Today In Payments Around The World: Flink Lands $240 Million; Shanghai Looks To Give Away $3 Million In Digital Yuan

In today’s top payments news around the world, Flink has notched $240 million from a Series A funding round, while Shanghai will reportedly conduct a raffle to give residents the chance to win crypto. Plus, the European Union is introducing plans for a digital identification wallet.

Germany’s Flink Raises $240 Million, Teams With Rewe

Flink, the German delivery upstart, landed $240 million from a Series A funding round headed up by Mubadala Capital, BOND and Prosus. The firm now has more than 50 local hubs since rolling out and is opening a new hub every two days. “The order growth we have seen over the past weeks has been explosive, and we attribute that to the excellent service we are providing to our consumers,” Co-founder Oliver Merkel said, according to a published report.

Shanghai Plans to Give Away $3 Million in Digital Yuan

Shanghai will conduct a raffle this week to provide residents with the opportunity to win digital red packets worth a total of approximately 20 million yuan (or $3 million) as the country ramps up testing of its crypto. The city of Beijing, for its part, also recently announced plans for its own $6.2-million digital currency raffle.

European Union Unveils Digital ID Wallet Plan

The European Union (EU) is unveiling plans for a digital identification wallet that the 450 million residents of the region can harness to use public services and keep important identification documentation. “The European digital identity will enable us to do in any Member State as we do at home, without any extra cost and fewer hurdles,” Executive Vice President for a Europe Fit for the Digital Age Margrethe Vestager said in an announcement.

Ghana Plans Pilot For Digital Currency

Bank of Ghana (BOG) Gov. Ernest Addison said the institution is presently “in the advanced stages” of debuting a cryptocurrency. “I think there is a lot more emphasis on looking at digital money that is backed by the state, backed by the central banks. These private forms of money really are not able to perform the functions of money effectively,” the official said during a press conference, per a published report.

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Ramp to Launch Stablecoin-Backed Corporate Cards for Cross-Border Transactions

Circle to Launch Stablecoin-Powered Cross-Border Payments Network in May