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Physical Wallets; Stripe Launches Tax Compliance Service Today In Payments: China’s eCurrency Can Be Stored In Digital

Today In Payments: China’s eCurrency Can Be Stored In Digital, Physical Wallets; Stripe Launches Tax Compliance Service

June 11, 2021 at 06:07PM
by PYMNTS

In today’s top news, China’s digital yuan can be stored in a variety of wallets, and Stripe launched its own global tax compliance service. Plus, Klarna is now valued at $45.6 billion after a $639 million funding round.

China’s eCurrency Can Be Stored In Digital Or Physical Wallets

Speaking at the 13th annual Lujiazui Forum in Shanghai, Mu Changchun said the state-backed digital yuan can be stored in a variety of wallets — digital, physical, personal, or public. Chinese citizens can apply for a wallet based on their credit limits, preference of digital or physical, and how they intend to use it.

Stripe Launches Global Tax Compliance Service

Stripe has launched its own tax compliance service for businesses in more than 30 countries around the world. Using location data, Stripe Tax calculates and gathers accurate sales tax, goods and services tax (GST) and value-added tax (VAT) for businesses.

Klarna Lands $639 Million, Valuing BNPL Company At $45.6 Billion

Buy now, pay later (BNPL) company Klarna has landed $639 million in venture funding, which the company plans to use to expand internationally and further capture retail customers.

Facebook Adds QR Codes, Payments Link To Messenger

Faceook has officially added QR codes and payment links to Messenger, a service it was piloting earlier this year. The feature lets users leverage QR codes and payment links to send or request money with Facebook Pay, even if they aren’t connected to the other person on the platform.

Galileo CTO: Banks Need Shortcut To Cloud APIs To Power Next Gen Financial Services

Once a point of pride for banks, legacy systems are now holding mainstream financial services back, Jeff Currier, chief technology officer at Galileo Financial Technologies, told PYMNTS. What banks need, he said, is a shortcut to enabling application programming interface (API)-based services quickly, securely and at scale.

The State Of SCA Play: Some Ready, Some Not

Ready or not, strong customer authentication (SCA) and PSD2 are coming — and as Frans Labuschagne, country manager for the U.K. and Ireland at Entersekt, tells PYMNTS, depending on where you look, you’re apt to see different degrees of preparedness.

Stablecoins Face Unstable Regulatory Path With Cryptos In Federal Spotlight

The chorus on Capitol Hill is increasingly calling for regulation of stablecoins. Although the asset-backed coins are widely regarded as a “safer” alternative to cryptos like bitcoin, we may still see a number of frameworks and limits on their issuance.