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September 6, 2024
On the web
West Africa Unifying Legal Framework for Financial Inclusion, Digital Economy
Biometric Update
"West Africa is at the precipice of a digital economy shift, with efforts spearheaded by governments and organizations across the region to create a unified legal and regulatory framework. These efforts are critical to advancing financial inclusion and supporting the transition to digital payments and a cashless economy, which promises to unlock enormous economic potential."
ECB to Challenge American, Chinese Payment Systems With Digital Euro
Crypto News
"The European Central Bank is gearing up to challenge international payment giants by introducing its digital currency to strengthen Europe’s economic sovereignty."
Hong Kong Monetary Authority Launches Project Ensemble Sandbox to Advance Tokenization and Digital Finance
The Tokenizer
"The Hong Kong Monetary Authority (HKMA) has officially launched the Project Ensemble Sandbox, a groundbreaking initiative to advance the tokenization of assets in Hong Kong. This project is a key element of Project Ensemble, HKMA’s wholesale central bank digital currency (wCBDC) venture, aimed at supporting the development of the tokenization market."
Digital Payments Become Trending Payment Method for Global Merchants Operating in SEA, Ant International’s Antom Insights Show
Business Wire
"Digital payments have become the preferred payment method among shoppers in Southeast Asia when they purchase on global online platforms, Antom revealed today at the 2024 INCLUSION· Conference on the Bund, a global summit for technology and financial industry, in Shanghai."
September 4, 2024
Top Post
Mastercard and Visa Will Face Multi-Billion Pound Lawsuits Over Multilateral Interchange Fees on UK Businesses
Lelezard
"The Competition Appeal Tribunal has given the go-ahead for the collective action that could see businesses compensated for the unlawful multilateral interchange fees ("MIFs") set by Mastercard and VISA that applied to transactions involving commercial cards in the UK. The claim alleges that businesses that received payments by commercial cards paid fees much higher than they should have been, causing them significant losses."
On the web
India’s Payment Sector Advances With Selfie Biometrics and Authentication Tools
Biometric Update
"India’s payment industry continues to upgrade and introduce advancements in digital payment systems and user verification technologies, with face biometrics as an increasingly common core feature."
UPI: The World’s Favourite Payment Method Hits $964 Billion in Record Time
Mint
"Unified Payments Interface (UPI) processed ₹80.8 lakh crore ($964 billion) in April-July 2024, marking a 37% year-on-year increase. UPI has become the world's leading alternative payments method, surpassing Alipay, PayPal, and Brazil’s PIX in transaction volume."
UK Reportedly Poised to Slash Amount Banks Must Refund to Fraud Victims
the Guardian
"The UK is reportedly poised to slash the planned maximum amount that banks will have to refund to fraud victims – from £415,000 to about £85,000 – after strong lobbying from lenders, fintechs and some politicians."
CTS Eventim Adds Tink’s User-Friendly Pay by Bank Service to Its Checkout Options
Tink
"Harnessing Tink’s expansive pan-European network, Pay by Bank is now a checkout option for CTS EVENTIM customers across Austria, Germany, the Netherlands, Poland and the United Kingdom – with ambitions to expand into more markets throughout 2024."
Alibaba to Allow Payment Through Tencent’s WeChat Pay for the First Time on E-commerce Apps
CNBC
"Chinese tech giant Alibaba said that its core Taobao and Tmall e-commerce platforms will now allow payment through Tencent’s WeChat app for the first time. Previously, Alibaba’s Chinese e-commerce sites only accepted limited payment options and pushed WeChat Pay rival Alipay as one of the main ways to pay."
RBI Governor Launches Key Digital Payment Initiatives at Global Fintech Festival 2024
Ten News
"The Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, announced the launch of two new product offerings built by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024. These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline business-to-business (B2B) transactions across different ERPs and accounting platforms, and UPI Circle, which enables delegate payments to users."
September 3, 2024
On the web
‘Shocking’: NAB CEO Wants ‘Outrageous’ Fee Costing Australians $960M Scrapped
SBS News
"A major bank boss has taken aim at "outrageous" card payment surcharges, saying they are no longer fit for purpose. The Reserve Bank of Australia (RBA) plans to expedite a review of the practice and hopes to release a consultation paper on the issue by the end of the year."
Polish Mobile Payment System Blik Expands Abroad
Notes From Poland
"Polish mobile payment system BLIK, which is used by millions of people in its homeland, has moved forward with its international expansion after becoming available to customers of one of Slovakia’s largest banks. BLIK also has plans to expand to Romania."
India's HDFC Bank Launches New UPI and CBDC Features [India]
Bitcoin News
"HDFC Bank, a leading bank in India, introduced new features for Unified Payments Interface (UPI) and central bank digital currency (CBDC) developed in partnership with fintech companies like Kreditpe, Tonetag, and Payu. The new offerings include UPI Circle-Delegate Payment, personalized UPI experiences, and user-level programmable CBDC."
HDFC Bank Steps Back From Apple Partnership, Suspends Cashback and EMI Offers
ER-Edge
"HDFC Bank has temporarily suspended its five-year relationship with Apple, which began in 2019, due to worries over the cost-to-income ratio."
On the wires
Tarabut Acquires UK Payments Platform Vyne Ahead of New MENA Regulatory Requirements
Business Wire
"Tarabut, the first and largest regulated open banking platform in the MENA region, today announced the acquisition of London-based Vyne, a real-time account-to-account (A2A) payments platform for online businesses."
August 30, 2024
On the web
Singapore Plans Law to Restrict Banking Transactions of Scam Targets
Reuters
"Singapore's home ministry said on Friday that it will introduce a law in coming months to grant police the power to temporarily restrict the banking transactions of targets of scams who refuse to believe they are being duped."
August 29, 2024
On the web
Speech by Governor Waller on Interlinking Fast Payment Systems
Board of Governors of the Federal Reserve System
"Now that fast payment systems have been established around much of the globe—in over 70 countries and climbing—attention is turning to how these newer systems could potentially enhance global payments. Specifically, interlinking fast payment systems has been identified as a possible means to deliver enhanced cross-border payments for consumers and businesses."
Pine Labs and Visa Launch Soundbox Device for QR Payments in India
IBS Intelligence
"FinTech Pine Labs and Visa have joined forces to expand digital payment acceptance across India by launching Pine Labs Mini, a soundbox-enabled device for QR, Near Field Communication (NFC) and card payments."
August 28, 2024
On the web
Airtel Payments Bank Unveils NCMC-Enabled Smartwatch with RuPay Chip
The New Indian Express
"Airtel Payments Bank, in collaboration with Noise and NPCI, has announced the launch of its cutting-edge NCMC-enabled smartwatch, integrated with the RuPay chip."
On the wires
India’s Paytm Gets Government Nod for Investment in Payments
Reuters
"India's Paytm has received an approval from the country's finance ministry to invest in its payment services business. With the latest approval, the company will resubmit an application with the ministry to regain a license for its payments services business, Paytm said."
August 27, 2024
On the web
France Is Worst Country in Europe for Bank Card Fraud
Connexion France
"France accounts for nearly half of all bank card fraud in the EU, a new report from the European Central Bank claims."
South African Banks to Cut Digital Payments to CMA Countries – Standard Bank
Payments Afrika
"South African banks, in the next month, will halt electronic fund transfer (EFT) services to Namibia, eSwatini, and Lesotho, restricting clients from transferring money to these Common Monetary Area (CMA) countries."
August 26, 2024
On the web
India and Russia May Soon Mutually Recognize Mir and Rupay Payment Systems
Arka
"India may soon start accepting Russia’s Mir payment cards, the Indian Deccan Herald said, Russian news agency Tass reported. According to the newspaper, Moscow and New Delhi continue to discuss an option of bilateral financial relations that would not be affected by the Western sanctions against Russia."
Thailand’s 10,000-Baht Digital Wallet Handout to Begin in September
Fintech Singapore
"Thailand’s former Prime Minister Thaksin Shinawatra announced that the 10,000-baht handout under the digital wallet scheme will commence in September, with a focus on vulnerable groups in society, as reported by The Nation."
New UPI Fraud Trend: Fraudsters Spamming UPI IDs With Multiple Collect Requests; One Careless Approval Means Money Gone From Bank A/C
The Economic Times
"UPI scam: Fraudsters are decoding your UPI ID to send spam UPI collect money and autopay requests. These requests are all genuine, however the request is being initiated by fraudsters. So instead of paying for Netflix subscription for your account, you may end up paying it for the fraudster's account."
HKMA and Government to Enhance Financial Data Sharing with CDI-CDEG Linkage
Fintech Hong Kong
"The linkage between the Hong Kong Monetary Authority’s (HKMA) Commercial Data Interchange (CDI) and the Hong Kong Government’s Consented Data Exchange Gateway (CDEG) is now fully operational. Banks can now directly access company information, such as names, registered addresses, facilitating processes like account opening, fraud detection, and Know Your Customer (KYC) procedures."
Amazon Pay UPI Surpasses 100 Million Customers, Marking a Major Milestone
Business Standard
"Amazon Pay UPI today announced that its app has crossed a major milestone, having been adopted by over 100 million customers. Leading use cases include mobile recharges, utility bill payments, and e-commerce transactions."
On the wires
MercadoLibre Ramps up Fight With Argentine Banks Over QR Payments
Reuters
"Latin American e-commerce giant MercadoLibre said it had filed a complaint with Argentine regulators against digital wallet MODO backed by local banks, alleging cartel-like behaviour and concentration of the market.MercadoLibre's fintech arm, Mercado Pago, offers its own widely-used digital wallet, with an application to send and receive mobile payments."
August 22, 2024
On the web
Card Payment Surcharge Billions Under Reserve Bank of Australia Microscope
Australian Financial Review
"The Reserve Bank may be compelled to follow the UK and Europe and ban credit and debit card payment surcharges, as the billions of dollars in fees paid by Australians each year attracts closer political scrutiny."
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