Today In Payments: Revolut Eyes US Bank Charter; Central Banks Say Digital Fiat To Complement Cash

https://www.pymnts.com/news/2020/today-in-payments-revolut-eyes-us-bank-charter/

In today’s top news, Revolut is reportedly close to applying for a U.S. banking license, and a central bank digital currency would exist alongside cash. Plus, Amazon launched a QR code-based augmented reality app.

Revolut Eyes US Bank Charter

London-based digital bank Revolut, the continent’s largest such institution with 13 million users, is close to applying for a U.S. banking license. According to sources, Revolut’s will apply for a bank charter in California, but it will allow the bank to operate anywhere in the U.S. with interstate agreements.

Central Banks Say Digital Fiat To Complement, Not Replace Cash

A central bank digital currency will take its design from cash, and be as easy to use and adopt into everyday life. But digital money, according to a new report by the Bank for International Settlements, will not replace paper bills and coins, but rather co-exist alongside them.

Amazon’s New AR App Synchs With QR Codes On Shipping Boxes

Amazon is introducing a new QR-code-based augmented reality (AR) experience to help bring interactive and shared experiences for a mobile user. Users download the app, point the camera at a QR code on an Amazon box, and “immerse yourself in augmented reality.”

Apple’s 5G Phone Beckons — Not Clear 5G Ready For Prime Time

This week marks the debut of the newest iteration of the iPhone, and begs the question: If the biggest of the tech behemoths unveils a flagship phone that is 5G ready, are we ready for 5G?

NEW DATA: How We Will Pay 2020: With Connected Devices, At Home And During The Week

Some 128 million Americans grocery shop and 151 million retail shop digitally during the week — from the comfort of their homes. The How We Will Pay 2020 report, the fourth annual PYMNTS and Visa collaboration, surveys a national sample of 9,587 consumers to understand how connected devices are unlocking new digital, cashless experiences and turning their homes into commerce command centers. Here’s what we learned.

How Transforming Treasury Banks Helps Corporates Transform, Too

The pandemic has spotlighted inefficiencies across the B2B payments ecosystem that were previously accepted as the way business was done. But in a panel discussion with Karen Webster, senior executives from JPMC, HSBC, Commerce Bank, Western Union, LiquidX and Ingo say big changes are putting those sacred cows out to pasture and transforming treasury banks and corporate clients in real time. Here’s where they see things going.

Savvy Merchants Meet Teens How And Where They Want To Buy

It’s been widely reported that teen spending has hit its lowest level in the 20 years it’s been tracked. New PYMNTS data, however, suggests that merchants can still make teens their customers. Here’s how savvy merchants are meeting these younger shoppers where they want to buy — with the payment methods they want to use.