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EPI wil pilot a digital wallet and instant payments system after axing its plans for a pan-European payments network

The digital wallet is already the top P2P service among teens. Its youth-facing products could help monetize the app

But it鈥檚 falling behind the pack without the ability to make multiple peer-to-peer (P2P) payment requests鈥攕omething the other top banks in this category offer. The Most Important Feature to Add. Although 45% of consumers considered setting up electronic direct deposit in-app 鈥渆xtremely valuable,鈥� only four banks offered it.

Cash is no longer king in Brazil after being dethroned by the central bank鈥檚 instant payments system, Pix. This report explores who鈥檚 using Pix (nearly two-thirds of the population), what鈥檚 fueling its immense popularity, and how it will reshape Brazil鈥檚 payments landscape this year and beyond.

The wallet offers peer-to-peer (P2P) payments, retail payments, and bill pay. Why it matters: Despite launching just over a year ago, Lynk has the potential to be a formidable player in Jamaica鈥檚 mobile wallet space. It reached $9.8 million in payments volume and was the third-most-popular financial Android app in Jamaica, according to web analytics firm Similarweb.

Fintechs, banks, and the government will reshuffle the payments deck in 2024. New features and competition will redefine the digital wallet user experience, and FedNow will pivot payment flows in new directions.

The wallet only offers peer-to-peer (P2P) transactions. It won鈥檛 add online consumer-to-business (C2B) payments until 2025 and in-store payments until 2026. And it will take time to get consumers and businesses to make the switch and grow adoption across Europe.

Gen Zers are flocking to emerging payment methods, but card-based options, led by debit cards, remain supreme. Payment providers must align offerings with Gen Z鈥檚 preferences now as their spending power grows.

Respondents cited the most interest in faster payments for peer-to-peer (P2P) and bill payments. Interest in faster payments is also exploding for business-to-business (B2B) payments. Real-time payments support between 60% and 70% of domestic B2B transactions in the US, according to Melio.

The agency has launched similar inquiries with other major banks. These could create reputational problems for the P2P platform

This year, the payments industry will face its first major test following pandemic-driven digitization as economic uncertainty pressures customer habits. This is the data you need to understand the major changes facing the payments ecosystem in 2023鈥攁nd how to navigate them.

This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily. Are you a client? Click here to subscribe. Want to learn more about how you can benefit from our expert analysis? Click here.

The news: PayPal partnered with the Big Ten and Big 12 conferences to enable payments for participating student-athletes. Our take: Capitalizing on young, emerging student consumers is a strong opportunity to secure long-time and loyal PayPal and Venmo users.

PayPal can also be set as a default payment option in the Taco Bell app. PayPal strategy: PayPal has been pushing users to use its payment platforms for everyday purchases with its 鈥淧ayPal Everywhere鈥� and 鈥淰enmo Everything鈥� marketing campaigns starring Will Ferrell, Aimee Lou Wood, and Patrick Schwarzenegger. Taco volume: Both PayPal and Venmo are trying to snag more everyday payment volume.

Prior to the federal judge pausing these firings, CFPB leadership announced the agency will deprioritize issues like medical debt, P2P lending, student loans, consumer data protections, and digital payments.

Changing regulatory stances and incentives could coax banks into crypto to avoid payments disintermediation.

Easing cryptocurrency regulations are paving the way for lenders to make mortgages and down payments more accessible. Currently, prospective homebuyers typically must convert digital currency to cash to use it for a mortgage. Peer-to-peer (P2P) loans could have a place in the mortgage space.