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September 20, 2023

On the web

How Much Will Payment Providers Have to Refund APP Fraud Victims [UK]?

The Banker

"To address the impact of authorised push payment (APP) fraud, the UK is introducing a new reimbursement requirement on payment service providers (PSPs)....It is proposed that PSPs will only be required to reimburse customers who are victims of APP fraud up to the maximum level of reimbursement (potentially subject to a claim excess), and if the customer met a standard of care when executing APPs."

September 15, 2023

On the web

Number of UK Contactless Payments Rose by 30% Last Year

Computer Weekly

"Some 17 billion contactless payments were made in the UK last year, a 30% increase on the previous year, with 87% of people using the technology at least once a month, according to the latest figures from banking industry body UK Finance. The average value of contactless payments also increased..."

Australia to be ‘Functionally Cashless’ by 2025


"Australia is rapidly heading towards becoming a “cashless society” as banks crack down on withdrawals, close ATMs and branches and ban cash altogether — with one expert predicting physical money will be completely gone by the end of the decade. “I’d say we’ll be functionally cashless by the end of 2025 — it’ll just be a complete rarity,” said Richard Holden, professor of economics at UNSW Business School."

September 14, 2023

On the wires

Britain Sees 14% Annual Rise in Missed Direct Debit Payments


"Britain reported an annual rise of 14% in missed bill payments last month for their second highest rate on record, figures on Thursday showed, pointing to growing financial strain on households. The percentage of failed direct debits - mostly used for utility bills or mortgage and credit card repayments - rose from 0.82% in July to 0.83% in August, the second highest rate in monthly records, which started in January 2019."

September 13, 2023

On the web

Reserve Bank of India Greenlights Pre-Sanctioned Credit Lines for UPI Users


"The Reserve Bank of India (RBI) has recently approved the provision of pre-sanctioned credit lines for Unified Payments Interface (UPI) users, a move that significantly expands the scope of the digital payments platform. The decision broadens the reach of UPI by incorporating pre-sanctioned credit lines in addition to traditional deposit accounts."

On the wires

Bank of England Official Says Public Need Reassurance on Digital Pound and Privacy


"A "national conversation" is needed to assuage public fears that a digital version of the pound would allow the government to spy on them, Bank of England deputy governor designate Sarah Breeden said on Tuesday. The BoE and Britain's finance ministry have been consulting on whether and how to introduce a digital pound, probably in the second half of this decade."

September 12, 2023

On the web

India Shifts Cryptocurrency Focus to Regulations


"India is replacing a complete crypto ban plan with regulations, The Indian government is reportedly developing a legal framework on cryptocurrency following the G20 Summit on September 9 and 10. Accordingly, the 2023 G20’s outcome shed light on the coming crypto guidelines, which was crafted in a joint policy recommendation by the International Monetary Fund (IMF) and the Financial Stability Board (FSB)."

September 11, 2023

On the web

Bankers See Risks in New Voice Payment Feature on India’s UPI


"India’s rapidly developing instant payments system, the Unified Payments Interface, drove digitization in the world’s most populous country. Now, risks need to be managed for its new voice-enabled feature to ensure further inclusion, according to bankers. The government-backed feature called Hello UPI will allow users to pay via apps and calls in Hindi and English, and will soon roll out services in other regional languages."

September 8, 2023

On the web

Philippines Selects Blockchain Technology for Wholesale CBDC

Ledger Insights

"Today the Bangko Sentral ng Pilipinas (BSP) announced it will use the Hyperledger Fabric blockchain for its first wholesale central bank digital currency (wholesale CBDC) trials, Project Agila. The central bank said it made the selection for the Philippines CBDC with input from the International Monetary Fund (IMF), the BIS Innovation Hub and other financial institutions."

September 7, 2023

On the web

SBI Launches ‘Nation First Transit Card’ to Enable Digital Fare Payment Through a Single Card [India]

Business Today

"The State Bank of India, the largest lender in the country, has introduced the ‘Nation First Transit Card’ during the Global Fintech Fest 2023. This newly unveiled card, RuPay NCMC Prepaid Card, aims to provide a hassle-free commuting experience for customers by enabling effortless digital fare payments across various modes of transportation such as metro, buses, water ferries, and parking."

September 6, 2023

On the web

NPCI Introduces Credit, NFC-Based Payments to Scale UPI Service

The Economic Times

"National Payments Corporation of India (NPCI), which operates the Unified Payments Interface (UPI) network, has launched new products that include a credit line on UPI, UPI Lite X for offline payments and a near field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI as well as conversational bill payments with BillPay Connect."

September 5, 2023

On the web

On the wires

September 1, 2023

On the web

This New UK Rule Allows Crypto Exchanges to Seize Customer Funds


"Starting September 1, 2023, cryptocurrency users in the United Kingdom enter a new era of regulatory scrutiny. The Financial Conduct Authority (FCA) has implemented its “Travel Rule,” a regulation that equips crypto exchanges with the authority to freeze or seize customer funds for failing to sufficiently verify their source."

August 30, 2023

On the web

On the wires

Privacy, Market Maturity Hurdles Facing Brazil's CBDC [DREX] Rollout


"Maintaining privacy and increasing understanding of blockchain technology are primary issues to solve before Brazil's central bank digital currency (CBDC) is ready for widespread use, the central bank's coordinator of the project said on Tuesday. Named DREX, the digital real is set for a first phase launch aimed at financial institutions in May 2024, though postponed from an initial planned launch in February."

August 29, 2023

On the wires

August 28, 2023

On the web

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