Major international unveilings of payment products in the year 2021

Google, Revolut, and PayPal Shake Up Banking Sector

In a move that could revolutionise the banking industry, Google is set to launch a service that embeds banking into Google Pay through partnerships with financial providers. This development, combined with Open Banking, could significantly impact consumer use of bank services.

Meanwhile, Revolut, the digital banking disruptor, has obtained a full UK banking license, marking a significant industry development. Traditional banking products are expected to be introduced by Revolut, joining other neobanks in offering more conventional banking services.

The news comes as PayPal continues its global expansion of its cryptocurrency buying service. This expansion could potentially push the price of Bitcoin further, as more people gain access to the digital currency market.

However, Facebook's much-anticipated cryptocurrency Diem, initially promoted with great fanfare, was never globally launched as planned. The project, which includes the digital wallet Novi, was discontinued in 2022 due to regulatory challenges and its assets were sold off instead.

TransferWise, another digital banking player, has no intentions to become a bank, but it plans to offer investment services.

As the year progresses, we can expect to see many similar launches in the banking sector. The launch of Diem, should it eventually take place, will focus on its placement in the diverse payments sector and regulatory approval.

For those interested in keeping up with these industry developments, Lucy Ingham, a source on LinkedIn, has announced a newsletter sign-up that will provide updates on these exciting changes.

In conclusion, the banking sector is poised for significant change, with traditional players like Google and Revolut joining digital disruptors like PayPal and TransferWise in offering innovative services to consumers. Stay tuned for more updates as this story unfolds.