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NewsBriefs

This article contains excerpts from news stories recently posted under Although FedNow offers lower transaction costs and im-
Breaking Industry News on our homepage. For links to these and other mediate availability of funds, merchants are expected to
full news stories, please visit www.greensheet.com/breakingnews. enable it as an additional payment option rather than a
php. replacement. While real-time payment networks like PIX
in Brazil and UPI in India have seen significant growth,
adoption has been mixed globally.
Proven cross-border brands find tough love in USA
PayPal stablecoin faces headwinds Adyen's share prices plummeted due to challenges includ-
ing overstated valuations, economic headwinds, and fail-
PayPal is venturing into cryptocurrencies with its first ure to assess U.S. consumer preferences and regulatory
stablecoin, PayPal USD, in partnership with Paxos. This trends. Allen Kopelman, CEO of Nationwide Payment
stablecoin will be fully backed by U.S. dollar deposits and Systems, noted that European companies like Adyen,
short-term U.S. Treasury securities. However, regulatory Checkout, and dLocal are unprepared for the U.S. market.
hurdles are expected, as U.S. regulators remain skeptical
about cryptocurrencies. Following the announcement, the Meanwhile, dLocal's shares surged over 30 percent when
Federal Reserve required state banks to seek permission it beat earnings estimates after appointing former Mer-
before involving in stablecoins.
cado Libre CFO Pedro Arnt as its new co-CEO. Financial
analysts expressed concern over Adyen's performance, as
Moreover, Paxos is under investigation by the SEC and the it missed its 25 percent growth target, posting a 10 percent
New York Department of Financial Services over its rela- drop in EBITDA compared to the previous year. Adyen
tionship with Binance, accused of operating as an unreg- CEO Pieter van der Does described the U.S. market as
istered securities exchange. Meanwhile, Congress is con- highly competitive, with rivals aggressively cutting pric-
sidering the Clarity for Payment Stablecoins Act of 2023, es, but confirmed that Adyen has not lost any enterprise
which aims to specify that stablecoins are not securities clients by refusing to engage in price wars.
and calls for bank-like regulation of nonbank issuers of
stablecoins. MPC23 embraces unified commerce theme
Digital twin deployments surge MPC23, formerly the Mobile Payments Conference, was a
in BFSI sector, study finds holistic digital commerce event covering topics from bank-
ing to security. It featured new elements like a live podcast
The Altair 2023 Global Digital Twin Industry Report re- and digital business cards. Workshops by BalancedTrust
vealed that digital twin technology is trending in the and Chargebacks911 explored evolving bank relationships
banking, financial services and insurance (BFSI) sector. and chargeback management. Advantix CEO Natasha
The report, based on a survey of 2,000 professionals across Royer Coons highlighted the challenges faced by digital
10 countries, found that 71 percent of firms in the BFSI sec- commerce stakeholders and technology channel partners.
tor already use digital twin technology for operational ef-
ficiencies, behavioral modeling and predictive analytics. Amadis' Bohdan Myroniw and Wellesley Hills Financial's
OB Rawls discussed the digital commerce landscape and
This technology, which involves creating digital models evolution. The Green Sheet's Dale Laszig presented a Su-
of physical objects for testing, is crucial for addressing per App award to OV Loop CEO Will Graylin, recognizing
challenges such as increased regulatory demands, so- his vision for a unified commerce experience. Also at the
phisticated criminal activity and heightened consumer forefront of industry conversations at the show were Fed-
expectations. An ebook by NVIDIA also highlighted the Now, mobile wallets, and generative AI.
importance of digital twins as virtual replicas of assets,
processes and environments; it also outlined a five-step
approach for companies to get started with digital twins. Also find us on Facebook,
Moody's: FedNow won't cannibalize debit card use LinkedIn & Twitter for the
most up-to-date stories,
A report from Moody's Investors Service suggests that can’t miss events and newest
FedNow poses minimal threat to major card networks like industry announcements.
Mastercard and Visa. Despite enabling financial institu-
tions to offer real-time payment products that compete
with legacy debit products, its impact on card networks
will depend on broad consumer adoption, which remains
uncertain, Moody's found. Mastercard and Visa have es-
tablished leadership positions, providing value-added https://www.facebook.com/TheGreenSheetInc
services such as global acceptance, dispute resolution and https://www.linkedin.com/company/the-green-sheet
enhanced security that are hard to replicate.
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