#10: PYUSD, Paddle billing, UPI with AI, Apple Pay in Vietnam and more
Welcome to the latest edition of Payments Weekly. In today's news, we'll be discussing updates on PayPal's stablecoin, improvements to UPI, Apple Pay's expansion, Paddle billing, and other relevant topics.
1. PayPal introduced their stablecoin PYUSD
PayPal has taken a significant step into the world of stablecoins by officially launching its own digital currency pegged to the US dollar. Termed 'PayPal USD' or 'PYUSD', this stablecoin is positioned to serve multiple functions within the digital financial ecosystem.
Designed with stability in mind, PYUSD, much like other stablecoins, is anchored and pegged to a fiat currency, in this case, the US dollar. This tethering mechanism ensures that the value of the stablecoin remains consistent and mitigates the pronounced volatility often associated with conventional cryptocurrencies. This attribute addresses concerns raised by industry observers and participants about the inherent risk associated with cryptocurrencies, particularly in light of high-profile market disruptions that transpired in the recent past.
PYUSD will be seamlessly integrated with PayPal wallets. It's poised to facilitate person-to-person transactions, bolstering the platform's versatility in catering to various financial interactions.
The stablecoin project has been executed in partnership with Paxos, an established name in the stablecoin issuance domain. Paxos' expertise in developing and maintaining stablecoins lends credence to the technical and operational aspects of this endeavor. The roll-out of PYUSD will be gradual, with its availability expanding to PayPal users across the United States. Learn more.
2. India continues investing in UPI by adding AI and more
Exciting fintech plans are being introduced by India's Reserve Bank (RBI). They aim to utilize AI technology to facilitate natural conversations for making payments through mobile phones, starting with Hindi and English languages. Additionally, RBI plans to enable payment functionality even without internet connectivity. They are enhancing the existing popular wallet UPI-Lite and incorporating NFC for offline payments. Learn more.
3. Paddle introduced its billing solution and other improvements
Paddle, all-in-one payment infrastructure platform, has recently announced the launch of Paddle Billing, a set of APIs and features designed to improve billing capabilities, increase revenue growth, and enhance customer retention. Paddle Billing focuses on a developer-oriented approach, providing strong APIs that prioritize simplicity and integration. It supports various billing models and real-time payment updates through webhooks. Along with billing enhancements, Paddle has also introduced Flexible SaaS Billing Strategies and Hyperlocalization. Read more on the Paddle blog.
4. Apple Pay continues its expansion and launches in Vietnam
Apple Pay is now available in more than 80 countries across the globe, including Vietnam. This is part of Apple's ongoing efforts to make the payment service more widely available. In Vietnam, Apple Pay users can add their supported cards to the Apple Wallet app and use their iPhone or Apple Watch for contactless transactions. It's a convenient way to make payments. Learn more.