Today in the payments news roundup, transformative innovations in payments and commerce are making the visible, invisible. Also, incoming European Union (EU) leaders are planning laws governing artificial intelligence (AI) as well as big data. And regulators are taking a close look at payroll advance apps.
The most transformative innovations in payments and commerce over the last decade are mostly the result of making what was once visible, invisible, Karen Webster writes in payments news. Innovations influenced those choices by changing the path of purchase and payment for consumers.
While consumers are flocking to eCommerce, merchants working on expanding and selling online in more markets must comply with local sales tax regulations. Levy laws can vary widely, with one state taxing a product that another does not.
Regulators are looking into financial apps that let workers access their pay early. While consumer advocates and industry executives note that the apps may help lower- and moderate-income workers, there is debate over their operation and regulation.
The People’s Bank of China (PBoC) is looking toward new technologies to more closely supervise the nation’s FinTech, blockchain and digital lending markets. While it became one of the first central regulatory institutions to ban initial coin offerings (ICOs), observers have noted that the organization has been diligently working toward its own FinTech growth.
As the European Commission prepares for new leadership, President-elect Ursula von der Leyen and her team reportedly indicate there will be new laws governing artificial intelligence (AI) and how tech firms tap into big data. Big tech investigations were already initiated by commissioner Margrethe Vestager and could result in fines of millions of dollars.
European Central Bank (ECB) board member Yves Mersch is advising the organization that Facebook’s Libra could affect its ability to set monetary policy. Mersch said, per reports, “depending on Libra’s level of acceptance and on the referencing of the euro in its reserve basket, it could reduce the ECB’s control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks, and undermine the single currency’s international role.”