The Venmo Teen Account allows parents to monitor transactions, manage privacy settings and send money to their teen. Teens can track their own spending in the Venmo app and may be eligible to receive direct deposits, enabling funds to be paid directly into the Venmo Teen Account from an after-school job, for example.

Read more: TechCrunch

The post Venmo targets young consumers and parents with new teen accounts and debit card appeared first on FinTech Ranking.

“Starting today, people in Singapore can pay their local merchants on WhatsApp in just a few taps. This seamless and secure experience will transform the way people and businesses in Singapore connect on WhatsApp,” said Stephane Kasriel, head of fintech at Meta.

Read more: Stripe

The post WhatsApp and Stripe help Singapore businesses accept payments directly in chats appeared first on FinTech Ranking.

Mark Zuckerberg made this announcement in a post saying that the company is rolling out the ability for users to “pay local businesses right in a WhatsApp chat.”

Read more: TechCrunch

The post WhatsApp users in Brazil can now pay merchants through the app appeared first on FinTech Ranking.

The tie-in with Pix – which has more than 140 million users – was enabled through a partnership with Ebanx, a Brazilian end-to-end payment processor. In addition to making local currency purchases, customers will also be able to withdraw Brazilian reals.

Read more: ConDesk

The post Coinbase Expands in Brazil, Allows Crypto Purchases With Brazilian Reals appeared first on FinTech Ranking.

“Stripe does not need this capital to run its business,” the company said in a press release. The cash raise — with contributions from Andreessen Horowitz, Founders Fund, Goldman Sachs, and Temasek — will instead go towards providing liquidity to “current and former employees” and tax obligations associated with equity awards.

Read more: CNBC

The post Stripe slashes valuation to $50 billion in new $6.5 billion funding round appeared first on FinTech Ranking.

The Information reported Monday (Jan. 30) that the deal would value the payment platform at between $55 billion and $60 billion.

The company is pursuing the deal in order to give liquidity to employees who have promises of future shares, some of which are going to expire, while at the same time not wanting to rush into going public, according to the report.

Read more: PYMNTS

The post Stripe Nearing Fundraise Valuing It at $55B-$60B appeared first on FinTech Ranking.

As of this writing, 114 countries, representing over 95% of global GDP, are exploring to some degree the feasibility of launching a CBDC for their nation, by researching, and even acting out, what the issuance of a sovereign, virtual currency backed by a federal banking system might mean for their respective economies.

Read more: PYMNTS

The post Global CBDC Real-Time Payment Network Launches in Davos appeared first on FinTech Ranking.

TikTok is a sprawling marketplace: An enormous amount of money moves across the platform each day as people buy coins to send virtual gifts (like diamonds and roses) to their favorite creators and others they meet through the app, who can then convert those items into cash. Users around the world spent $3.4 billion on TikTok in 2022, up from $2 billion the previous year, and spending in the U.S. alone more than tripled—to $670 million—from the year before, according to data analytics firm Sensor Tower.

Read more: Forbes

The post ByteDance Pushes Into Payments With Help From J.P. Morgan appeared first on FinTech Ranking.

MetaMask is one of the most popular non-custodial crypto wallets out there. It lets you store crypto assets and interact with web3 products, as you can use your wallet as your authentication method.

Read more: TechCrunch

The post PayPal and MetaMask team up to make it easier to buy crypto appeared first on FinTech Ranking.

This sets a whole new standard for holding money for people and businesses. In their Wise Account, they are now able to hold their money in government backed assets that follow the respective interest rate offered by the Bank of England, the US Federal Reserve, and the European Central Bank.

The new product means customers will no longer have to give money to their bank for free in the hope they lend it responsibly. With Wise Assets, and now “Interest” – when customer money generates earnings, they’ll keep the return. For UK customers, Wise is introducing the “Interest” asset on GBP, USD, and EUR balances. 

Currently the annual variable yields are:*

• 3.29% on USD balances;
• 2.52% on GBP balances;
• 0.88% on EUR balances;

This is done using a Public Debt Money Market Fund (MMF), a type of fund that invests in short-term assets issued and guaranteed by governments.

99.99% of money held will be immediately available to spend and send, and customers can move their money into “Interest” in just a few taps within their Wise app. In line with its international purpose and mission, Wise plans to roll out access to “Interest” to customers across Europe, after having secured its investment licence in Estonia earlier this year. 

While traditional banks often take an unspecified cut of earnings made from lending your money, Wise is fully transparent about the cost of “Interest”. The overall cost of the product is 0.29% including the fund manager costs. This is included in the annual variable yield figure that is shown to customers.  There will be no transaction cost for moving money in and out of “Interest”.

The post Wise Introducing “Interest” product in Wise Assets appeared first on FinTech Ranking.