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A PYMNTS Intelligence report finds that over 40% of digital bank users now prefer digital wallets over traditional cards. This marks a decisive shift toward mobile-first payments, with wallet providers like PayPal and Apple Pay gaining ground. Card issuers and payment processors face mounting pressure to adapt as banks and merchants accelerate wallet integrations and rethink loyalty strategies.
OpenAI has released a personal finance suite that connects ChatGPT to users’ financial accounts via Plaid, enabling conversational money management and analytics. This launch positions OpenAI as a direct competitor to fintech apps and banks’ digital tools, raising the bar for AI-driven personal finance experiences. Fintechs and banks must now contend with a new layer of AI-powered engagement and increased regulatory scrutiny over data privacy.
Source: FinextraStandard Chartered reports that banks and asset managers are ramping up tokenized asset initiatives, citing growing institutional interest and early-stage partnerships with DeFi platforms. The bank highlights a surge in pilot projects and regulatory engagement, reflecting a shift from experimentation to implementation in blockchain-based asset management.
Source: The BlockThe European Commission’s Joint Research Centre has published new analysis on data rules, requiring banks and fintechs to adapt their AI and data-driven models. Stricter regulations could increase compliance costs and narrow the advantage of data-rich incumbents, while leveling the field for smaller fintechs. Firms reliant on AI must now prioritize data partnerships and ethical frameworks to stay competitive.
Source: PYMNTSNationwide has introduced a feature that lets abuse survivors block harmful payment messages, enhancing user safety and control within its banking app. This move sets a new standard for customer protection and may prompt other banks to implement similar safeguards. Regulatory bodies could soon encourage or require broader adoption of such features across the industry.
Source: Finextra“In Sweden, the central bank found that by 2022, only 8% of all payments were made in cash, making it one of the world’s most cashless societies.
Filed under: Payments History · The Long Memory
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