Payment insight December 2023
Payment infrastructure & support - EPI and Bizum face off
- EUROPE - EPI reaches a turning point in its history with the first instant payment transactions in Europe
- EUROPE - Bizum prepares a riposte to EPI by joining forces with Bancomat and SIBS
The European Payments Initiative (EPI) has achieved another breakthrough with the successful completion of the first instant payment transaction between two customers in Germany and France. This first transaction demonstrated the effectiveness of the technology used. EPI's ambition is to redefine the European payments landscape with the commercial launch of Wero scheduled for 2024.
It is against this backdrop that Bizum, the Spanish mobile payment service, has responded to EPI by announcing a partnership with Bancomat and SIBS to create a synergy between Italy, Spain and Portugal. The aim is to simplify cross-border transactions and strengthen the unified payment offering in Southern Europe. The three partners boast a strong presence, providing payment services to 42.7 million people in their respective countries, and 1.47 billion payments made by 2023.
Digital Currency & Web 3 - Major projects in the pipeline for 2024
- SOUTH KOREA - South Korea to launch CBDC pilot project for 100,000 citizens in 2024
- EUROPE - Deutsche Bank, Galaxy Digital and Flow Traders join forces to launch euro stablecoin
- ARGENTINA - Argentina pioneers the adoption of Bitcoin
The Bank of South Korea plans to launch a CBDC pilot project in collaboration with the Financial Services Commission and the Financial Supervisory Service. Participants will be able to use this currency to purchase goods. CBDC is seen as a potential solution to the challenges of the government subsidy system, and this project could inspire other countries in the global thinking on digital currencies.
In Germany, Deutsche Bank, Galaxy Digital and Flow Traders are collaborating to launch AllUnity, a stablecoin in euros. The partnership illustrates the growing interest of financial institutions in digital assets. It is also a reminder of the key role played by the Universal Digital Payments Network (UDPN), launched in 2°23 to ensure interoperability between stablecoins and digital currencies worldwide. This initiative comes at a time when banks are actively exploring the possibilities of stablecoins, with issues of interoperability and sovereignty at stake in Europe.
Argentina, meanwhile, is officially adopting Bitcoin amid the economic crisis, joining the global trend of cryptocurrency recognition .