Morning Brief 4.22.20: Venmo raises P2P limits to encourage cashless payments

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The information you need to start your day, from PaymentsSource and around the web:

Higher ceiling

The coronavirus has resulted in large increased limits for contactless payments, a trend that's starting to move into P2P apps.

Venmo has boosted its spending limits to $4,999.99 per week for P2P payments, a jump from the prior limit of $2,999.99. PayPal's transfer app has also increased certain limits.

The change is designed to move cash faster and help consumers avoid using ATMs or bank branches, many of which have been temporarily shut down during the pandemic, reports Forbes.

Less anonymous?

The Lightning Network may leave bitcoin payments information exposed, potentially reducing the anonymity that's part of cryptocurrency's appeal.

Research has shown cyberattacks could reveal balances on the network, as well as parties of transactions, reports Coindesk. The academic papers came from a collaboration between the University of Illinois and University College London.

The researchers found it's possible to view information inside payment channels that could identify users.

Free ads

Google is tweaking its Shopping tab to allow merchants to post product listings for free as part of an effort to boost online sales for merchants.

The merchants will get free exposure while shoppers would get to view a broader product range, reports Engadget, adding Google will work with PayPal to allow merchants to link their accounts. Google has existing arrangements with Shopify, WooCommerce and BigCommerce.

Google's move comes shortly after word leaked that it's working on a debit card through partnerships with financial institutions.

Risk 101

Mastercard, Said Business School and Oxford University have launched a program to educate executives about the risks and opportunities tied to cybersecurity and artificial intelligence.

The program will include research, content and data from technology firms and academia. The experts will cover digital ethics, net neutrality, data governance and software architecture.

AI is expanding quickly as part of new payments and retail technology, which has brought more traditionally non-technical businesses into e-commerce.

From the web

Fintech And Coronavirus: US Stimulus Payments Boosted Mobile Banking Registrations 200%
FORBES | Tue April 21, 2020
On Monday, April 6, new mobile banking registrations jumped by approximately 200% over the daily average in March, according to FIS, a financial software and services provider.

Betterment adds checking and savings products
TECHCRUNCH | Tue April 21, 2020
Betterment, the New York-based automated advisory service for wealth management, is adding FDIC-insured checking and savings account services through partnerships with several banks.

Dutch central bank wants to play a leading role in digital currency development
YAHOO FINANCE | Tue April 21, 2020
The central bank of the Netherlands, De Nederlandsche Bank, says it wants to be a world leader in the development of central bank digital currencies.

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