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March 28, 2025
On the web
India Pushes To Ease International Payments Through Homegrown Network to Rival Visa, Mastercard
Yahoo Finance
"India is asking the Financial Action Task Force (FATF) to reduce compliance requirements for cross-border payments made through its homegrown system. Launched in 2016, the Unified Payment Interface (UPI) accounted for 83% of India's digital payments volume in 2024. The government wants to increase the use of its own payments network by Indians travelling abroad, which could make the global cross-border payments market more competitive."
B2B Might Be the Biggest Ecosystem for the EUDI Wallet
Biometric Update
"Europe has set an ambitious goal to launch the EU Digital Identity (EUDI) Wallet by December 2026. The EUDI Wallet will function as an app on a phone, certified by a specific member state that will add personal identification data (PID) into that wallet, making it a national identity. On top of that users should be able to add driving licenses, diplomas, payment cards, passports and boarding passes."
Central Bank of Brazil Plans To Use AI in New Pix Fraud Risk Score
Finsiders Brasil
"In yet another effort to prevent Pix fraud, the Central Bank (BC) is developing a type of fraud risk score that will use Artificial Intelligence (AI) and Machine Learning (ML) techniques. According to Renato Gomes, director of Financial System Organization and Resolution at the BC, the model will be centralized and will use information from the Instant Payments System (SPI) and the Directory of Transactional Account Identifiers."
March 27, 2025
On the web
Ripple and Chipper Cash Join Forces to Unlock Faster and More Cost-Effective Crypto-Enabled Payments Across Africa
Ripple
"Ripple and Chipper Cash announced a partnership to support cross-border payments into Africa using Ripple Payments. By leveraging Ripple’s payments solution Chipper Cash, which has five million customers across Africa, will enable consumers to receive funds 24/7/365 - reducing the time and friction to make moving value into Africa more efficient."
India’s Digital Payments Face Sustainability Test as Zero MDR Bites
IBS Intelligence
"Zero MDR (Merchant Discount Rate) Policy refers to the government’s directive that payment service providers cannot charge merchants any fee (MDR) on transactions made through certain digital payment methods, such as UPI and RuPay debit cards. While this policy encourages digital payment adoption among small businesses by making transactions free for them, it has raised concerns about the sustainability of payment service providers."
On the wires
India’s Axis Bank, J.P. Morgan Roll Out Anytime Dollar Payments for Clients
Reuters
"India's Axis Bank has partnered with J.P. Morgan to offer real-time U.S. dollar payment capabilities to commercial clients in the country, facilitated by Kinexys, the U.S-based lender's blockchain and digital assets unit. This is the first instance where an Indian company will have the flexibility to make or receive dollar payments at any time, J.P. Morgan said."
March 26, 2025
On the web
UK Banks Suffer 803 Hours of It Outages—Blame Ageing Legacy Systems
IBS Intelligence
"The frequent IT outages across UK banks, including the recent high-profile disruptions at Barclays, stem from a mix of ageing legacy systems, rising cyber threats, and the increasing complexity of digital banking infrastructure. Many financial institutions still rely on outdated core banking technology, making them vulnerable to crashes and prolonged service disruptions."
March 25, 2025
On the web
Somalia Launches First Nationwide Instant Payment System Powered by BPC
Horn Observer
"The Somalia Payment Switch has successfully launched the country's first ever Instant Payment System with QR payments support powered by BPC's next generation SmartVista platform, a global leader in payment Solutions2. Championed by the Central Bank of Somalia, the initiative marks a major step in modernising Somalia's payment infrastructure."
March 24, 2025
On the web
A Cup of Coffee with Deposit Tokens… Bank of Korea's 'Digital Currency' Experiment
Bloomingbit
"The Bank of Korea and financial authorities will begin the 'digital currency experiment' for the first time next month. Bank deposits can be converted into 'deposit tokens' and used at convenience stores, cafes, bookstores, and more. The Bank of Korea, Financial Services Commission, and Financial Supervisory Service announced on the 24th that they will conduct a real transaction test of digital currency and open deposit token e-wallets with Korean nationality among users of seven banks from the 1st of next month to the end of June. Transactions are made through QR codes."
March 21, 2025
On the web
M-Pesa’s Impact on Digital Payments Beyond Borders
MSN
"M-Pesa started as a domestic mobile money platform in 2007, giving millions of unbanked Kenyans access to financial services. Fast-forward to today and the service has evolved into a financial powerhouse, extending its reach far beyond Kenya’s borders. The launch of M-Pesa Global was a game changer, allowing users to send funds to bank accounts, mobile numbers and Western Union locations worldwide."
Crypto Regulation Finally Coming to Australia With Exchanges Facing Bank-Like Rules
SmartCompany
"The Australian government has unveiled long-awaited crypto regulations, requiring exchanges and fintechs holding digital assets to meet financial services standards."
Visa and Misa Partner To Drive Digital Payments in Vietnamese Businesses
IBS Intelligence
"Visa and MISA, a provider of digital transformation solutions for finance, accounting, and enterprise management, have teamed up to empower Vietnamese businesses through comprehensive digital payment solutions. This collaboration aims to accelerate digital transformation within Vietnam’s business community, fostering greater financial inclusion and operational efficiency for enterprises of all sizes."
March 20, 2025
On the web
India’s Fraud Risks Rise, But Gen AI Could Be the Game-Changer, Study Shows
IBS Intelligence
"India’s financial sector is witnessing a paradigm shift in fraud prevention, driven by the rapid adoption of Generative AI. As digital transactions surge and cyber threats grow more sophisticated, Experian’s latest report highlights how Indian banks and FinTech are leveraging GenAI to bolster security, with India emerging as a key player in the adoption of GenAI-powered fraud detection systems."
March 19, 2025
On the web
Swiss Central Bank Explores Synthetic CBDC
Ledger Insights
"The Swiss National Bank has been a trail blazer with its pilot wholesale central bank digital currency that is being used for the settlement of tokenized securities transactions on the SIX Digital Exchange. Today the SNB published its annual report in which it outlined other related activities, including exploring what is sometimes referred to as a synthetic CBDC – a private tokenized currency backed by central bank funds."
Back to Cash: Life Without Money in Your Pocket Is Not the Utopia Sweden Hoped
The Guardian
"...In recent years the [Sweden] central bank has been working on its own digital currency, the “e-krona”, as cash declines. The project ended a couple of years ago, and the bank is now focused on monitoring the global development of digital currencies. Last year Norway, which has a popular equivalent to Swish called Vipps MobilePay, brought in legislation that means retailers can be fined or sanctioned if they will not accept cash. The government has also recommended that citizens “keep some cash on hand due to the vulnerabilities of digital payment solutions to cyber-attacks”."
March 18, 2025
Top Post
Visa Partners With Major Banks to Launch Vbip in Australia
IT Brief Australia
"Visa has announced a partnership with ANZ, NAB, HSBC, and Westpac to introduce Visa B2B Integrated Payments (VBIP) in Australia, aimed at enhancing and simplifying business-to-business transactions for companies of varying scales. The VBIP solution is integrated within the SAP Business Technology Platform, which helps businesses automate their B2B payments."
On the web
Korea’s Central Bank Says It Won’t Hold Bitcoin Because of Major Risks
CCN
"The Bank of Korea has said that Bitcoin does not meet the nation’s or the International Monetary Fund’s (IMF’s) standards and, therefore, cannot be adopted as a foreign reserve asset. According to the BoK, it’s too volatile, yet this hasn’t deterred El Salvador and now the U.S., which have officially adopted BTC into their economies."
March 14, 2025
On the web
Rise of Digital Wallets Integrating Payments and Digital Identities Across Asia
Biometric Update
Digital payment wallets are advancing financial transactions, with China’s Alipay and WeChat Pay, India’s Paytm and PhonePe, and Indonesia’s GoPay leading the way in mobile payments. Some countries are now linking digital identity and payments, including China Alipay’s digital ID integration, Singapore SingPass’ financial services extension, and India’s Aadhaar-linked united payment interface (UPI) wallets to create a single digital landscape.
On the wires
African Payments System PAPSS Plans to Launch FX Market Platform This Year
Reuters
"A pan-African payments infrastructure provider designed to facilitate trade on the continent is piloting an African currency market platform to boost commerce across borders in the region, its chief executive said. The Pan-African Payments and Settlement System (PAPSS), backed by 15 central banks on the continent, expects to add the platform later this year to complement its payments infrastructure that it says is currently integrated with 150 commercial banks."
March 13, 2025
Top Post
AP+ works with Google to offer Least Cost Routing on Google Wallets [Australia]
Australian Payments Plus
"Australian Payments Plus (AP+) has worked with Google to roll out eftpos functionality and Least Cost Routing (LCR) on transactions made via the mobile Google Wallet, allowing merchants to choose to have more payments routed via the lower-cost eftpos network. ANZ and Suncorp Bank are the first two issuers live with eftpos multi-network debit cards in the Google Wallet, with other issuers to follow over the course of 2025."
On the web
Europeans Show Little Interest in Digital Euro, ECB Study Reveals
Cointelegraph
A new European Central Bank survey reveals significant consumer reluctance toward adopting a digital euro, with Europeans seeing little value in the CBDC. An ECB working paper on “Consumer attitudes towards a central bank digital currency,” which surveyed about 19,000 respondents across 11 euro-area countries, highlighted significant communication challenges that are discouraging European households from adopting the digital euro.
March 12, 2025
On the web
Elo, Agility and INETCO Announce Strategic Partnership to Revolutionize Payments Reliability in Brazil
INETCO
"Agility, one of Brazil’s leading IT and Cybersecurity service providers, and INETCO®, a leader in payments monitoring and fraud prevention, announced a new partnership with Brazilian payment processing trailblazer Elo. The partnership leverages INETCO’s real-time transaction monitoring solutions and Agility’s expertise in supporting clients in sectors such as banking, stock exchanges, telecommunications, and healthcare."
UK Payments Regulator to Be Abolished and Absorbed by Financial Watchdog
MSN
"Britain's payments regulator will be abolished and its remit absorbed by another financial regulator, the government said as it aims to cut red tape in favour of growth. The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers. The payments watchdog will be wrapped within the FCA, the government said, providing a single point of contact for businesses and ultimately reducing expenses.."
On the wires
EBANX Data Shows 41% of Online Card Transactions in Brazil Come From Digital Issuers
Business Wire
"Digital-first financial institutions have become key drivers behind cards' sustained presence and growth in rising economies. According to internal data from EBANX, fintech companies and digital players now account for 41% of the total value transacted through credit cards for online purchases in Brazil."
March 11, 2025
On the web
British Weather Drives Surges in Online Spending
A1 Retail Magazine
"Online retailers enjoyed a 137 percent surge in outdoor-related sales this weekend (8th and 9th March 2025), as temperatures soared, compared to the average weekend so far this year according to Checkout.com. This was even up 35 percent from last weekend’s payday weekend, which would normally see the highest peaks in overall spending."
Azupay and Gr4vy Partner to Transform eCommerce Payments with NPP-Powered Solutions
Azupay
"Azupay, Australia’s leading pure-play New Payments Platform (NPP) provider, has partnered with Gr4vy, a no-code payment orchestration platform, to bring real-time, account-to-account payment solutions to Australian eCommerce businesses. This collaboration enables merchants to leverage Azupay’s PayID, PayTo, and Pay by Bank offerings through Gr4vy’s payment orchestration platform to streamline transactions."
Government Weighs Return of Merchant Charges on UPI, RuPay
MSN
"The government is considering a proposal to bring back merchant charges on Unified Payments Interface (UPI)-based transactions and RuPay-powered debit cards, said two senior bankers in the know. No MDR is currently levied on transactions using UPI and RuPay debit cards that are facilitated by retail payments network National Payments Corporation of India."
Korea Prepares for Large-Scale CBDC Test Involving 100,000 Consumers
Chosunbiz
"A real transaction test of Central Bank Digital Currency (CBDC) targeting 100,000 financial consumers is expected to be conducted as early as this month. Test participants are expected to use deposit tokens issued by commercial banks based on CBDC to purchase goods at various merchants, including convenience stores and cafes."
Eurosystem to Offer Verification of Payee Service
European Central Bank
"The Eurosystem has concluded its exploratory work for offering a Verification of Payee (VoP) service for payment service providers (PSPs). The service is expected to reduce the risk of fraud and payment errors by allowing payers to verify the account details of the intended recipients before payments are initiated. This service will be available for instant payments, including those settled in TARGET Instant Payment Settlement, as well as for SEPA credit transfers."
On the wires
Revealed: The Top 5 Late Payment Excuses Costing UK Businesses Millions
GlobeNewswire News Room
"Late payments remain a major challenge for UK businesses, with billions of pounds tied up in overdue invoices. According to the Federation of Small Businesses, 50,000 small businesses collapse every year due to late payment. According to new data gathered by the UK’s leading Business debt collection agency specialists Federal Management, businesses across the country are facing an increasing number of excuses from clients who fail to pay on time."
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