holmes, grown up in a mobile-first environ-
ing and payments at Boston-based director of research at the Auriemma ment, where everything from hailing
consultancy Aite-Novarica Group. Group. “People have shown they a cab to opening a bank account can
like that feature, and if they have be done with simple taps on a mobile
‘A HOLISTIC APPROACH’ a good experience with it, it helps
hook users.”
device … so with the new Google Pay
app, we took a holistic approach to
The Pays are on that case. To attract new Google Pay has taken a different money by allowing [users] to man-
users, Apple Pay and Google Pay have approach, focusing on helping users age all [their] finances in one place,”
focused on adding non-payment adja- manage their finances and spending Woodward says.
cent features to raise awareness of their through the wallet, as opposed to One aspect of the Google Pay
respective wallets among consumers. using it strictly as a payment vehi- revamp that won’t come to fruition
Apple Pay, for example has posi- cle. That revamp began in late 2020 is the wallet’s plans to offer bank
tioned itself as a place where users can when Google Pay parent Alphabet Inc. accounts through its Plex service.
digitally store identification cards, announced plans to add new features Google announced in October it was
such as driver’s licenses and vac- intended to increase daily usage. abandoning that initiative. The plan
cination, loyalty, and membership The plan calls for Google Pay users had called for Google Pay users to have
cards, even boarding passes. to have the ability to pay for, and access to their checking and savings
“It’s a move that creates a gateway split, purchases between users, see accounts, and eventually a debit card,
to using the wallet for people that past transactions, and find offers as well as set savings goals.
REMEMBER THE PAYS? DIGITAL TRANSACTIONS | DECEMBER 2021 25You can also read
