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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."
Brazil Counts Success with Pix Payments Tool
FT
...Pix is now the most common form of payment in the region’s largest economy by number of transactions, accounting for 29 per cent of transfers in 2022, according to central bank data on non-cash methods.
September 15, 2023
On the web
Use of Pix [Brazil] in Purchasing Goods and Services More Than Doubles in 2023
Valor Investe
"According to a survey by Itaú Unibanco, the market segment stands out, with 17% of transactions; payment of water and telephone bills has made strong progress. The instant payment method is most used in the food segment , which corresponds to purchases in markets, with 17% of total transactions carried out in the period."
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
News
"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
Reuters
"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
Investing
"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
Reuters
"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."
India Central Bank, Banks Plan New Features to Boost Digital-Currency Transactions
Reuters
"The Reserve Bank of India (RBI) is working with lenders to introduce new features to popularise the central bank digital currency (CBDC), the so-called e-rupee, according to six people familiar with the matter. Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end."
September 12, 2023
On the web
India Shifts Cryptocurrency Focus to Regulations
Blockonomi
"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
Bloomberg
"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."
China's Digital Yuan Head Urges Unification of Alipay, WeChat Pay QR Codes as PBOC Pushes e-CNY Adoption
Yahoo Finance
"China's head of digital yuan is urging mobile payment providers such as WeChat Pay and Alipay to improve their interoperability and unify QR codes for e-CNY payments, as the People's Bank of China (PBOC) aims to promote the country's central bank digital currency (CBDC) across all retail use cases."
World Bank Praises India's Digital Infrastructure for its Transformative Potential
Business Insider
"Advocating DPI's potential in helping nations leapfrog digital transformation, a G20 document prepared by World Bank has praised India's approach in unlocking the power of digital public infrastructure, including Aadhaar and UPI, for financial inclusion."
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."
India to Showcase Digital Payment Initiatives at G20 Leaders' Summit
Business Today
"India is planning to showcase five of its digital payment initiatives at the upcoming G-20 Leaders’ Summit and is also setting up a crafts bazaar to exhibit and sell local handicrafts."
WeChat Pay Introduces Palm-Scanning Payment Tech in 7-Eleven Stores in Guangdong [China]
TechNode
On September 5, WeChat Pay announced that its palm payment service is now available at over 1,500 7-Eleven convenience stores in Guangdong province...Its introduction into 7-Eleven stores marks its initial launch in the retail industry in China.
BNPL is Growing Strongly in Germany
Ecommerce News
Buy now, pay later (BNPL) is experiencing significant growth in Germany, especially among young consumers. Schufa has reported a 30 percent increase in BNPL usage in just one year.
September 5, 2023
On the web
How Zimbabwe’s Biggest Fast-Food Company Became a Popular Fintech Solution
Rest of World
"Innbucks started as an app to receive loose change at some restaurants. Now, it’s a licensed microfinance institution."
Bank of Canada Taps EvolutionQ to Explore Impact of Quantum Computing on Digital Dollar
BetaKit
"Quantum security startup EvolutionQ is contributing to a Bank of Canada research project involving quantum-safe cybersecurity technologies for digital currencies."
Paytm Launches Paytm Card Soundbox In India
Entrepreneur
"With Paytm Card Soundbox, the company said its aims to solve two problems for merchants — accepting card payments along with getting instant audio alerts for all payments"
On the wires
ZeroPay Introduces Alipay+ at 1.7 Million Merchants in South Korea, Promoting Convenient Experience for Asian Tourists
Business Wire
"Korea Easy Payment Foundation, the official operator of ZeroPay, announced the introduction of Alipay+ global cross-border digital payments and marketing solutions at over 1.7 million merchants across South Korea, in a move to further ensure a smooth and convenient experience for Asian tourists."
September 1, 2023
On the web
UPI Creates History, Payment Transactions Touched 10+ Bln Mark For First Time In August [India]
MSN
"India is galloping on the digital horse when its ingenious Unified Payments Interface (UPI) crossed 10 billion transaction marks for the very first time. Launched in India in 2016 by National Payment Corporation of India (NPCI), UPI, the country’s very own developed real-time payment method, has grown in leaps and bounds in the last seven years."
This New UK Rule Allows Crypto Exchanges to Seize Customer Funds
BeInCrypto
"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."
Paytm Payment Services Introduces EMV 3DS Upgrade For Visa Cards
Entrepreneur
"One97 Communications Limited, parent company Paytm, a payments and financial services company has announced that its wholly-owned subsidiary Paytm Payment Services Limited has introduced EMV 3DS upgrades for Visa cards."
August 30, 2023
On the web
UPI Lite Limit Increased; New UPI Features Include NFC, AI-Powered Conversational Payments
91mobiles.com
"The Reserve Bank of India has announced three new features for UPI (Unified Payments Interface) and UPI Lite. The new features bring Artificial Intelligence (AI), NFC support, and increase in transaction limit. Here’s a detailed look at all the new UPI and UPI Lite features that have been rolled out."
On the wires
Privacy, Market Maturity Hurdles Facing Brazil's CBDC [DREX] Rollout
Reuters
"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
Alipay+ Partners With PayNet to Promote Seamless Payment for Inbound and Outbound Malaysian Travellers
Business wire
"More Asian travellers to Malaysia will enjoy a seamless digital payment experience at over 1.8 million merchants across the country while Malaysian residents will be able to pay with e-wallets of their home country abroad, thanks to a MOU signed recently between Payments Network Malaysia Sdn Bhd (PayNet) and Ant Group."
August 28, 2023
On the web
Ethiopia Envisions Linking Digital ID with Payments
Shega
"The National ID Project Program (NIDP) is collaborating with global fintech giant VISA to integrate its digital identification systems with payments, streamlining the automatic creation of bank accounts when a digital ID is issued."
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