Today In Payments: China’s eCurrency Can Be Stored In Digital, Physical Wallets; Stripe Launches Tax Compliance Service
In today’s top news, China’s digital yuan can be stored in a variety of wallets, and Stripe launched its own global tax compliance service. Plus, Klarna is now valued at $45.6 billion after a $639 million funding round.
Speaking at the 13th annual Lujiazui Forum in Shanghai, Mu Changchun said the state-backed digital yuan can be stored in a variety of wallets — digital, physical, personal, or public. Chinese citizens can apply for a wallet based on their credit limits, preference of digital or physical, and how they intend to use it.
Stripe has launched its own tax compliance service for businesses in more than 30 countries around the world. Using location data, Stripe Tax calculates and gathers accurate sales tax, goods and services tax (GST) and value-added tax (VAT) for businesses.
Buy now, pay later (BNPL) company Klarna has landed $639 million in venture funding, which the company plans to use to expand internationally and further capture retail customers.
Faceook has officially added QR codes and payment links to Messenger, a service it was piloting earlier this year. The feature lets users leverage QR codes and payment links to send or request money with Facebook Pay, even if they aren’t connected to the other person on the platform.
Once a point of pride for banks, legacy systems are now holding mainstream financial services back, Jeff Currier, chief technology officer at Galileo Financial Technologies, told PYMNTS. What banks need, he said, is a shortcut to enabling application programming interface (API)-based services quickly, securely and at scale.
Ready or not, strong customer authentication (SCA) and PSD2 are coming — and as Frans Labuschagne, country manager for the U.K. and Ireland at Entersekt, tells PYMNTS, depending on where you look, you’re apt to see different degrees of preparedness.
The chorus on Capitol Hill is increasingly calling for regulation of stablecoins. Although the asset-backed coins are widely regarded as a “safer” alternative to cryptos like bitcoin, we may still see a number of frameworks and limits on their issuance.