Morning Brief 8.28.20: Mastercard patents payment tech for maker spaces
The information you need to start your day, from PaymentsSource and around the web:
Mastercard's Singapore-based office has filed a patent for a billing system designed to simplify payments for merchants, developers and individuals using shared hardware devices.
Often called a "maker space," the term refers to venues with 3D printers, laser cutters and other devices that parties with shared interests use for development. Mastercard's system uses a distributed ledger to simplify the complex payment process, reports Blockchain News.
The ledger would permit users to provide payment credentials to use a shared device, then be billed based on the amount of usage.
Sygnum Bank's digital Swiss Franc (DCHF) has executed an e-commerce payment on Galaxus, a Swiss online retailer, a rare use of a bank-issued stablecoin for a direct payment.
The value of the DCHF is 1:1 to the Swiss Franc, and no intermediaries were involved, allowing a real-time payment, reports Finextra.
That's designed to reduce cost for online retailers, which don't have to use card systems, and allows for faster processing.
Not cooking with gas
The Centre Consortium, a Circle and Coinbase-supported crypto standards consortium, will enable dollar stablecoin transactions without paying a fee to the Ethereum network.
Called USDC 2.0, it circumvents the mining costs that accompany Ethereum transactions, often referred to as virtual gas stations, reports Coindesk, adding the update allows people to use DeFi apps without having to own Ethereum.
The transactions are designed to work like a cryptocurrency version of a digital P2P app. Visa recently granted Coindesk principal membership, making it easier for the cryptocurrency company to add new financial services.
Point of sale credit firm Afterpay has launched in Canada, launching with a base of fashion and lifestyle brands that include Ardene, BikeExchange and American Eagle at launch.
Afterpay competes with firms such as Klarna, Splitit, Affirm and banks that support point of sale credit. The buy now, pay later market has grown quickly during the pandemic and subsequent financial crisis as consumers look to avoid revolving debit for larger purchases. Afterpay reported 12 million app and U.S. site visits, and 9.5 million lead referrals to U.S. retail partners in July.
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