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<ul><li>The <keyword id="8529662" type="UNKNOWN" weightage="20" keywordseo="vajra-platform">Vajra Platform</keyword> uses distributed ledger technology to ensure security and improve the speed of transactions.</li><li>Payment companies and end users alike are expected to benefit from this new platform.</li><li>UIDAI will also use the Vajra Platform for Aadhaar authentication.</li></ul>The National Payments Corporation of India (NPCI) has launched the Vajra Platform to make payments fast and secure. Based on blockchain technology, the primary highlight of the Vajra Platform is that it automates clearing and settlement of payments, drastically reducing the need for manual reconciliation. While making the <a href="https://www.npci.org.in/sites/default/files/Vajra%20Paltform%2019%20Nov.pdf">announcement</a>, NPCI said that the Vajra Platform uses distributed ledger technology (DLT). It uses a permissions model to ensure that only approved parties are a part of the network. Payment companies can apply to be a part of the network. Once approved, they can deploy the platform using an application programming interface (API) that will be provided by NPCI. Benefits of the Vajra Platform 
 <div type="image" title="NPCI Vajra" msid="73123521" hostid="261"></div>



 According to NPCI, following are the benefits of the Vajra Platform: <ul><li>Near real-time clearing and settlement of transactions.</li><li>Minimal reconciliation of transactions.</li><li>Improved security and reduced operational and financial risks.</li><li>Legitimate audit trail as DLT is incorruptible.</li></ul>Improved security and reduction in manual reconciliation should reduce cost of operations for payment companies. As far as end users are concerned, the introduction of Vajra Platform should make the process of payments even more seamless than it is right now. The use of DLT and the resulting audit trail should also make it easier to track and resolve payment disputes. At the moment, payment disputes raised by users take at least three working days to be resolved. In addition to improving the security of payments and making the process faster, the Vajra Platform will also be used for Aadhaar authentication by the Unique Identification Authority of India (UIDAI). Although the Indian government and has been <a href="https://www.businessinsider.in/what-is-cryptocurrency-in-india/articleshow/70132522.cms">against</a> the concept of cryptocurrency, it has now embraced one of its features. The Reserve Bank of India has also <a href="https://rbidocs.rbi.org.in/rdocs/content/Mp3/RBI0320191205102610.mp3">revealed</a> that it is thinking about developing a sovereign digital currency, although it banned cryptocurrency. See also: <a href="https://www.businessinsider.in/tech/how-to/what-is-upi-and-how-does-it-work/articleshow/73030004.cms">What is UPI and how does it work?</a> <a href="https://www.businessinsider.in/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-fm/articleshow/73008482.cms">No MDR charges applicable on payment via RuPay, UPI from Jan 1: FM</a> <a href="https://www.businessinsider.in/google-wants-us-to-learn-from-indias-upi-example-writes-letter-to-federal-reserve-to-build-fednow/articleshow/72669392.cms">Google wants US to learn from India's UPI example, writes letter to Federal Reserve to build FedNow</a>

NPCI Vajra Platform blockchain-based platform launched for secure and fast payments

<keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> may allow users to pay in cryptocurrencies like <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> soon as the e-commerce giant is hiring a digital currency and blockchain product lead for its payments team. According to a latest job listing, Amazon's Payments Acceptance &amp; Experience team is "seeking an experienced product leader to develop Amazon's Digital Currency and Blockchain strategy and product roadmap". "You will leverage your domain expertise in Blockchain, Distributed Ledger, <keyword id="10038048" type="UNKNOWN" weightage="20" keywordseo="central-bank-digital-currencies">Central Bank Digital Currencies</keyword> and <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities," the company posted. The product lead will work closely with teams across Amazon, including AWS to develop the roadmap for the customer experience, technical strategy and capabilities as well as the launch strategy. Amazon doesn't accept <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> as payment yet. A company spokesperson told Insider that it was "inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon." <keyword id="141088" type="COMPANY" weightage="20" keywordseo="Amazon-Web-Services">Amazon Web Services</keyword> (AWS), the Cloud arm of Amazon, currently offers a managed blockchain service. The new digital currency and blockchain product lead would "need to operate with a high level of autonomy and operate analytically, working backwards from data and customer insights to build new and innovative solutions to unsolved problems", the company further said. Tech giant Apple posted a similar listing in May for a business development manager "working in or with alternative payment providers, such as digital wallets, BNPL, <keyword id="11157523" type="UNKNOWN" weightage="20" keywordseo="fast-payments">Fast Payments</keyword>, cryptocurrency, and etc." Tesla and <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword> are bullish on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> as the next payment mode. The online world needs a global currency, and our focus is on Bitcoin because with this cryptocurrency, we can reach every single person on the planet, Twitter CEO Jack Dorsey has stressed. Meanwhile, Tesla CEO <keyword id="6355315" type="UNKNOWN" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> has confirmed that the company is "most likely" going to resume taking Bitcoin payments after some due diligence on the improvements in the energy mix used to mine the cryptocurrency. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-is-ready-to-accept-bitcoin-for-tesla-cars/articleshow/84640022.cms">Elon Musk is ready to accept Bitcoin for Tesla cars provided that renewable energy used for mining is 50% or higher</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/china-experiments-with-digital-yuan-in-the-insurance-sector/articleshow/84642485.cms">China wants to use crypto for insurance as it focuses on the adoption of digital yuan</a>

Amazon may soon allow users to pay in cryptocurrencies like Bitcoin

New Delhi [India], March 20 (ANI): Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet. In February, transactions worth Rs 18.2 lakh crore were made through Unified Payments Interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>) with a staggering 122 crore number of transactions. The transactions made last month through the popular instant payment mechanism were a tad lower than in January, where the total value of transactions was Rs 18.4 lakh crore. The total number of transactions recorded in the month of January was 121 crore. Data maintained by the <keyword id="19907219" type="General" weightage="20" keywordseo="national-payments-corporation-of-india" source="keywords">National Payments Corporation of India</keyword> (NPCI) showed that an average of Rs 40,000-Rs 80,000 crore worth of UPI transactions are made in India on a daily basis. Coming to NEFT and RTGS, the two other instruments for online payments, the average transactions made through these were an average of Rs 33.85 lakh crore and Rs 146 lakh crore, respectively, data showed. Coming to internet banking and mobile banking, transactions worth Rs 91.24 lakh crore and Rs 28.16 lakh crore, respectively, were made in January 2024. Notably, India today accounts for nearly 46 per cent of the world's digital transactions (as per 2022 data). The share of UPI in digital payments in India has reached close to 80 per cent in 2023, informed <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> earlier this month, as he outlined the growth of the payments ecosystem in the country. The RBI governor had said India has not only navigated through the fast-evolving technological innovations but also played a pivotal role, as a catalyst, in developing one of the most modern payment systems in the world. Retail digital payments in India have grown from 162 crore transactions in the financial year 2012-13 to over 14,726 crore transactions in 2023-24 (till February 2024) -- approximately a 90-fold increase over 12 years. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (<keyword id="20478991" type="General" weightage="20" keywordseo="vpa" source="keywords">VPA</keyword>) created by the customer. The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace. A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, <keyword id="19956313" type="General" weightage="20" keywordseo="mauritius" source="keywords">Mauritius</keyword>, France, UAE, and <keyword id="19895045" type="General" weightage="20" keywordseo="singapore" source="keywords">Singapore</keyword> have partnered with India on emerging fintech and payment solutions. (ANI)

UPI transactions worth ₹18.2 lakh crore made in February 2024

The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="83" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) along with <keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword> international payments ltd (NIPL) will work towards taking <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and <keyword id="19907221" type="General" weightage="20" keywordseo="RuPay" source="keywords">RuPay</keyword>. "In light of goals for Viksit Bharat 2047, the Reserve Bank, along with NPCI International Payments Ltd. (NIPL) will work towards taking UPI to 20 countries with initiation timeline of 2024-25 and completion timeline of 2028-29," the report said. The RBI report further adds "Fast Payment System (FPS) collaboration with group of countries like European Union and South Asian Association for Regional Cooperation (SAARC), as well as multilateral linkages will be explored". The Payments Vision Document 2025 of RBI has outlined expanding the global outreach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar. The Reserve Bank is in talks with central banks of various countries for entering into collaborative arrangements. In July 2023, the Reserve Bank and the Central Bank of the UAE (CBUAE) signed a memorandum of understanding (MoU) for interlinking their payments infrastructure. Under this MoU, India and UAE have agreed to cooperate on linking their Fast Payment Systems, UPI of India with Instant Payment Platform (IPP) of UAE called Aani. Both countries also agreed to link their respective Card Switches (RuPay switch and UAESWITCH). In February 2024, RuPay cards and UPI connectivity between India and Mauritius was launched. With this connectivity, an Indian traveller to Mauritius will be able to pay a merchant in Mauritius using UPI apps. Similarly, a Mauritian traveller will be able to do the same in India using the instant payment system apps of Mauritius In February 2024, UPI connectivity between India and Sri Lanka was launched. This connectivity has enabled Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using UPI apps. The Reserve Bank of India and Nepal Rastra Bank are also exploring the linkage of UPI platform of India and National Payments Interface of Nepal for enabling cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) signed a MoU for the purpose UPI payment through QR code is already accepted for merchant (e-commerce) payments in France and Nepal. India has some or other kinds of tie-ups with seven countries for making payments through UPI. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank">Upcoming cars and two-wheelers launching in India in June 2024</a><a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank">Huawei beats Samsung to take the top spot in global foldable smartphone shipments</a>

RBI is working on expanding UPI to 20 countries by 2028-29: RBI Annual Report

<ul class="summary-list"><li>Travel companies, fast-food chains and dating sites are leading the adoption of <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> <keyword id="12346445" type="UNKNOWN" weightage="60" keywordseo="payments" source="Orion">payments</keyword>, said Traders of Crypto. </li><li>Expedia, McDonald's and OkCupid are among large companies showing themselves open to crypto, according to a study. </li></ul>The travel services industry and fast-food chains are among those leading the widening acceptance of <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> as payment for goods and services, research released Tuesday showed. Of the top 10 crypto-friendly industries, travel is number one, with 11.5% of the companies in that sector accepting the digital assets, according to a <a href="https://tradersofcrypto.com/crypto_adoption/">study conducted by Traders of Crypto</a>. E-Commerce is second at 11.06%, while non-profits and charities are third at 9.13%. Meanwhile, fast-food chains including <a href="https://markets.businessinsider.com/stocks/qsr-stock">Burger King</a>, institutions of higher education, and sports teams are among other large companies and entities acting as early adopters of cryptocurrencies. The broadening acceptance "reflects a huge shift in public perception of crypto, with its value finally being realized by consumers and businesses alike," Traders of Crypto said in a note.The cryptocurrency research website jumpstarted its study by combing through a variety of general and specialty news sites to create a list of companies that accept cryptocurrency. "However, the adoption of crypto is still in its infancy, and the majority of digital tokens accepted by businesses tends to be limited to <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and one or two other leading cryptocurrencies such as <a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a>," it said. The travel sector has been "quick to recognize" the growing demand for crypto-payment availability, with <a href="https://markets.businessinsider.com/stocks/expe-stock">Expedia</a> leading the way in allowing customers to pay for hotel bookings using bitcoin. Airlines including AirBaltic, Norwegian Air, and LOT Polish Airlines also moved to take crypto as payment. Burger King and <a href="https://markets.businessinsider.com/stocks/mcd-stock">McDonald's</a> are among several of the world's biggest fast-food companies that have started experimenting with payments in crypto, the study showed. Burger King has run trials in Germany, the Netherlands, and Venezuela. McDonald's is working on it in El Salvador – the first country to adopt bitcoin as legal tender – and chicken chain <a href="https://markets.businessinsider.com/stocks/yum-stock">KFC</a> has been experimenting in Canada.Portuguese soccer club Benfica's acceptance of bitcoin and ethereum for fan merchandise made it an early adopter in the sports world. In US professional sports, the Dallas Mavericks, Miami Dolphins, San Jose Earthquakes in soccer, and San Jose Sharks in hockey include crypto as payment options."[Even] our love lives have been penetrated by the unstoppable tide of progress," with dating site OkCupid accepting bitcoin payments as early as 2013, Traders of Crypto said. OkCupid is run by <a href="https://markets.businessinsider.com/stocks/mtch-stock">Match Group</a>. Badoo and Luxy are other dating sites that accept crypto payments, it said.

Cryptocurrency payments are accepted the most by the travel industry, adoption study shows

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 12 (ANI): India's instant payment technology service, the Unified Payment Interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>), was launched on Monday in Sri Lanka and <keyword id="19956313" type="General" weightage="20" keywordseo="mauritius" source="keywords">Mauritius</keyword> in a virtual event that was attended by Prime Minister Narendra Modi, his Mauritius counterpart <keyword id="20547141" type="General" weightage="20" keywordseo="pravind-jugnauth" source="keywords">Pravind Jugnauth</keyword> and President of Sri Lanka <keyword id="19911193" type="General" weightage="20" keywordseo="ranil-wickremesinghe" source="keywords">Ranil Wickremesinghe</keyword>. Also, RuPay card services were also launched in Mauritius today. The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on RuPay mechanism in Mauritius and facilitate usage of RuPay Card for settlements both in India and Mauritius. India, which has emerged as a leader in fintech innovation and Digital Public Infrastructure placed a strong emphasis on sharing its development experiences and innovation with partner countries. Given India's robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch is expected to benefit a wide cross-section of people through a faster and seamless digital transaction experience and enhance digital connectivity between the countries. Today's launch will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and the Mauritius as well as for Mauritian nationals travelling to India. Addressing the occasion via video conferencing, PM Modi said it was an important event for three countries in the Indian Ocean region. "Today is a special day for three friendly countries in the Indian Ocean region. Today we are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people," PM Modi said. He said fintech connectivity will not only strengthen cross-border transactions but also cross-border connections. "FinTech connectivity will not only boost cross-border transactions but also connections. India's UPI (Unified Payment Interface) is now playing the role of 'Uniting Partners with India'," PM Modi said. He asserted that Digital Public Infrastructure such as UPI has brought about changes in the smallest of villages in India, as the technology is convenient and fast. In 2023, a record 100 billion transactions valued at Rs 2 trillion were made via UPI, PM Modi said. "Digital Public Infrastructure has brought about a revolutionary change in India. Even the smallest businessman in our smallest village is making digital payments because it has convenience as well as speed," he said. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace. A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only, but other countries, too, benefit from it. So far, Sri Lanka, Mauritius, France, UAE, and Singapore have partnered with India on emerging fintech and payment solutions. (ANI)

India's UPI service now available in Sri Lanka and Mauritius

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Business Insider</div></div></div><keyword id="6357395" type="CITY" weightage="60" keywordseo="eBay">eBay</keyword> subsidiary <keyword id="6357940" type="CITY" weightage="60" keywordseo="Paypal">PayPal</keyword> announced this morning that it bought a startup called Braintree for $800 million.
We've been working sources in the payments industry since the news broke to figure out what to make of the deal.
Here's some of what we heard that you should know, including the basics:
Braintree has two businesses. It has a consumer-facing service called Venmo. Venmo is an app that consumers can use to pay each other money, like they would after splitting a check for dinner. Braintree also has an enterprise-facing business - a "gateway" business, to use industry it lingo. It processes payments for services such as Uber and Airbnb.
This deal is all about mobile. For the past several years, all the big, sexy new mobile startups that needed a payments provider completely ignored PayPal, opting for Braintree or another startup, called Stripe, instead. So PayPal is no where in mobile. Braintree will process $4 billion in mobile payments this year. Buying that kind of volume helps PayPal catch up.
Braintree's "gateway" business is growing fast. That volume is growing fast, too. Back in January, Braintree insiders only expected mobile payments volume to reach $2 billion this year. 
But Braintree's growth is a little bit deceiving. The main reason Braintree's payments volume is growing so fast is that two of its biggest customers, Airbnb and Uber, are growing very fast. 
We hear that Braintree has not been winning a lot of new business lately. At least, not compared to Stripe. In fact, Stripe even swiped two of Braintree's faster-growing customers, ride-sharing apps Lyft and Sidecar, earlier this year. Essentially, we're told…
PayPal bought the second place company in the market. eBay probably wanted to buy Stripe, but it's too expensive. Stripe is winning most of the new business in the app world, and it's taking big clients away from Braintree. Stripe enthusiasts will tell you the reason Stripe is superior is that its software is easier to use. One said that Stripe is iOS and Braintree is Android. (Of course this means that Braintree could improve its product, reach parity with Stripe's, and start winning more business again.)
Square took a long look at Braintree and passed.
PayPal is keeping Braintree's brand independent because PayPal's brand is toxic in the developer community.
Braintree's consumer business, Venmo, is growing and exciting, but it's no sure thing. In the industry, Venmo is called a peer-to-peer payments product. It's for consumers that want to send each other money. Lots of apps do that, but Venmo thinks it can make its service more fun by making it social. So that instead of opening up Foursquare and seeing where your friends that day, or Instagram and seeing their pictures from that day, you'll open Venmo and see where they spent their money. Inside Braintree, people talk about this product very optimistically, and say it is growing very fast. Outside Braintree, there are some early adopting consumers who are Venmo loyalists, and then there is everyone else, who wonders why payments should be "social."
$800 million is not a lot of money for PayPal parent company eBay. Thanks to an impressive turnaround, eBay's market cap is now $73 billion. It has more than $10 billion in cash. $800 million is not a lot to spend to try to move its important payments business, PayPal, into mobile. If Braintree can reach product parity with Stripe and start winning deals, this acquisition will look brilliant.

This Is What Plugged-In Sources Think Of Today's $800 Million PayPal Acquisition

<h2 style="text-align: center;"><a href="https://www.jsco.re/bf-t">Click here to apply for this position</a></h2><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Garry Knight/Flickr" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/579b23404321f1c72f8bb46c-960/crystal ball-1.jpg"><a href="http://www.jsco.re/7arn"></a></a><a href="http://www.flickr.com/photos/garryknight/3650151941/">Garry Knight/Flickr</a></div></div></div>We're hiring a Senior Research Analyst to lead our Payments research team, as part of our growing team at Business Insider Intelligence. Candidates will have 3-5 years of relevant work experience.We're looking for a Senior Research Analyst with a vision for how to make our payments research products more exciting and insightful than anything else on the market. If you have strong research experience, a knack for story telling, and a passion for payments, this is a great role for you. The Senior Research Analyst will set the Payments research agenda and manage and mentor a team of analysts, ensuring the delivery of quality, forward-looking analysis to our clients. The Senior Research Analyst will work closely with BI Intelligence's editorial team to produce insightful in-depth reports and data-driven analyses on the most impactful trends shaping the payments industry. Areas of coverage include: mobile payments, P2P payments, remittances, payments security, mPOS and others.She or he will represent BI Intelligence at leading industry events and be able to identify and extract what our clients need to know about emerging trends, disruptive technologies, and the digital landscape.About BI Intelligence<a href="https://intelligence.businessinsider.com/">BI Intelligence</a> is a fast-growing research service from Business Insider. BI Intelligence offers insights essential to companies making strategic decisions across the mobile, digital media, e-commerce, Internet of Things, payments, and digital financial services industries. Our clients are Fortune 1000 companies, startups, advertising agencies, investment firms, and media conglomerates that have come to rely on our timely, forward-looking insights to keep atop of trends shaping the digital landscape.Desired Skills<ul><li>Thorough understanding of the payments industry and broader financial services</li><li>Track record of clear and concisely-written research covering complex topics</li><li>Ability to quickly sort through masses of information, identify data-driven trends, and understand what really matters and why</li><li>Excellent management and communication skills</li><li>Desire to work in fast-paced and fast-changing environment</li><li>Ability to develop and defend actionable insights and conclusions</li><li>Comfort and experience presenting, speaking at conferences or on panels, or the desire to further develop these skills</li><li>Proficiency with excel, data, and charts</li><li>4-6 years of professional writing / research experience</li><li>Experience with advanced statistical methods, writing syntax/queries, and/or programming languages is helpful but not required</li></ul>If this is the right opportunity for you, please <a href="https://www.jsco.re/bf-t">apply online</a> and tell us why you're a good fit for the role. Thanks in advance! <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://www.businessinsider.com/intelligence/fintech-predictions-for-2016?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_2016-fintech-predictions"></a> EXCLUSIVE FREE REPORT: 5 Top Fintech Predictions by the BI Intelligence Research Team. <a href="http://www.businessinsider.com/intelligence/fintech-predictions-for-2016?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_2016-fintech-predictions">Get the Report Now »</a></div>

WE'RE HIRING: Join Business Insider as a Senior Research Analyst!

How to use Zelle, the lightning-fast payments app that's more popular than Venmo in the US

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Olivia Harris/Getty</div></div></div>Watch out, Venmo - there's another payments app on the rise. <a href="https://www.zellepay.com/" target="_blank" rel="noopener">Zelle</a> is a year-old service that lets you digitally transfer money to someone else, no cash, checks, or wire transfers required. It sounds a lot like Venmo, but there's one key difference: Zelle was created by the five largest banks in the US. Last summer, JPMorgan, Bank of America, Wells Fargo, US Bancorp, and Capital One <a href="http://www.businessinsider.com/venmo-killer-app-2017-6" target="_blank" rel="noopener">joined together to launch Zelle</a>. Both Venmo and Zelle let you send money to friends instantly. The difference with Zelle is that you don't have to wait to receive the money in your bank account.This feature may have contributed to why Zelle is becoming so popular. According to <a href="https://www.emarketer.com/" target="_blank" rel="noopener">eMarketer</a> data, Zelle is now the most-used peer-to-peer payment app in the US, and is expected to grow more than 73% in 2018. By the end of the year, eMarketer predicts Zelle will have 27.4 million users, compared to Venmo's 22.9 million users. So what makes Zelle different from Venmo, and how can you start using it? Here's everything you need to know. <a href="http://read.bi/next-smartphone"></a>

Taking a cue from its <keyword id="11058831" type="UNKNOWN" weightage="20" keywordseo="rival-whatsapp">rival WhatsApp</keyword>, the fast-growing encrypted messaging <keyword id="235499" type="COMPANY" weightage="20" keywordseo="APP">app</keyword> <keyword id="6380504" type="COMPANY" weightage="20" keywordseo="signal">Signal</keyword> has announced to let users send money in cryptocurrency to friends and relatives, as it tests a new peer-to-peer payments system in the beta version of its app. Called <keyword id="11058830" type="COMPANY" weightage="20" keywordseo="signal-payments">Signal Payments</keyword>, the new feature that is available in the UK first will currently support a privacy-focused payments network called MobileCoin, which has its own currency, MOB. "As always, our goal is to keep your data in your hands rather than ours; MobileCoin's design means Signal does not have access to your balance, full transaction history, or funds," said Jun Harada, Signal's head of growth and communication. "You can also transfer your funds at any time if you want to switch to another app or service," he said in a statement late on Tuesday. The company said it aims payments in Signal to be fast, private, and work well on mobile devices. "Signal Payments makes it easy to link a MobileCoin wallet to Signal so you can start sending funds to friends and family, receive funds from them, keep track of your balance, and review your transaction history with a simple interface," the company said. "If you want to give it a spin and let us know what you think, it's possible to convert to/from MOB on FTX and other exchanges soon". WhatsApp already has a peer-to-peer payments facility in its app and is currently live in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and Brazil. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/for-the-third-consecutive-day-a-new-unicorn-is-born-from-india-as-pharmeasy-joins-the-billion-dollar-club/articleshow/81943929.cms">For the third consecutive day, a new unicorn is born from India as PharmEasy joins the billion dollar club</a> <a href="https://www.businessinsider.in/business/news/restaurants-in-maharashtra-are-staring-at-a-slow-death-as-another-lockdown-threatens-to-kill-their-business/articleshow/81924727.cms">Maharashtra restaurant owners fear the current lockdown could be the final nail in the coffin for their business</a> <a href="https://www.businessinsider.in/science/space/news/earth-isnt-the-only-planet-with-rain-and-it-could-be-the-key-to-finding-a-habitable-planet-outside-the-solar-system/articleshow/81926108.cms">Raindrops on other planets could be key in search for life beyond the solar system</a>

Signal is testing a new feature to let you send cryptocurrency

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://www.flickr.com/photos/15132846@N00/5640557375/in/photostream/">Ray_LAC/Flickr</a></div></div></div>We're hiring a Senior Research Analyst to lead our payments industry coverage at Business Insider Intelligence. Candidates should have 3-5 years of relevant work experience. What's The Job?We're looking for a Senior Research Analyst with a passion for research and storytelling, and a vision for how we should further develop our Payments coverage. The Senior Research Analyst will lead our growing Payments research team, defining our coverage, and developing our product. He or she will manage and mentor a team of analysts, ensuring the delivery of quality, forward-looking analysis to our clients.The Senior Research Analyst will work closely with BI Intelligence's editorial team to produce insightful in-depth reports and data-driven analyses on the most impactful trends shaping the payments industry. She or he will also have the opportunity to represent BI Intelligence at leading industry events. The role provides an opportunity to develop a deep understanding of the payments industry and a network of top executives. If you have a background in research, a knack for storytelling, and a passion for payments, this is a great role for you. About BI Intelligence BI Intelligence is a rapidly-expanding, cutting-edge research service from Business Insider. BI Intelligence offers insights and tools essential to companies making strategic decisions across the mobile, digital media, e-commerce, Internet of Things, payments, and digital financial services industries. Our clients are Fortune 1000 companies, startups, advertising agencies, investment firms, and media conglomerates who have come to rely on our timely, forward-looking insight to keep atop of trends shaping the digital and mobile landscape. Desired Skills<ul><li>Strong writing and analysis skills</li><li>General understanding of the payments and financial services industry</li><li>Ability to quickly sort through masses of information and identify data-driven trends</li><li>Ability to work effectively independently and with others; a team player</li><li>Desire to work in fast-paced and fast-changing environment</li><li>Experience speaking at conferences or on panels, or the desire to further develop these</li><li>Proficiency with Excel and working with data and charts</li><li>3-5 years of professional writing / research experience </li></ul>If this is the right opportunity for you, please <a href="https://www.jsco.re/dvc2" target="_blank">apply online</a> and tell us why you're a good fit for the role. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/lebron-james-eats-diet-workout-routine-2016-8">Here's the diet and workout routine LeBron James uses to stay in insane shape</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xvNXBmNTE6EFQ_c77STtfNluy222nDZf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Business Insider is hiring a Senior Research Analyst

<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> is becoming an increasingly popular payment option among many companies.</li><li>Fast-food chains, <keyword id="1781932" type="ORGANIZATION" weightage="60" keywordseo="Big-Tech">big tech</keyword> firms, and even auction houses are embracing cryptocurrencies.</li><li>Other companies are still considering their potential.</li></ul>Rarely does a news cycle go by without some mention of bitcoin's growing popularity, from fans and skeptics alike. Its prices on trading exchanges tumbled around Thanksgiving last year - only to roar back and set an<a href="https://markets.businessinsider.com/currencies/news/bitcoin-hits-new-record-high-after-trading-above-19700-2020-11-1029849416"> all-time high of $19,857</a> on November 30: a 177% year-to-date increase that put the <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500's 14%</a> rise to shame, <a href="https://www.businessinsider.com/what-is-bitcoin">as Insider previously reported.</a> Then, in March, the cryptocurrency hit an all-time high, with prices surging to <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-surges-record-60000-stimulus-hopes-institutional-support-2021-3-1030188023">$60,000</a>. One quirk of the increase meant that two pizzas bought by crypto legend <a href="https://www.businessinsider.com/bitcoin-surge-means-laszlo-hanyecz-paid-316-million-two-pizzas-2021-3">Laszlo Hanyecz</a> would have effectively been worth $613 million, at the time of the surge. Bitcoin's volatility is well-publicized and has led many investors, including Warren Buffet, to criticize it and other cryptocurrencies as "risky" and "worthless." Such warnings have not dissuaded more companies from accepting the currency as an official payment option, however. In February, Elon Musk <a href="https://www.businessinsider.com/elon-musk-tweets-you-can-buy-a-tesla-with-bitcoin-2021-3">announced</a> that Tesla would accept bitcoin as a form of payment for all models of its cars in the US. In addition, Twitter's CEO and founder, Jack Dorsey, teamed up with Jay-Z for a <a href="https://www.businessinsider.com/twitter-ceo-dorsey-partners-with-jay-z-on-bitcoin-endowment-2021-2">bitcoin endowment</a>. The pair will invest 500 bitcoins to develop the currency in India and Africa.Although Tesla stole the headlines, there are also hundreds of other notable companies that accept the cryptocurrency as a valid form of payment, across various industries.<h2>Fast food</h2><div type="image" title="6046324e2db4af00117e40c2" height="1500" width="2000" msid="81889035" hostid="261"></div>Restaurant Brands International is one of the world's largest fast-food holding companies. It is the parent company of Burger King, Tim Hortons, and Popeyes. Last year, Burger King Venezuela announced it would begin accepting bitcoin and other cryptocurrencies. It collaborated with Cryptobuyer, a platform that generates conversion of cryptocurrencies to normal currency, <a href="https://finance.yahoo.com/news/15-biggest-companies-accept-bitcoin-165115491.html">Yahoo Finance reported.</a> Yum Brands, which operates KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill, is also accepting cryptocurrencies. The corporation permitted bitcoin as a valid payment method at Pizza Hut Venezuela last year. Yum Brands also partnered with CryptoBuyer to initiate the launch of crypto payment methods, <a href="https://www.nasdaq.com/articles/pizza-hut-venezuela-now-accepts-crypto-payments-2020-11-30">according to Nasdaq.</a>For a short period of time, KFC Canada accepted the cryptocurrency as payment for products such as the Bitcoin Bucket, via a partnership with BitPay, <a href="https://finance.yahoo.com/news/15-biggest-companies-accept-bitcoin-165115491.html">per Yahoo Finance.</a> <h2>Big tech</h2><div type="image" title="AP19203571404037" height="2148" width="2864" msid="81889036" hostid="261"></div>After provisionally pausing from accepting the cryptocurrency as a valid payment method due to its volatility, Xbox is <a href="https://www.microsoft.com/en-us/p/pay-me-with-bitcoin/9pct6mjrghdm#activetab=pivot:overviewtab">accepting bitcoin payments</a> for Xbox store credits.Meanwhile, <keyword id="6357940" type="DEFINITION" weightage="60" keywordseo="paypal">PayPal</keyword> announced in October 2020 that users can buy, sell, and hold selective cryptocurrencies through their Cash or Cash Plus accounts, starting in 2021, <a href="https://finance.yahoo.com/news/15-biggest-companies-accept-bitcoin-165115491.html">Yahoo Finance reports.</a>Users will also have the ability to learn and track crypto within their PayPal app. Although <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> does not directly permit bitcoin as a valid payment method, you can buy Amazon vouchers and gift cards through <a href="https://www.bitrefill.com/buy/?utm_campaign=599323638&amp;utm_source=google&amp;utm_medium=cpc&amp;utm_content=336807636405&amp;utm_term=bitrefill&amp;adgroupid=31087258994&amp;gclid=CjwKCAjw3pWDBhB3EiwAV1c5rJW_wD53TpE1e43KIXfP6r2cSs-cwkhJ5ge2nxMQ0VQFgIcZmWgECRoC_K4QAvD_BwEFgIcZmWgECRoC_K4QAvD_BwE">Bitrefill. </a>This is a crypto-only company that authorizes users to top up subscription-based services, and then spend them on Amazon. <div type="image" title="AP20167725249181" height="2522" width="3362" msid="82461839" hostid="261"></div>In recent days, eBay Inc announced that it is considering the possibility of accepting cryptocurrency as a valid form of payment in the future."We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but it (cryptocurrency) is something we are keeping an eye on," <a href="https://www.reuters.com/technology/ebay-ceo-says-looking-cryptocurrency-payment-option-cnbc-2021-05-03/" target="_blank" rel="noopener noreferrer">eBay said in a statement to Reuters</a>. <h2>Drinks companies</h2><div type="image" title="AP21040298585553" height="2648" width="3532" msid="81889039" hostid="261"></div>Coca-Cola Amatil is one of the world's biggest bottlers and distributors of non-alcoholic and ready-to-drink beverages in the Asia Pacific region. Last year, the company announced in a <a href="https://www.businesswire.com/news/home/20200608005783/en/Coca-Cola-Amatil-Vending-Machines-Accept-Bitcoin-via-Centrapay">press release</a> their partnership with an online assets platform, Centrapay. This enabled it to accept bitcoin as an official payment method. There are about 2,000 vending machines in Australia and New Zealand that now accept cryptocurrency, <a href="https://www.coindesk.com/coca-cola-bottler-signs-on-to-bring-crypto-transactions-to-the-mainstream">according to a CoinDesk report.</a> Elsewhere, Starbucks began testing bitcoin payments last year through the app, Bakkt, <a href="https://www.nasdaq.com/articles/5-companies-you-may-not-know-accept-crypto-payments-2021-03-04">Nasdaq reported.</a>The digital asset marketplace app recently<a href="https://www.businesswire.com/news/home/20210330005401/en/Bakkt-Launches-Its-Digital-Wallet-Bakkt-App-to-Manage-All-Forms-of-Digital-Assets-Debuting-with-Starbucks-GolfNow-and-Best-Buy-Among-Other-Marquee-Brands"> launched </a>their digital-wallet application, in which users can convert bitcoin into USD to reload their Starbucks Card.<h2>Art</h2><div type="image" title="The logo of Sotheby's auction house is seen at a branch office in Zurich, Switzerland October 25, 2016. REUTERS/Arnd Wiegmann" height="2272" width="3029" msid="82461842" hostid="261"></div>Last week, world-famous auction house Sotheby's said it will start accepting bitcoin or ether as a payment option when it presents Banksy's artwork, "Love Is In The Air", at its contemporary art sale next week in New York. This will be the first time a major auction house accepts cryptocurrencies for physical artwork, <a href="https://markets.businessinsider.com/currencies/news/sothebys-banksy-crytpo-auction-bitcoin-ether-coinbase-art-2021-5-1030391713" target="_blank" rel="noopener noreferrer">as Insider previously reported</a>.The move to push crypto and art closer together comes as collectors look for more seamless methods of payment when doing business with Sotheby's, said Stefan Pepe, Sotheby's chief technology officer.

More companies, including PayPal and Xbox, are accepting bitcoin and other cryptocurrencies as payment. Others are weighing up their options.

Both globally and in the US, the payments ecosystem is evolving. Two related trends: the slow death of cash and the fast rise of digital payments, are transforming how consumers, businesses, governments, and even criminals move money.Annual global non-cash transactions are expected to pass the 1 trillion milestone by 2024. This major transformation is being propelled by several factors, including increased usage of digital wallets, more small vendors adapting to accept credit cards, and the explosive growth of mobile commerce.In The Death of Cash slide deck, Business Insider Intelligence projects what the payments ecosystem will look like through 2024 by examining the driving forces powering digital payment proliferation.This exclusive report can be yours for FREE today.

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