Fintech digest: Visa calculates the benefits of Moscow from non-cash, PayPal VS cryptocurrencies, Amazon plans something big

Hello, Habr! Over the past week, a lot of interesting things happened in the world of fintech. And Visa, Paypal, as well as other companies and organizations of a smaller scale, are involved in this interesting one.

So, this week Visa celebrated with one of its projects. According to the company, Moscow is a metropolis, where the population still prefers cash as settlements. A study of the spread of non-cash payment and transaction technologies was conducted by Visa as part of the Cities Without Cash project. The project is large-scale, its participants examined the payments of the population in 100 cities of 80 countries.

So, it turned out that Moscow is not at the peak of technological development. It belongs to the category of cities that are at the stage of transition to digital technology, together with Istanbul, Bucharest, Kiev and Minsk. The best situation with “paperless” settlements is in Copenhagen, London, Toronto, Sydney, Hong Kong. But there are cities where non-cash use is not at all as active as in Moscow. These are Mexico City, Cairo, Jakarta, Casablanca, Buenos Aires.

The experts who conducted the study believe that if Moscow increases the level of penetration of cashless funds, the total economic effect will be $ 8.5 billion. Naturally, plus, not minus.

And Visa does not like cryptocurrency. More precisely, Vassantha Prabhu, financial director of Visa payment giant, spoke out against her. He declared , due to their anonymity, cryptocurrencies are popular among corrupt officials and other categories of criminals. Prabhu also believes that the cryptocurrency world is now enclosed in a “bubble” that will burst sooner or later.


PayPal - we somehow missed information in previous releases that the company is developing its own cryptocurrency payment system. The main goal is to increase the speed of transactions. The technology is patented, information is available on the website of the United States Patent and Trademark Office. Developers are creating a new system in order to reduce the time it takes to confirm transactions and the appearance of a new block on the network.

But at the same time, some PayPal users received a warning letter from the administration just yesterday that activities involving the transfer or trading of cryptocurrency are prohibited by the policy of using the service ”and should be stopped immediately. So far, the company’s press service has not commented on the letter, but it clearly indicated that trading in cryptocurrencies or conducting any other transactions with it using PayPal contradicts the Acceptable Use Policy.

And, by the way, the company's CEO Dan Shulman at the beginning of the year said that bitcoin is an unsuitable tool for transferring value. That is, it is difficult for sellers and buyers to use bitcoin as an ordinary currency, since its volatility is very high.


Amazon is in talks with major banks in the world, including JPMorgan Chase & Co. There is not much information about the essence of the project, but you can understand that the company plans to create a customer service, similar in functionality to a bank account, which the retailer could offer customers to transfer funds. Perhaps this is just a concept that will not be developed, but it may well be that Amazon will indeed create a hybrid bank account for customers, which will help the company reduce the commission that the IT giant pays financial intermediaries and get information about the costs of system participants. A company can afford to do something new, since its capitalization exceeds $ 700 billion.

And a little bit about cryptocurrencies

Well, in the world of cryptocurrencies, a lot of things happened. Now market capitalization is falling in the wake of negative news. Part of them is that large companies, such as Facebook, prohibit the promotion of cryptocurrencies and ICOs on their sites. Now an example from Facebook was taken by Twitter and Google .

The search giant has updated the policy for using its services by adding a clause on the bath of all types of advertising related to cryptocurrencies starting in June this year. So the company was forced to increase the number of fraudulent schemes, the main element of which were advertisements telling about cryptocurrencies. As for Twitter, the microblogging service is also going to start blocking ads related to cryptocurrencies and cryptocurrency projects.

That's all for now. Little, but in fact, we try to collect only the most important news from the fintech market, because everything that happened sooner or later will affect us. Subtle changes are gradually turning into a quantum leap in financial technology, which, of course, is changing the whole world. And our digest helps to monitor these changes.