BIS’ bid to revolutionize cross-border instant payments 👀💸; Credit card installments are overtaking BNPL among young consumers 📈💳; Polkadot's crazy spending spree 🤑💰

FinTech is Eating the World, 4 July

Hey Everyone,

Good morning & happy Friday! Today’s issue is especially interesting as we’re going to look at BIS and their bid to revolutionize cross-border instant payments (a quick look at Project Nexus, why it’s super interesting & what’s next + one bonus read), credit card installments that are overtaking BNPL among youngsters (what’s happening & what’s next + a bonus read on Affirm & how it’s crushing their space), and Polkadot's crazy spending spree (what’s happening & what can we expect next). Let’s just jump straight into the compelling stuff 🌶

BIS’ bid to revolutionize cross-border instant payments 👀💸

The news 🗞️ The Bank for International Settlements (BIS) has completed a blueprint for Project Nexus, an innovative platform aimed at connecting instant payment systems (IPS) across countries to enable fast, low-cost cross-border payments.

Initially linking the systems of India, Malaysia, Thailand, Singapore, and the Philippines, Project Nexus has the potential to connect 1.7 billion people globally.

Not too bad, huh? 👀

Let’s take a quick look at this and see why it matters & what’s next.