Top Updates of the Week — Payments🚨

𝐇𝐞𝐥𝐥𝐨 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐅𝐚𝐧𝐚𝐭𝐢𝐜𝐬!

Coming in hot — ”𝐓𝐨𝐩 𝐔𝐩𝐝𝐚𝐭𝐞𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐖𝐞𝐞𝐤" — a recap of the most valuable insights in the Payments Industry on a weekly basis.

• 🇧🇪 Wise was forced into a formal remediation plan by European regulators over its anti-money laundering controls, the Financial Times reported on Friday, citing five people familiar with the matter. Wise created a remediation plan, approved by the regulator, to contact all customers within weeks for proof of address, the report said. The company responded swiftly, collaborating with regulators to implement their recommendations. Wise contacted affected customers within weeks, requesting proof of address and freezing accounts that failed to comply. While the Belgian National Bank declined to comment, Wise emphasized its proactive approach, stating, "We worked closely with our regulator and fully implemented their recommendations."

• 🇺🇸 Coinbase now lets you buy crypto with Apple Pay in third-party apps. Coinbase announced an integration with Apple Pay on Monday, allowing app makers to build the ability to buy crypto with Apple Pay directly into their apps. The integration is part of Coinbase Onramp, which gives app makers a way for customers to turn their traditional currencies, such as USD, into cryptocurrencies. That process has historically been difficult, requiring users to pay added fees and visit multiple websites or apps. With the integration of Apple Pay, Coinbase is continuing to push its products toward the average consumer by making crypto purchases more accessible.

• 🇧🇷 Brazil's instant payment transactions more than doubled on Black Friday. On Nov. 29, the central bank said, 130 billion reais ($21.60 billion) were transacted using Pix, up from 58.9 billion reais on Black Friday last year. The number of transactions also saw a sharp increase, reaching 239.9 million compared to 136.3 million a year earlier. The figures underscore the widespread adoption of the payment method and its growing use for payments between people and businesses (P2B), as well as the strength of the promotional period in Latin America's largest economy.

• 🇺🇸 More record-breaking Black Friday Cyber Monday weekend stats: Total sales by Shopify merchants reached $𝟭𝟭.𝟱𝗕 𝗯𝗶𝗹𝗹𝗶𝗼𝗻, up 24% from the $9.3 billion in 2023 🤯 People around the world showed up to support Shopify merchants and their favorite brands. 76+ million consumers made a purchase from at least one Shopify-powered brand over the weekend.

• ➡️ Why J.P. Morgan Payments Outperformed Adyen and Stripe . During Black Friday Weekend. With $𝟱𝟯.𝟭 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 processed during Thanksgiving week, a 17% YoY growth, and 6,000+ TPS at peak, J.P. Morgan Payments outperformed Adyen and Stripe during Black Friday Weekend 🤯This scale matters, especially during shopping seasons like Black Friday, where their client base spans retail giants, omnichannel businesses, and even small merchants through the ISVs and PSPs they are the acquirer for.

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This is all for this week! Enjoy the weekend 🤝☕️