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October 4, 2024
On the web
Brazil Tests Defi Elements, Compatibility in Drex CBDC Pilot
Cointelegraph
"Brazil’s central bank is developing a synthetic central bank digital currency, which aims to blend decentralization, privacy and programmability."
October 3, 2024
On the web
Are you ready for 3DS? [Japan]
Medium
"The Japan Credit Association has mandated the use of EMV 3D Secure (3DS) for all Japanese credit card transactions, effective March 2025. This is part of new Credit Card Security Guidelines introduced by Japan’s Ministry of Economy, Trade and Industry to combat rising credit card fraud."
Alibaba’s Taobao Introduces Tencent’s WeChat Pay, Set to Add JD Logistics
China Daily
"Starting Friday, consumers shopping on Alibaba's Taobao platform can now use Tencent's WeChat Pay for transactions, according to an official statement from Taobao. The new payment option allows users to complete purchases with WeChat Pay, and subsequent updates will enable users to access transaction records and bills directly within the WeChat app, WeChat Pay said."
Banks to Put Four-Day Hold on Suspicious Payments [BBC]
BBC
"Banks will have the power to pause payments for up to four days to give them more time to investigate fraud, the government has said. Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days."
On the wires
Worldline Partners With Bochk to Launch Open Platform Card Solution in Hong Kong
PR News Wire
"Worldline announced a partnership with the Bank of China (Hong Kong), making it Worldline's first customer of its open platform card solution Paysuite Essential Edition (Previously named Cardlite) in Hong Kong."
October 2, 2024
On the web
India to Grow Consumer Spending Three Times More Than the U.S. Over the Next Decade, Ebanx Shows
PR News Wire
"India is set to surpass the impressive mark of US$ 5.4 trillion in consumer spending by 2034, up from the current US$ 1.8 trillion, according to data from the World Data Lab analyzed by EBANX, a global technology company specializing in payment services for emerging markets."
October 1, 2024
On the web
Safaricom Introduces M-Pesa Ratiba, a Standing Order Feature
Capital News
"Safaricom’s Mobile Money Platform, M-PESA has introduced M-PESA Ratiba, a first of its kind on mobile money feature that will allow users to set up standing orders directly from their M-PESA wallets, enabling seamless and automatic payments of recurring transactions and bills."
September 30, 2024
On the web
Reserve Bank of Australia: Payments System Board Annual Report – 2024
Reserve Bank of Australia
"The RBA undertakes regulatory and policy work on retail payment systems. Over the past year, the RBA focused on implementing policy actions aimed at enhancing competition and efficiency in the debit card market. The RBA also assisted Treasury and other regulatory bodies on reforms to the regulatory framework for payments."
National Fraud Portal to Solidify Coordinated Efforts in Curbing Financial Scams
Bank Negara Malaysia
"Bank Negara Malaysia, Payments Network Malaysia Sdn. Bhd. (PayNet), and financial institutions have launched the NFP as an integrated platform to strengthen the operational capabilities of the National Scam Response Centre."
September 27, 2024
On the web
India Payments Authority Inks Deal to Develop Payments System for Trinidad and Tobago
MSN
"The overseas arm of India's National Payments Corporation of India (NPCI) will build a digital payments system for Trinidad and Tobago, modelled after India's United Payments Interface (UPI), according to a statement on Friday."
Europe’s Banks Launch Wero Payments to Dislodge Visa, Mastercard
Luxembourg Times
"The European Union’s biggest banks have spent years quietly creating a new way to pay that could finally allow customers to ditch their Visa Inc. and Mastercard Inc. cards — the latest sign that the region is looking to dislodge two of the most valuable financial firms on the planet."
September 26, 2024
On the web
Bank of Korea to Launch CBDC Payment Trial in Supermarkets
Bitcoin News
"South Korea’s central bank, the Bank of Korea, will soon allow participants to use digital tokens for payments at supermarkets and convenience stores in a central bank digital currency (CBDC) trial. Starting in December, 100,000 participants will be part of this test."
September 25, 2024
Top Post
PSR Confirms Its Decision on App Scams Reimbursement
Payment Systems Regulator
"The PSR has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams starting from 7 October. Having given careful consideration to all the feedback and information received, the PSR board has decided that the maximum reimbursement limit for Faster Payments will be £85,000."
On the web
Mastercard and KaiOS Partner to Simplify Acceptance for Millions of SMEs in Emerging Markets
Mastercard
"KaiOS announced a partnership with Mastercard to integrate a range of digital payments solutions. Beginning in Cote d’Ivoire and Nigeria, Mastercard and KaiOS will deliver affordable payment acceptance devices and stimulate the growth of a more inclusive, connected global economy."
Apple, Google Respond to Payment Cost Heat by Backing EFTPOS (Australia)
Australian Financial Review
"US tech giants Apple and Google will let Australian retailers choose to send customers’ tap-and-go smartphone payments to the lower-cost eftpos network, something their digital wallets have prevented to date."
Safaricom Adds Mastercard Payment Option for M-Pesa Merchants
Developing Telecoms
"Safaricom and Mastercard announced that they have signed a partnership to accelerate adoption of payment acceptance and cross-border remittance services in Kenya."
September 24, 2024
On the web
India Payments Authority Eyes Africa, S. America for Digital Payment Push, Official Says
MSN
"India is in talks with countries in Africa and South America to help them build a digital payments system using its homegrown Unified Payments Interface (UPI) as a blueprint and expects two launches by early 2027."
Mastercard Expands First-Of-Its-Kind AI Technology to Help Banks Protect More Consumers From Scams in Real Time
Mastercard
"Mastercard updated its Consumer Fraud Risk (CFR) solution to increase the ways it helps protect consumers from Real Time Payment scams. The AI-powered insights give more UK banks greater visibility into potentially fraudulent transactions so they can stop scams before they take place."
Australian Payments Plus & Thoughtworks Team to Fuel Payto Adoption
IBS Intelligence
"Thoughtworks, a global technology consultancy, has joined Australian Payments Plus (AP+), Australia’s domestic payments organisation operating the BPAY, eftpos and NPP payment schemes, to develop new customer experience (CX) industry guidelines for PayTo."
New American Express Research Shows UK SME Businesses Are Planning for Growth as Optimism Rises for the Third Consecutive Year
American Express
"Optimism among the UK’s small and medium-sized businesses has grown for a third consecutive year, according to new American Express research, with almost seven in 10 (69%) saying they are confident about the future of their company — rising from 67% in 2023 and 65% in 2022."
September 23, 2024
On the web
Canada Moves Away From Retail CBDC, Shifts Focus to Broader Payments
Coindesk
"Canada has announced it is shifting its focus away from a retail central bank digital currency but implied that it was prepared if the people of the nation decide such a product is needed in the future."
HKMA Commences Phase 2 of E-hkd Pilot Programme and Expands Project E-HKD to Explore New Forms of Digital Money
Hong Kong Monetary Authority
"The Hong Kong Monetary Authority commenced Phase 2 of the e-HKD Pilot Programme (Phase 2) to delve deeper into innovative use cases for new forms of digital money, including e-HKD and tokenised deposits, that can potentially be used by individuals and corporates."
PS24/6 Supporting the Identification of APP Scams and Civil Disputes [UK]
Payment Systems Regulator
"In 2023, we published policy statements PS23/3 Fighting authorised push payment fraud: a new reimbursement requirement and PS23/4 Fighting authorised push payment scams: final decision. These policy statements set the detailed parameters for the Faster Payments Scheme (FPS) authorised push payment (APP) scams reimbursement requirement. We also published three legal instruments which give effect to the policy. The start date for the reimbursement policy is 7 October 2024."
September 19, 2024
On the web
Puma Chooses Payrails to Enhance Online Payments in MENA
IBS Intelligence
"Payrails has partnered with PUMA to improve the brand’s online shopping experience for customers in MENA. The collaboration will mean MENA shoppers have a wider variety of payment options and receive a more seamless buying experience – no matter where they live or with what method they choose to pay."
Australia’s RBA to Prioritise Wholesale CBDC Work Over Retail
MSN
"Australia's central bank has decided to prioritise work on a wholesale central bank digital currency (CBDC) as its economic benefits are judged to outweigh those of a retail version, a top policymaker said on Wednesday."
Singaporean Banks Roll out Face Verification for Digital Token Setup
Asian Banking & Finance
"Major retail banks in Singapore will progressively roll out the Singpass Face Verification (SFV) service over the next three months. SFV will be triggered in higher risk scenarios to strengthen authentication methods for a digital token setup, according to an announcement by the Monetary Authority of Singapore and the Association of Banks in Singapore (ABS)."
On the wires
MSB and Terrapay Collaborate to Simplify and Enhance Cross-Border Money Transfers
PR News Wire
"Vietnam Maritime Commercial Joint Stock Bank has signed a strategic cooperation agreement with TerraPay, a global money movement company. This collaboration will bring digital payment solutions and data capabilities to help MSB enhance efficiency and offer the best payment service experience to customers by bringing down costs and reducing transaction times."
September 18, 2024
On the wires
FICO and Jersey Telecom Collaborate to Tackle Authorised Push Payment Fraud [UK]
Business Wire
"In the fight against the growing problem of financial scams, global analytics software leader FICO has collaborated with Jersey Telecom to develop a powerful solution that enables direct, near real-time intervention to protect customers. FICO and JT worked with leading UK banks to identify the most relevant telephony signals that indicate an active scam."
September 16, 2024
On the web
China Mulls How to Incentivize CBDC Adoption by Payment Providers, Consumers
Ledger Insights
"We recently reported that China’s central bank digital currency (CBDC), the eCNY, processed $56 billion in transactions in a single month. It reached a cumulative volume of RMB 7 trillion, which is nearing the $1 trillion mark ($932 billion to be precise). However, a fair proportion is business usage. Stories continue to circulate about a lack of consumer enthusiasm for the digital RMB."
41 Institutions Join BIS Tokenized Cross Border Payment Project Agorá
Ledger Insights
"The Institute of International Finance (IIF) released the names of 41 firms selected to participate in the public – private tests of Project Agorá. It’s an ambitious project initiated by the BIS to modernize correspondent banking using a unified ledger, tokenized deposits and wholesale CBDC from seven central banks."
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