"Australia is phasing out cheques by 2030, but banks are moving well ahead of the federal government's timeline."
"India's troubled Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), two sources aware of the development said."
"Mastercard has announced its partnership with KCB Banking order to provide its customers across the East African region with optimised payment systems. The payment solutions will be rolled out in Kenya, Rwanda, Burundi, South Sudan, Tanzania, and Uganda."
"ACI Worldwide announced an extension of its partnership with Kuvasz Solutions, a Latin American provider of professional services for the payments industry, to advance the adoption of Colombia’s new domestic real-time payments ecosystem."
"Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC) said Tuesday they have signed a Memorandum of Understanding (MoU) to strengthen cooperation in financial innovation and payments."
European Central Bank
"Swedish market participants are settling instant payments in Swedish kronor in the Eurosystem TARGET Instant Payment Settlement (TIPS), after a successful migration over the past weeks."
"Regulators need broader oversight of financial firms to prevent a crisis in the vast non-bank sector turning into a credit crunch and wreaking havoc on the economy, Britain's central bank said on Monday."
The Economic Times
"A payment aggregator licence by the RBI will enable Amazon to increase its merchant payments business, a major opportunity for the ecommerce giant given its large online shopping business in India."
"Today, Visa and the GSMA Mobile for Development Foundation announced the launch of the Digital Finance for All Initiative. This five-year initiative aims to advance digital financial inclusion for 20 million individuals, including women, small holder farmers, and nano, micro and small enterprise owners across low- and middle-income countries in Africa, Asia and Latin America."
"The digital yuan, China’s central bank digital currency (CBDC), is being used as a security element in car prepurchase payment settlements."
"Reserve Bank of India on Friday said NPCI has been asked to examine the possibility of it becoming a third party application provider for continued UPI operations of the Paytm app."
"Credit card fraud is spiking in Japan, with a 30 percent year-over-year increase, leading to greater interest from banks in biometric cards as well as metal cards, according to the announcement."
"The annual budget of South Africa revealed its treasury’s plan to promote the adoption of digital payments, which includes analyzing stablecoins and blockchain to “improve the lives and livelihoods of marginalized groups.”"
"Visa announced the opening of its transformed Singapore Innovation Center, a dedicated space for partners, clients and businesses in Asia Pacific."
"India's central bank has asked Visa and Mastercard to stop card-based business-to-business payments such as rents or money transfer to vendors routed through third party fintech firms, according to two sources familiar with the matter."
"Mastercard and the Bank of Punjab have expanded their partnership to cover the commercial segment, ranging from large corporate entities and small and medium enterprises to freelancers and gig workers."
Visa V.N on Wednesday said it received directions from the Indian central bank to halt all transactions for business payment solution providers (BPSPs) in commercial and business payments in the country.
"The National Payments Corporation of India (NPCI) and banks in the United States and India are reportedly in advanced talks to establish a real-time payment linkage between the two countries."
"An Indian parliamentary panel has urged the government to support the growth of domestic fintech players that can provide alternatives to the Walmart-backed PhonePe and Google Pay apps that currently command more than 83% of the country’s fast-growing digital payments market."
"China has approved regulations on nonbank payment institutions, seeking to curb risks in the booming sector by tightening supervision over digital payment service providers including Alipay and WeChat Pay."
"India’s unified payments interface (UPI) has now gone live in France, the National Payments Corporation of India announced."
"Electronic payments in Nigeria grew by 54.55 percent year-on-year to N611.06tn in 2023, new statistics from the Nigeria Interbank Settlement System have shown. This underscored the growing reliance on digital payments in the country."
"M-PESA service was launched in the East African country in August of last year. Currently, M-PESA has 26,200 agents and 43,100 merchants, according to the company's third quarter 2023 update."
The new regulation aims to make sure that retail clients and businesses, especially SMEs, will not have to wait for their money, as well as to enhance the safety of transfers. Banks and other payment service providers (PSPs) will have to ensure credit transfers are affordable and immediately processed.
"Consumer card spending grew 3.1 per cent year-on-year in January – less than the latest CPIH* inflation rate of 4.2 per cent, yet higher than December’s growth of 2.3 per cent. Retail, hospitality and leisure spending slowed as Brits stayed at home to shelter from the cold weather and save money after a busy festive period."
"Paystack has introduced the “Pay With Apple Pay” payment option in Cote D’Ivoire and South Africa, allowing users to make payments in iOS apps and on the web via Safari. With this development, merchants in five African countries (Nigeria, Ghana, South Africa, Cote d'Ivoire, and Kenya) can now accept payments from users in the US, UK, Canada, and some other African countries that support Apple Pay."
"ACI Worldwide announced that Nepal Clearing House, has chosen ACI Enterprise Payments Platform for the establishment and operation of National Payment Switch (NPS) that includes interoperability of card-based transactions and the rollout of a domestic card scheme for Nepal (NEPALPAY)."
"Expanding in Europe and Latin America, the collaboration aims to revolutionize gaming experiences with secure, rapid transactions."
"India's central bank has found hundreds of thousands of accounts at Paytm Payments Bank created without proper identification and has passed the information on to the country's financial crime fighting agency, three sources familiar with the matter said."
"Volt, the global real-time payments platform, announces its partnership with Bumper, a payment platform for car dealerships, to harness the power of open banking and real-time payments so that consumers can pay for vehicle deposits, repairs, parts, services and even purchase vehicles outright."