This week we found out that credit unions have been offering fast-track loans to millennials via Facebook. What? This happened in Ireland (which somehow only makes it more charming), and about half of all applicants had never borrowed from a credit union before.
What else can we do (at least theoretically) that we didn’t know was possible yet? Apparently, Fitbit is reinventing the payment process, mobile payments have tripled in Europe, and a new infographic invites us to choose our fantasy payment team. At least blockchain isn’t forcing us to rethink our approach to payments this week: Experts say it’s a ways off from widespread adoption. That means we can also breathe a sigh of relief.
TOP READ: Millennials Love Credit Unions’ New Fast-Track Facebook Loans
In our top read of the week, find out how a credit union think tank in Ireland helped roll out an innovative loan product targeting younger borrowers on Facebook. The verdict? The pilot is a hit at 16 credit unions.
Big Blockchain Breakthroughs At Least Six Years Off
While three quarters of banks are actively experimenting with blockchain technology, regulatory uncertainty and a lack of in-house expertise are proving to be major roadblocks to near-term adoption, according to research from SIX Securities Services.
Mobile Payments on the Rise in Europe
The number of consumers using a mobile device, including a smartphone or tablet, to make payments has tripled in the last year, according to a new study from Visa.
Fitbit Designers Try to Curb Impulse Shopping
NewDealDesign, the company behind the design for Fitbit wearable fitness trackers, has created a new device called Scrip. To make a payment, the customer swipes his or her thumb over the device in a manner that is reminiscent of counting bills. The device will show the account’s updated balance as if the person were handing over cash.
INFOGRAPHIC: What Mobile Payments Mean to Banks
This infographic takes a look at how mobile payments have evolved, why, and most importantly what that means for banks. But it also asks the question: Who is on your fantasy payment team – messaging, open API or selfie pay? Decisions, decisions.