Fintech Roundup: PayPal Valued at $50 Billion, Customers Choose Banks Based on Faster Payments

Photo: Mark Hodson

Every week, we’ll be offering a quick rundown of the most relevant news in finance and technology.

PayPal reached a valuation of $ 50 billion in its first day of trading on the Nasdaq as an independent company since its split from eBay (which had acquired PayPal back in 2002 for $ 1.5 billion). The market clearly sees payments as big business.

See also: Accenture’s Jeremy Light: The Future of Payments is Real-time

Apple Pay went live in the UK. For banks and financial institutions, the message should be clear. Tech companies are taking banking and finance seriously. Meanwhile, Samsung began testing its own mobile payments app in South Korea.

See also: WiredMoney 2015 Highlights

45% of surveyed Brits say that faster and more convenient payments services could influence their banking choices, even move their account to a new institution. The survey suggests growing consumer demand for real-time payments.

SWIFT published a new paper that explores the potential instability of Bitcoin mining.

See also: McKinsey: New Partnership Models in Transaction Banking

Deloitte published a paper earlier this months that investigates how governments and central banks might leverage the best qualities of digital currencies and distributed ledger technologies.

High-profile multinational corporations are beginning to act as their own banks. With the size and scope of corporate treasury departments expanding, managing smart and efficient payments is becoming a fundamental part of running an international business.