817. News: Elon Musk's X Announce Peer-to-Peer Payments
Jan 15, 2024
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Nirav Patel, CEO at Andaria Financial Services, and Jason Mikula, Founder of Fintech Business Weekly, join the hosts to discuss Elon Musk's plans for peer-to-peer payments on X (formerly Twitter). They also cover topics such as embedded finance, Revolut's biometric data lawsuit, rate cuts by Barclays and Santander, SEC's approval of new Bitcoin ETPs, China's Ant Group eyeing a Dutch fintech acquisition, and record high pothole insurance claims.
X, formerly Twitter, plans to launch peer-to-peer payments in 2024, potentially leveraging its large user base and brand loyalty.
Embedded finance firm Andaria's partnership with MasterCard enables businesses to integrate payment services into their platforms, expanding global reach and enhancing customer experience.
Barclays and Santander have slashed mortgage rates in the UK amid intense competition, while concerns about affordability and long-term recovery persist.
Deep dives
X Plans to Launch Peer-to-Peer Payments on Formerly Twitter
X, formerly Twitter, plans to launch peer-to-peer payments in 2024 as part of its transformation into an all-encompassing app. The move follows the granting of three new money transmitter licenses in the US. While some are skeptical about X's competitive advantage in the crowded peer-to-peer payment market, others believe that its large user base and brand loyalty could drive adoption. However, there are concerns about the profitability of peer-to-peer payments and whether X can generate significant revenue from this venture.
Andaria Partners with MasterCard to Enhance Embedded Finance Solutions
Embedded finance firm Andaria has announced a partnership with MasterCard, enabling businesses to directly process and accept payments using MasterCard credit or debit cards. This principal membership agreement marks a milestone in Andaria's mission to enhance its card and payment solutions. With a focus on embedded finance, Andaria aims to empower non-financial businesses to integrate payment services into their platforms. Through this partnership, Andaria expands its global reach and offers businesses a way to monetize their platforms while enhancing the customer experience.
UK Mortgage Rates Drop Amid Speculation of Lower Base Rates
Barclays and Santander have slashed mortgage rates as competition heats up among UK lenders. The price war has been triggered by expectations of a lower national base rate set by the Bank of England. This move by banks follows previous rate cuts from Halifax and HSBC. While lower mortgage rates may suggest a positive outlook for the housing market, experts caution that the long-term impact and recovery may still take time. Challenges, such as high rebase rates, continue to affect current homeowners, making affordability an ongoing concern.
Increase in Pothole Insurance Claims
Pothole insurance claims in the UK have surged by 40% in the past year, with Admiral receiving 1,324 claims in 2023. The rise in claims is largely attributed to modern vehicles being more complicated and expensive to repair. The number of pothole repairs in the UK has actually decreased, raising concerns about the state of the country's infrastructure. With adverse weather conditions expected to cause more potholes, the need for consumer protection and improved infrastructure is emphasized.
Ant Group's Acquisition of Multi-Safe Pay
Chinese fintech company Ant Group is looking to expand its operations to the West with the acquisition of Dutch payments firm Multi-Safe Pay. Ant Group's previous ventures include Alipay, online bank MYbank, BNPL provider Huabi, and Singaporean payment platform 2C2P. The move is part of Ant Group's global expansion strategy, as it seeks to tap into the international market. The acquisition of Multi-Safe Pay highlights the company's intention to become a major player in the global payments landscape.
Our expert hosts, David Barton-Grimley and Rachel Pandyan, are joined by some great guests to talk about the most notable fintech, finance and banking news from the past week.
From Elon Musk's 'everything app' to the SEC's bitcoin ETF approvals, via Revolut biometrics data lawsuit, it's been quite a week in the world of fintech, and we have you covered with expert reaction, analysis and insight.
This week's guests include:
Nirav Patel, CEO at Andaria Financial Services
Jason Mikula, Founder of Fintech Business Weekly
We cover the following stories from the fintech and financial services space:
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