Blockchain

Daily Review: $2.8 Billion Worth of Transactions Were Sent Over Bitcoin Network in a Single Day in November

MEDICIGlobal Head of Content

Bitcoin crosses new highs every other week despite sometimes unfavoring regulations coming into action. Last week was no exception – the value of daily transactions sent through Bitcoin network went from $200 million for the most part if January to $2.8 billion in a single day of November 16. Predictions suggest that Bitcoin will cross $10,000 in a few months – a new record for daily transactions is not far.

Bitcoin Now Processes $2 Billion Worth Of Transactions Per Day, A 10x Increase In 2017

  • For most of January, roughly $200 million worth of Bitcoin was being sent around the Bitcoin network per day. Near the end of May, days where more than $700 million was transacted on the network were common.
  • Roughly a billion dollars of value was sent around the Bitcoin network per day in early August. This number declined down to $600 million by late September before exploding to $1.5 billion by late October.
  • November 16 set a new all-time high for value transacted over the Bitcoin network in a single day at $2,803,405,660.

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Public transportation is the new battleground for Chinese dragons: WeChat Hitches Ride on Guangzhou Metro

  • Guangzhou Metro passengers can now pay for their rides with the WeChat messaging app, as Tencent competes with its rival Alibaba to get on track in the public transportation sector.
  • Commuters in the southern metropolis have been able to take the subway after allowing the turnstile to scan a QR code generated by a WeChat in-app mini program. The turnstiles can scan the codes within 0.3 seconds.
  • The system also supports offline payments. Passengers without an internet connection can travel first and pay later when they are next online.
  • As on the Guangzhou Metro, travelers on the Shanghai maglev line can use Alipay to pay for their tickets by scanning a QR code.
  • The public transportation sector has recently become the latest battleground for major mobile payment players like Tencent and Alibaba, who both hope to make an early entrance and secure a better position.
  • WeChat faces competition from payment service provider UnionPay, which has also joined with Guangzhou Metro to provide mobile payment services for passengers.

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China Citic, Baidu launch direct bank in FinTech  push

  • China Citic Bank Corp and search engine giant Baidu launched a direct banking joint venture called AiBank on Saturday. A direct bank offers services over the internet instead of through physical branches.
  • AiBank will focus on lending to individuals and small businesses. The service will leverage big data and AI to build new risk control models. About 60% of employees will be technology staff.
  • Citic Bank owns 70% of the joint venture, Baidu controls the remaining 30%. The direct bank has a registered capital of 2 billion yuan.
  • Alibaba and Tencent have already set up their own finance arms to offer a range of financial products including payment, wealth management, and micro-loans.

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ACI Partners with Zelle® to Offer Real-Time Payments for Financial Institutions. ACI powers real-time, digital, secure P2P payments for leading payments network

  • ACI Worldwide has been named a technology partner of the Zelle Network®. ACI provides integration for Financial Institutions (FIs) to connect to Zelle. Zelle processed more than 160 million real-time P2P transactions since January 2017.
  • ACI’s support for Zelle will result in banks being able to accelerate speed to market, reduce risk and create new revenue streams. Zelle delivers an easy-to-use consumer experience built into both mobile banking apps and a Zelle stand-alone app. Consumers can easily connect to Zelle — all protected by the security of their financial institutions.
  • “Zelle is increasing P2P payments adoption by creating a common payments experience for consumers — regardless of which bank they use,” said William Proctor, VP, ACI Worldwide.

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Featured image credit: Steemit.

Elena Mesropyan

MEDICIGlobal Head of Content

Global Head of Content, MEDICI

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world.