In today’s top news, bitcoin fell after Elon Musk said Tesla will no longer take cryptocurrency as a payment form, and LendingClub is partnering with FinTron to offer a variety of mobile banking services. Plus, N26 has been ordered to increase its anti-money laundering efforts.
Bitcoin Plummets After Elon Musk Stops Taking Crypto Payments For Tesla
Bitcoin tumbled some 15 percent on news that Elon Musk will no longer take the cryptocurrency for Tesla payments due to environmental concerns. The entire cryptocurrency market lost more than $365 billion.
LendingClub Teams With FinTron FinTech To Offer Mobile Banking
A new FinTech called FinTron, which offers an app for banking, investing and financial education, will work with LendingClub Bank to offer checking accounts that pay interest, free ATM withdrawals globally and online check deposits via the FinTron app.
BaFin Appoints Supervisor To Monitor N26’s AML Controls
Germany’s main financial regulator, the Federal Financial Supervisory Authority (BaFin), has ordered German neobank N26 to increase its anti-money laundering (AML) efforts. BaFin is appointing a supervisor who will regularly update BaFin on the bank’s compliance.
Amazon Upgrades Echo Show Devices, Debuts Kids’ Version
Seattle-based Amazon has released its latest Echo Show devices: the new Echo Show 8, Echo Show 5 and the first Echo Show 5 Kids. The new Echo Show devices offer better cameras for video calling and new Alexa features.
Report: Debit, Digital Wallets Help Banks Keep Gen Z Customers
The pandemic has only increased debit’s appeal among debt-averse younger consumers, who are using it to pay for everything from monthly bills to small daily purchases. In the Next-Gen Debit Tracker, Desiree Wolfe, senior vice president and director of product services at Webster Bank, explains how digital wallets and co-signed debit cards can help banks attract and retain customers by meeting these consumers’ digital-first needs.
AI: The Connected Economy’s Unsung Hero
Many of the use cases powered by artificial intelligence (AI) don’t grab the big headlines, but are changing the ways business is done across verticals. As Sudhir Jha, SVP and head of AI platform Brighterion, told Karen Webster, AI can create the connections between systems and infrastructure that make interactions smoother, more seamless and more secure than they’ve ever been.
Ripple Effects For Banks, Visa And Mastercard As Consumers Cut Card Balances
In the U.S., consumers are still borrowing — just not on their cards. Data from the Federal Reserve Bank of New York shows that mortgages and student loan activity was healthy compared to card debt, which was winnowed down, with the help of stimulus checks. Banks and payment networks are hoping for a rebound.
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