Today in FinTech: China Eases FinTech Rules; Lyft Enables Cash Payments

In today’s FinTech news, China is showing signs of loosening its crackdown on FinTechs and payment firms. Plus, in a time of digital transformation, Lyft finds a way to take cash.

China Moving Closer to ‘Healthy’ FinTech Launch

Chinese President Xi Jinping is moving forward with a plan that would encourage FinTech progress and the growth of the country’s larger payment companies and operators in the space, Xi said companies “would be encouraged to return to their roots while the authorities will improve regulation.”

Lyft Adds Cash Payment Option

Lyft is partnering with more than 35,000 retailers across the U.S. to enable cash payments for those who prefer or need to pay using cash. The new program enables people to use paper money to add to their Lyft Cash balance. The goal is to help ensure “more people have access to affordable, reliable transportation.”

BNPL Provider Zip Plans Fee Hikes to Offset Inflation, Interest Rates

Aussie buy now, pay later (BNPL) firm Zip said increasing consumer fees and merchant repricing are some of the proposals in the works to help the company ride out high inflation and interest rates. According to the company, there is still considerable opportunity for Zip and BNPL products in a “heightened inflationary environment.”

Prime Trust Secures $100M to Scale Operations

Financial infrastructure firm Prime Trust picked up $100 million that it will use to scale operations and broaden its product suite categories to include wealth, Web 3 and decentralized finance (DeFi) offerings. The company said it strives to help accelerate the global adoption of cryptocurrency and provides infrastructure services for crypto exchanges, on-ramps, wallet apps, alternative trading systems (ATSs), registered investment advisors (RIAs), broker-dealers and banks.