The Future of Money: Central Banks, Stablecoins & CBDCs
Issue 727: 25 June 2025
The Future of Money: Central Banks, Stablecoins & CBDCs
To be clear, I am not against stablecoins, but they do have to meet the test of singleness of money.
I am not against Central Bank Retail Digital Currency, but I question why it is needed if innovation proceeds as I think it should.
Andrew Bailey, Governor, Bank of England
In these troubling times I’d encourage you to read Andrew Bailey’s speech delivered at the National Bank of Ukraine in Kyiv a few days ago - here’s the link: Central Banking in extreme adversity.
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Pix: Simply the best
The meteoric rise of Pix in Brasil demands our attention.
Period.
In this deep dive newsletter we explore the meteoric rise of Brasil’s new payment system with a guest blog from Jeremy Light’s Agenda:Payments newsletter - huge thanks to Jeremy for allowing Payments:Unpacked to feature “Simply the best” as a guest blog.
Pix Automático is Here
And a week ago Pix launched recurring payments.
Launched on 16 June, the new service rolled out by the Central Bank of Brazil will enable recurring payments to be made using Pix, without the need for credit cards or complex direct debit setups.
The new feature will be especially helpful when consumers are looking to set up subscriptions, utilities, and memberships. They simply need to give consent for a one-time authorisation, and payments will then be automatically deducted from their bank accounts. Manual approvals for payments will become a thing of the past with Pix Automático, as the feature will reduce friction and improve customer retention throughout the payment journey.
Some specific use cases for Pix Automático include:
A streaming platform offering subscription renewals, even for users without a credit card;
A gym chain eliminating missed payments and collection costs through a fully digital setup;
A language school automating tuition payments with full traceability;
A coffee or wine subscription club simplifies monthly charges with just one click.
Find out more here: Pix Automático
The Compliance Paradox
It’s not just about rules. It’s about relationships
SEPA Instant is reshaping Europe’s payment future
Around the World in 100 Objects
Neil MacGregor’s Around the World in 100 Objects explored human history through artifacts from the British Museum.
Here’s the history of debit cards in Switzerland in four pictures - set out in the order presented in the museum rather than chronological order.
Banking Hub coming to town?
Don't believe these 10 myths
Live Comparison: How do you measure up?
How do you measure up in meeting customer expectations and in your digital payments transformation strategy?
Take part in Bottomline’s Fifth Annual 'Future of Competitive Advantage in Banking and Payments' Benchmarking Survey:
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Support the production of Payments:Unpacked - convert your subscription and receive:
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Immediate Payments & Verification of Payee
A pleasure to be in Zurich last week at SIX, the operator of the Swiss Stock Exchange and Swiss payment systems, and an essential part of the financial infrastructure in Europe.
It was a real privilege to serve as the keynote speaker at SIX’s annual payments conference, where I had the opportunity to share insights on:
The development and evolution of Faster Payments in the UK
The ongoing “whac-a-mole” battle to stay ahead of fraudsters in a fast-moving landscape
The upcoming introduction of verification of payee within the Eurozone, and what that means for trust and confidence
And a video from Finextra TV where Sheri Brandon, Global Head of New Business, Worldline, talked about how instant payments have evolved over the last year.
Defining the landscape as exciting within European payments, Sheri explained how progress is being made more significantly, especially within interoperability in the face of SEPA deadlines.
On top of this, Sheri gave her predictions for future developments and how to stay ahead of rising fraud threats.
In brief
The European Payments Alliance (EuroPA) and European Payments Initiative (EPI) are joining forces to explore ways to make it easy for consumers to send and receive payments seamlessly across the continent.
Fiserv unveils stablecoin for banks. Fintech giant Fiserv is making a crypto play, unveiling plans for a digital asset platform, including a stablecoin for financial institutions.
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