The remainder of the cryptocurrency project that 
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Payments, Transfers, Rewards
Report: More Than Half of the World’s Unbanked Adults Live in Seven Economies
World Bank Group | Jul 5, 2022
The benefits of financial inclusion have spurred efforts to expand account ownership and productive usage. Since 2011, the Global Findex survey has documented growth—at times incremental and at times dramatic—in account ownership across more than 140 economies. The Global Findex 2021 survey was conducted during the COVID-19 pandemic—a crisis that further mobilized financial inclusion efforts across the world. This and other factors have contributed to the following key findings:
- Worldwide, account ownership has reached 76 percent of adults—and 71 percent of adults in developing economies.
- Receiving payments into an account is a catalyst for using other financial services, such as relying on an account to save, borrow, and store money for cash management.
- Mobile money has become an important enabler of financial inclusion in Sub-Saharan Africa—especially for women—as a driver of account ownership and of account usage through mobile payments, saving, and borrowing.
See: Board Diversity and Inclusion: 50-30 Challenge
- COVID-19 catalyzed growth in the use of digital payments.
- Despite promising growth in account ownership and use, only about half of adults in developing economies could access extra funds within 30 days if faced with an unexpected expense, and about half of adults were very worried about at least one area of financial stress.
- Governments, private employers, and financial service providers—including fintechs—could help expand financial access and usage among the unbanked by lowering barriers and improving infrastructure.
- Financially inexperienced users may not be able to benefit from account ownership if they do not understand how to use financial services in a way that optimizes benefits and avoids consumer protection risks.
Continue to the full article and visual charts --> here
Download the 225 page PDF report on financial inclusion and 2021 Global Findex Database --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Meta’s money transfer service pilot, Novi, is shutting down this September
Fortune | Olga Kharif | Jul 1, 2022
The remainder of the cryptocurrency project that Meta Platforms Inc.’s Founder Mark Zuckerberg took a beating over from Congress is officially shutting down.
- Meta’s Novi pilot—a money-transfer service using the company’s own cryptocurrency digital wallet—will end on Sept. 1, the service said on its website, a link to which it texted to its users.
- Meta launched Novi pilot in October of last year amid scaled back ambitions to dominate the crypto remittances space. Instead of a new Diem token Meta once backed, Novi ended up using Paxos Trust Co.’s USDP stablecoin to allow wallet users from parts of the U.S. and Guatemala to conduct transactions.
Starting July 21, users will no longer be able to add money to their accounts [advising users to withdraw their balance] as soon as possible. Users won’t be able to access their transaction history or other data after the pilot ends.
See: Meta to Start Testing NFTs on Instagram (Facebook and Other Apps To Follow)
Leverage Novi's technology
The company does plan to use Novi’s technology in future products, such as in its metaverse project, a company spokesperson said in an email. While scaling back this effort, Meta has been expanding its test to support nonfungible tokens—typically art like cute monkeys or penguins—on its sites.
We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles. You can expect to see more from us in the web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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What’s a Consumer Proposal and How Does It Work? Here’s the Answer
Jul 3, 2022
Image: Pixabay
If you're struggling with debt, you may be considering a consumer proposal. What is a consumer proposal? How does it work? In this article, you will get the answer to all of your questions about consumer proposals and help you decide if this is the right solution for you!
What Is A Consumer Proposal?
This process is an alternative to bankruptcy and is available to individuals, couples, and businesses who owe $250,000 or less. If you were ever asking yourself what are the benefits of a consumer proposal, there are tons! First off, these proposals stop interest from accruing on your debt, as well as freezing collection action against you.
This means that you no longer have to deal with those pesky phone calls and letters from creditors! consumer proposals also give you the opportunity to repay your debts over a period of time (usually five years or less).
How Does A Consumer Proposal Work?
There are certain processes and stages that are followed in order for a consumer proposal to be accepted. First, an individual must consult with a Licensed Insolvency Trustee (LIT). The LIT will review the person's financial situation and provide them with information on all of their options, including the consumer proposal.
If the individual decides that a consumer proposal is the best option for them, the LIT will help them to prepare all of the necessary paperwork. Once the paperwork is complete, it will be submitted to the creditors.
The creditors will then have 45 days to review the proposal and decide whether or not to accept it. If the majority of creditors agree to the terms of the proposal, it will be accepted and binding on all of the creditors.
Below are the stages of a consumer proposal.
Assessment
First off, it's important to know that not everyone is eligible for a consumer proposal. To find out if you qualify, you'll need to speak with a Licensed Insolvency Trustee (LIT). They will assess your current financial situation and advise you on whether or not a consumer proposal is the right solution for you.
If you decide to move forward with a consumer proposal, the next step is to develop your proposal. This will involve working with your LIT to come up with an offer that you can afford to repay, and that your creditors will accept. Once your proposal is complete, it will be presented to your creditors for approval.
Payment Plan
There are different payment plans that can be chosen for consumer proposals. These are the following:
- A lump-sum payment
- Payment over time
- Payment based on your income
- A combination of these payment options
The payment plan will be based on your ability to pay and the creditors will vote on the proposal. If the creditors agree to the payment plan, then you will make payments to the trustee who will distribute the funds to the creditors. If you are unable to make a payment, the consumer proposal will be annulled and you will have to file for bankruptcy.
Filing And Voting
This stage marks the official beginning of your consumer proposal. You, or your authorized representative, will file the necessary paperwork with the office of the Superintendent of Bankruptcy. This filing starts the 45-day period during which your creditors can vote on your proposal.
See: Will Top of Digital Wallets Threaten Traditional Credit Card Markets?
You must also provide proof that you’ve completed mandatory counseling sessions before filing a consumer proposal. A notice will be sent to all of your creditors informing them of the filing, and they’ll have 45 days to vote on it.
In order for your proposal to be accepted, at least 50% of the dollar value of your unsecured creditors must accept it. If more than 50% of your creditors don’t accept it, then you may want to consider filing for bankruptcy instead.
Making The Payments
Now it's time to finally make the payments on your consumer proposal. You'll work with your trustee to set up a budget and payment plan that's affordable for you, and then make those payments on time and in full. Depending on your situation, you may be making these payments for up to 60 months.
Credit Repair
Once all is done and you have made your last payment, credit repair can begin. This is the stage where you start to rebuild your credit score and improve your creditworthiness.
Fixing your credit score can be a long and difficult process, but it is important to do if you want to improve your financial standing. There are a few things you can do to help improve your credit score, including paying all of your bills on time, maintaining a good credit history as well as using credit responsibly.
Image: Pixabay
Consumer proposals protect you from bankruptcy and losing your assets. It has a certain process which consists of filing it and then comes the assessment of your bills after which you need to figure out a payment plan. Then comes the official start by filing the proposal and having creditors vote on it. Once it's accepted, you need to make the payments after which it's time to repair your credit!
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How the Big Five Banks Control Canada’s Payment Systems
Policy Options | Alex Vronces | June 7, 2022
In the early 2000s, the federal government convened a task force to review [why the banks have disproportionate influence over moving money in Canada]. The findings? Canada’s payment systems were still “controlled by Canada’s major banks and other key institutions,” whose “interests are best-served by keeping at bay new entrants to the system‚ the very entrants who would bring the innovations that Canadians need.”
Don’t disrupt the banks – disrupt the distributional coalitions
Decades ago, American economist and political scientist Mancur Olson argued that the longer a country is stable, the more “distributional coalitions” it will have. Distributional coalitions are interest groups. They lobby the government to protect them from competition, muting the forces of creative destruction and slowing down the rate of economic growth.
Canada’s problem is not that it doesn’t have a competitive payment system. The problem is that it has old and powerful distributional coalitions that stand between sclerosis and dynamism. Canada is predicted to be the slowest-growing OECD economy over the next decade. Although regulatory capture isn’t the only reason why, it’s one of them.
Old and powerful distributional coalitions need to be disrupted, beginning with the oldest one at the centre of the Canadian economy: the financial sector, which has a distribution coalition that predates 1867. “Improving the financial services sector’s productivity would not only boost its performance,” according to a recent report from the C.D. Howe Institute, “but also that of Canada’s economy as a whole.”
This should start with the Liberal government amending the Canadian Payments Act, which doesn’t let fintech companies become members of Payments Canada and use the payment systems.
Giving fintechs the ability to move money instantly empowers them to compete with big banks for market share. Moreover, as the fintechs get bigger, so will their distributional coalition, which also empowers them to compete with big banks.
Read:
Ipsos Survey: Most Canadians Say (88%) We Need More Competition
Is productivity, wealth creation and competition at the forefront of Canada’s growth agenda?
In addition to letting new distributional coalitions get stronger, Canada should also prevent the old distributional coalitions from maintaining their dominance by anti-competitively merging with or acquiring their competitors. The Competition Act is up for review. The Liberal government should give the Competition Bureau the resources and legal room to do its job better.
Or we could do the opposite. We could wrestle power away from Canada’s biggest interests only to give it right back, as the federal government has done time and time again.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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$40 billion payments giant now accepting USDC stablecoin
CNBC | Ryan Browne | June 7, 2022
AMSTERDAM — Online payments company Checkout.com says it will settle payments for its merchants round-the-clock using stablecoins, making it the last major financial services firm taking the plunge into crypto.
The start-up, which competes with the likes of PayPal and Stripe, said Tuesday it is launching a feature that allows businesses to accept and make payments in USD Coin, a popular stablecoin that's pegged to the U.S. dollar. Checkout.com said it is offering the new payment method through a partnership with Fireblocks, a crypto security firm.
See: Crypto Payments Report 2022: How digital currencies are revolutionizing commerce, corporates and culture
Stablecoins are a key part of the crypto market, helping investors trade in and out of digital currencies rapidly without having to go through banks. With a circulating supply of more than $50 billion, USDC is the world's second-biggest stablecoin.
The feature will allow merchants to settle payments even on weekends and public holidays, something that's not currently possible with fiat currencies, according to Jess Houlgrave, Checkout.com's head of crypto strategy. She used the example of someone buying bitcoin from a crypto exchange. While the user can get their bitcoin straight away, how banks and card schemes like Visa and Mastercard operate means merchants may not receive the funds for several days.
"Between the time that they've sent the bitcoin, and the time that they receive those funds, they have a working capital constraint," Houlgrave told CNBC on the sidelines of the Money 20/20 fintech conference in Amsterdam.
More: QR Code Triggers Instant Crypto Payments and Self-serve Frosty
Checkout.com said it has tested the feature privately with select clients, facilitating $300 million in transaction volumes in the past few months. It now plans to roll the product out globally, with Bahamas-based crypto exchange FTX among the first to use it.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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FTP Report: B2B Payments: A Major Fintech Opportunity to Solve Paper-based Payments and Processes
Financial Technology Partners | May 27, 2022
The business-to-business (B2B) market remains one of the last major global opportunities for payment digitization. Not only is the market still plagued by widespread manual processes and inefficient payment methods, but it is also a massive market estimated at nearly $29 trillion in the U.S. alone. Today, checks still shockingly account for nearly 50% of B2B payments.
See: Mastercard launches biometric checkout program as contactless, secure payments grow
Moreover, manually intensive payment methods are more likely to lead to high error and failure rates, making companies vulnerable to security risks and increasing costs. Consequently, the rush is on to bring more efficient, digital payment solutions to businesses, both large and small.
Key discussion topics of the report include:
- An extensive primer on the workflows and processes behind B2B payments, and the accelerating trend of digitization and automation across the value chain
- A detailed landscape including hundreds of companies in the space
- Exclusive interviews with over 25 executives from leading B2B payments companies
- Profiles of over 50 highly relevant companies in the space
Continue to the full article --> here
Download the 387 page PDF report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Multiple Payment Methods – Why is it Fundamental to E-Commerce Success?
Guest Post | May 24, 2022
Introduction
We know for a fact that digitalization has taken over the world. As a result, digital payment usage is booming like never before. These days, there are plenty of payment options available. Whether it be getting salaries, purchasing something, or ordering food, most of the population is interested in digital payment, thanks to the seamless deposits and withdrawals.
With this growth and flexibility in payment methods, businesses need to keep up with the trend and expand their payment options. Otherwise, they might lose a large demographic for insufficient payment facilities and eventually face devastating business loss.
How Multiple Payment Options Generate More Revenue?
With huge diversity among customers, payment preference is bound to vary. Therefore, multiple payment methods in e-commerce can lead to an increase in revenue. Lack of options in payment can cost you losing potential customers.
On average, 70% of customers abandon their cart on e-commerce sites. Among them, 8% do so due to the lack of payment options, and the percentage is 42% in the US. This percentage can be crucial for many businesses. Building trust with the customers and providing them with what they want is essential to achieving e-commerce success.
1. Attracts Diverse Customers
E-commerce sites are dynamic these days to reach out to a larger target audience. As many people are becoming interested in e-commerce as customers, the diversity in payment methods is also evident. However, if e-commerce businesses cannot satisfy the payment need of the larger audience, then there will be no progress.
For instance, a computer user can be comfortable using the debit/credit card method on an e-commerce site. The site might be dynamic and catered to suit the needs of mobile users as well. However, a mobile user might be comfortable paying on mobile banking, but if they do not get the mobile payment option at the check-out, they are more likely to abandon their cart.
To satisfy the needs of customers who are comfortable with varying payment methods, multiple payment options in e-commerce are necessary. A survey among US consumers shows that 26% are not willing to adopt a new payment method.
2. Convenient for Customers
More options are more convenient for customers. They might be using several payment methods, and when they find all of their desired choices, they are more eager to purchase. Then again, if customers are having some issues with one payment method, they can use another one.
Otherwise, they will just leave the website without making any purchase. Options are payment methods that decrease the dependency on a particular payment method. Therefore, for more conversion, multiple payments are a must.
Customers want a fast and easy transaction. If easier options are not available, customers feel less interested. About 58% of US customers stop at the check-out process due to the complications in the check-out. This is more than half the customers, which means the effects can be drastic for a business.
3. Keeping Up with Competitors
The e-commerce world has become incredibly competitive. Unless a business adapts to the latest requirements of customers, it will fall behind in the competition. There is no denying that one of the key requirements in e-commerce these days is options for payment.
See: UK Proposes Regulations That Would Recognize Stablecoins As A Form Of Payment
To engage with customers and generate sales, a business has to understand the needs of their customers, especially with payments. Ultimately, a company will be successful once the customer pays for a product. Eventually, the business will flourish and go ahead of its competitors.
4. Better Tracking System
Gaining customers' trust by providing a secure and hassle-free payment method is essential for the growth of a business. These payment methods are transparent, easy to get a solution when some problem occurs, and easy to get refunds. Different people can find other payment options safer and easier. Therefore, there is no alternative to having multiple options to satisfy a larger demographic.
Different Types of Payment Methods
Multiple payment options are a must for e-commerce success. However, with thousands of options available, a business cannot offer all of them. The key is to offer the most popular payment methods from each category. Then again, not all payment options will be suited for your business.
The variety of payment methods available these days can be divided into four categories. They are as follows.
- Cash Payment: The good old cash payment is still available in many cases. This method is used for food-delivery services, ride-sharing services, etc. Although, this method is becoming obsolete in the e-commerce sector.
- Credit/Debit Card: Paying with a debit or credit card is considered the traditional way of payment. This option is a reliable and often used one by many customers.
- Internet Banking: Many banks have their own banking system that can be accessed through electronic devices, such as computers or mobile phones. Internet banking is also quite popular for making payments for e-commerce sites.
- Digital Wallets: Digital wallets or e-wallets store your information securely and allow hassle-free financial transactions. You do not need to insert your information every time you purchase something. Paypal, Apple Pay, and Goggle Pay are a few of the popular digital wallets.
- Mobile Apps: Mobile payment allows you to pay through an app on your phone. You need to install and provide the necessary information to the app, and then you can use it to make payments.
- Buy Now Pay Later (BNPL): This payment method is fairly new. This is like an installment where you get products and make the payment gradually.
- Cryptocurrency: Bitcoin, Solana, Ethereum, etc., are some of the popular cryptocurrencies. In some specific e-commerce sectors, cryptocurrencies can be used as a method of payment.
To Conclude
Undeniably, different payment methods in any e-commerce make more customers purchase. Also, they are more likely to become loyal customers. This increases revenue. Therefore, multiple payment methods are crucial for e-commerce success. Hence, provide your consumers with multiple payment options and witness it having a positive impact on the revenue of your business.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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