The threat that quantum computing poses for FinTech companies

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With claims circulating that not one but two quantum computers have already been developed which are 10 million times faster than the most powerful conventional supercomputers and IBM recently announcing their own exponentially faster quantum computer, quantum computing at a commercial level might be just around the corner.

The threat that quantum computing poses FinTech

However, if we are to interact with quantum computers, it will likely be through cloud technology like Amazon’s web services and Google’s Collab, and while the production of quantum computers could commence in less than a decade, major technology companies and military and research

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Online businesses see checkout as a competitive advantage

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The COVID-19 pandemic saw the majority of online businesses (61%) accelerate their plans to upgrade the checkout as a direct result of them seeing consumer payments preferences changing (65%) and customers asking for more payment options (52%).

That’s according to new research from Paysafe as part of its ‘Lost in Transaction’ report series, in which 1,100 small-to-medium-sized businesses (SMBs) globally, which operate online and instore, were asked about how their payment offerings had changed over the last 12 months.

However, with 40% of respondents seeing cart abandonment levels as more than a minor issue, and 41% recording an

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ECB approves a new oversight framework for electronic payments

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Following a 2020 public consultation, the European Central Bank’s (ECB) Governing Council has approved a new Eurosystem oversight framework for electronic payments, schemes and arrangements.

Background

ECB approves a new oversight framework for electronic payments

The PISA framework is the result of a “comprehensive review of the Eurosystem’s oversight approach for payment instruments” [1] and it is designed to make the current and future payments ecosystem safer and more efficient, as part of the ECB’s statutory task to promote the smooth operation of payment systems”, according to the official ECB press release.

It is worth highlighting, according to a

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Report: The Future Consumer 2023

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Consumers and financial service providers often play leapfrog, taking turns making the next jump into the future.

Decades ago, risk and regulatory innovations enabled banks to issue cards more broadly, leading consumers to adopt electronic payments. Consumer commerce then shifted online, leading to issuers changing products, services and experiences.

Over the past year, both traditional and upstart financial service providers have streamlined and digitised to enable remote workforces and customer experiences.

Consumers and society overcame challenges not seen in over a generation. Just as survivors of the Great Depression focused on achieving the necessary with minimal resources, consumers coming out

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