Today in digital banking, there is the slow emergence of stablecoins. Plus, Lyft pays drivers when they finish their shifts, among other loyalty boosters, and TruMark Financial Credit Union partners with NCR on digital banking.
One of the keys to keeping ridesharing platform Lyft’s gig workforce happy was its movement from weekly payroll to sending payment upon completion of a shift. Kaushik Subramanian, vice president of payments at Lyft, discusses how a survey enabled the company to create products tailored to fit its drivers’ lifestyles and ensure their access to earnings, whenever and wherever they need them. The August Global B2B Payments Playbook® examines the latest B2B payment developments, including why the increased use of Banking as a Service (BaaS) is making waves in the B2B space.
TruMark Financial Credit Union has chosen software and technology provider NCR Corporation for its digital banking experience, NCR announced in a Tuesday (Aug. 24) press release. The suburban Pennsylvania-based credit union said that a stable digital banking partner was an integral piece of its overall digital transformation strategy. With NCR Digital Banking, TruMark Financial can provide an intuitive experience for consumers and business customers, according to the release. In addition, the credit union, which operates 24 branch locations and serves more than 130,000 members throughout southeastern Pennsylvania, will offer advanced financial wellness tools through the NCR platform.
Stablecoins – especially those issued with a backing of U.S.-based liquid assets like dollars or Treasuries – have the “characteristics” of being backed by governments, and also have the immutability (and anonymity) of the blockchain. Although we’re seeing some shifts in how stablecoins are, in a sense, regulating themselves – Circle’s USDC is now going to be backed by dollars and short-term Treasuries rather than a combination of those holdings and short-term commercial paper – we’re a long way from fully formed frameworks and use cases.
U.S. Securities and Exchange Commission Chairman Gary Gensler noted in a speech earlier this month that the stablecoin market thus far is worth about $113 billion – and within that market, the coins are largely used to buy other cryptos across a variety of platforms.