PayPal Adds Digital Currencies to Marketplace

https://www.reuters.com/article/paypal-cryptocurrency/paypal-to-allow-cryptocurrency-buying-selling-and-shopping-on-its-network-idINL1N2HB14U

By Anna Irrera

3 Min Read

LONDON, Oct 21 (Reuters) – PayPal Holdings Inc joined the cryptocurrency market on Wednesday, allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets.

PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement.

PayPal hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations, President and Chief Executive Dan Schulman said in an interview.

“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” he said.

Teen Coin Adds Merchant Services Pilot Program

U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. It plans to expand to Venmo and some countries in the first half of 2021.

Other mainstream fintech companies, such as mobile payments provider Square Inc and stock trading app firm Robinhood Markets Inc, allow users to buy and sell cryptocurrencies, but PayPal’s launch is noteworthy given its vast reach.

The company, based in San Jose, California, has 346 million active accounts around the world and processed $222 billion in payments in the second quarter.

Cryptocurrencies tend to be volatile, making them attractive to speculators, but a lot less appealing to merchants and shoppers. Transactions have been slower and more costly than other mainstream payment systems.

Cryptocurrency payments on PayPal will be settled using fiat currencies, such as the U.S. dollar, meaning merchants will not receive payments in virtual coins, the company said.

Many central banks around the world have expressed their intention to develop digital versions of their currencies in the coming years, while Facebook Inc-led the creation of a cryptocurrency project called Libra in 2019. PayPal was a founding member but dropped out after a few months.

PayPal, which has secured the first conditional cryptocurrency license from the New York State Department of Financial Services, will initially allow purchases of bitcoin and other cryptocurrencies called ethereum, bitcoin cash and litecoin, it said. It partners with Paxos Trust Company to offer the service. (Reporting by Anna Irrera; Editing by Richard Chang)

Our Standards: The Thomson Reuters Trust Principles.

More From Reuters

Global AI Spending to Surge by 120% and Hit $110bn by 2024

For Immediate Release: Contact: Adam Grunwerg Psychic Ventures Ltd St Magnus House 3 Lower Thames Street London EC3R 6HD adam@psyventures.com www.buyshares.co.nz

Global Artificial Intelligence Spending to Surge by 120% and Hit $110bn by 2024

Recent years have witnessed a swell in the adoption of artificial intelligence solutions, revolutionizing industries, and helping businesses boost growth. The rising volume and complexity of business data are set to continue driving AI adoption in the following years, causing a surge in global AI spending. According to data presented by BuyShares.co.nz, global artificial intelligence spending is expected to surge by 120% and hit $110bn by 2024.

Global AI Spending Jumped 33% YoY, Despite COVID-19 Crisis Businesses across the world use AI technology to be innovative and scalable. Using automation, deep learning, and natural language processing can improve their decision-making, efficiency, speed, and help predict trends. In 2015, companies and organizations worldwide spent $5bn on implementing AI systems in their business, revealed the IDC 2020 Worldwide Artificial Intelligence Systems Spending Guide. In the next three years, this figure jumped five times to $25bn. Statistics show that 2019 witnessed a $37.5bn worth of investments into AI business solutions, a 650% jump in four years. Increased investments in AI technology continued in 2020, with organizations expected to invest $50.1bn in AI systems, despite the COVID-19 crisis. The following years are set to witness remarkable growth in global AI spending, with the figure surging by almost 120% to $110bn by 2023. Automated customer service, sales process automation, automated threat intelligence and prevention, and IT automation were the leading use cases for AI in 2020, accounting for nearly a third of total AI spending this year. However, the IDC data show that automated human resources, IT automation and pharmaceutical research and discovery are the fastest-growing use cases.

Life Sciences and Retail Lead in Adoption of AI The IDC data indicate the retail industry and the banking sector are expected to spend the most on AI solutions in 2020. The retail companies primarily focused their AI investments on improving customer experience via chatbots and recommendation engines. Banks are expected to keep investing in AI-driven fraud prevention and program advisors. Discrete manufacturing, process manufacturing, and healthcare round out the top five industries for AI spending this year. The life sciences sector, including biotech, pharma and biomedical companies, has the most significant share of organizations that have adopted AI, revealed the Capgemini`s AI-Powered Enterprise survey. Statistics show that 67% of organizations operating in this market adopted AI at scale, while another 33% launched AI pilots that are still undeployed in production. The retail industry ranked second, with 51% of companies utilizing artificial intelligence technology. The consumer products sector follows with a 44% share. The Capgemini data show the automotive industry represents the fourth-leading sector, with 17% of companies successfully using AI in production. Another 49% of automotive companies have deployed a few use cases in production on a limited scale. The telecom industry follows, with a 14% and 57% share, respectively.

The full story can be read here: https://buyshares.co.nz/2020/10/20/global-artificial-intelligence-spending-to-surge-by-120-and-hit-110bn-by-2024/  
For Immediate Release: Contact: Adam Grunwerg Psychic Ventures Ltd St Magnus House 3 Lower Thames Street London EC3R 6HD adam@psyventures.com www.buyshares.co.nz Global Artificial Intelligence Spending to Surge by 120% and Hit $110bn by 2024 Recent years have witnessed a swell in the adoption of artificial intelligence solutions, revolutionizing industries, and helping businesses boost growth. The rising volume and complexity of business data are set to continue driving AI adoption in the following years, causing a surge in global AI spending. According to data presented by BuyShares.co.nz, global artificial intelligence spending is expected to surge by 120% and hit $110bn by 2024. Global AI Spending Jumped 33% YoY, Despite COVID-19 Crisis Businesses across the world use AI technology to be innovative and scalable. Using automation, deep learning, and natural language processing can improve their decision-making, efficiency, speed, and help predict trends. In 2015, companies and organizations worldwide spent $5bn on implementing AI systems in their business, revealed the IDC 2020 Worldwide Artificial Intelligence Systems Spending Guide. In the next three years, this figure jumped five times to $25bn. Statistics show that 2019 witnessed a $37.5bn worth of investments into AI business solutions, a 650% jump in four years. Increased investments in AI technology continued in 2020, with organizations expected to invest $50.1bn in AI systems, despite the COVID-19 crisis. The following years are set to witness remarkable growth in global AI spending, with the figure surging by almost 120% to $110bn by 2023. Automated customer service, sales process automation, automated threat intelligence and prevention, and IT automation were the leading use cases for AI in 2020, accounting for nearly a third of total AI spending this year. However, the IDC data show that automated human resources, IT automation and pharmaceutical research and discovery are the fastest-growing use cases. Life Sciences and Retail Lead in Adoption of AI The IDC data indicate the retail industry and the banking sector are expected to spend the most on AI solutions in 2020. The retail companies primarily focused their AI investments on improving customer experience via chatbots and recommendation engines. Banks are expected to keep investing in AI-driven fraud prevention and program advisors. Discrete manufacturing, process manufacturing, and healthcare round out the top five industries for AI spending this year. The life sciences sector, including biotech, pharma and biomedical companies, has the most significant share of organizations that have adopted AI, revealed the Capgemini`s AI-Powered Enterprise survey. Statistics show that 67% of organizations operating in this market adopted AI at scale, while another 33% launched AI pilots that are still undeployed in production. The retail industry ranked second, with 51% of companies utilizing artificial intelligence technology. The consumer products sector follows with a 44% share. The Capgemini data show the automotive industry represents the fourth-leading sector, with 17% of companies successfully using AI in production. Another 49% of automotive companies have deployed a few use cases in production on a limited scale. The telecom industry follows, with a 14% and 57% share, respectively. The full story can be read here: https://buyshares.co.nz/2020/10/20/global-artificial-intelligence-spending-to-surge-by-120-and-hit-110bn-by-2024/  

Central Bank Digital Currencies 101

Take the professional development course on CBDCs written by Robert Chernish and save 50% off the course price!

https://cpdformula.com/course/central-bank-digital-currencies-governance-and-taxation?invitation=PwMfeORfw84IqQ

Now on the matter at hand of seeing a rise in development from CBDCs by more countries around the world.

In a recent article, from Coindesk, it is noted the CBDCs are on the rise.

https://www.coindesk.com/imf-world-bank-g7-countries-to-create-central-bank-digital-currency-rules

Consumer Use Increases #postpandemic

Rise in Consumer Use of Credit Cards, Digital Payments, and
Mobile Banking Will Linger Post-Pandemic, predicts Packaged Facts Rockville (MD), October 7, 2020 — The COVID-19 pandemic is significantly influencing national purchasing habits, pushing a higher share of purchases onto the internet and away from the physical point-of-sale, reports market research firm Packaged Facts in the recent industry study Digital Consumer Payment Trends in the U.S. In a related sense, the pandemic is reshaping not only how consumers pay—what payment method they use, which one they feel most safe using—but also the banking channels they prefer and the types of consumer credit they use. “These changes are shaping the present, but they will also shape the future,” says David Sprinkle, research director for Packaged Facts. “Consumer shifts to digital payments are being met with a host of industry responses intended to meet consumer needs. Once in place, they will likely maintain that digital payment use and even expand upon it as long as those responses help consumers pay more easily, more quickly, and more safely than before.” Below are three important economic and financial shifts involving digital payments: Shifts in Payment Method and Payment Method Safety Packaged Facts’ survey data featured in Digital Consumer Payment Trends in the U.S., reveal that survey respondents who pay directly from an app on their phone are five times as likely to use this payment method more because of COVID-19 than to use it less. Other payment methods whose use positively correlates with the pandemic include pre-paying before picking up items and paying with mobile phone/mobile app. Payment method losers include paying with cash, paying with check, and paying by giving card to person at register. Relatedly, while they are most likely to say they will use mobile apps more, consumers tend to perceive pre-paying before picking up items as the safest. Apart from giving a card to person at register, consumers are also at least as likely to say a listed payment method is safe as they are to say it is unsafe. Shifts in Consumer Spending and Banking Behavior Packaged Facts research also reveals that banks are delivering in the clutch. For example, those using mobile banking are far more likely to claim they are satisfied with their primary banks’ mobile apps than to express dissatisfaction. Consumers are also more likely to choose—and feel safe using—mobile/digital spending and payment options because of the pandemic. Shifts in Consumer Credit Use and Future Payment Choices Contrary to prevailing industry trends, consumers are most likely to use credit cards more because of the pandemic than to use them less. The reverse is true of other options. This may be because credit cards provide the most common and ready means to buy on credit, and they may be viewed as a less drastic option than choices such as emergency loans and layaway plans. Via a question format that blends credit and non-credit options, consumers are also most likely to cite credit cards as their payment option of choice “for the duration of the coronavirus situation.”
 
About the Report Please contact Packaged Facts’ Communications Manager Daniel Granderson at dgranderson@packagedfacts.com to request the report executive summary. The report assesses trends shaping consumer digital payments, with a focus on emerging but quickly growing digital payment trends and innovations, digitally driven market drivers, and COVID-19 digital payment ramifications.
 
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