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January 23, 2025
On the web
UK to Launch Independent Firm to Boost Variable Recurring Payments
Reuters
"British regulators are setting up an independent company that will advance variable recurring payments, allowing third-party financial service providers to access banking information and initiate payments on behalf of consumers or businesses."
January 22, 2025
On the web
Amazon to Acquire Indian Digital Lending Firm Axio to Expand Credit Solutions
Crowdfund Insider
"Amazon has signed an agreement to acquire Axio, a Bengaluru-based digital lending firm that provides credit access to underserved individuals and households across India. The acquisition, which awaits regulatory approval, is expected to bolster Amazon’s footprint in digital lending and strengthen its efforts to offer affordable credit solutions."
Owner of Multibanco Suing Bank of Portugal
The Portugal News
"SIBS, the owner of Multibanco and MB Way, has filed an administrative action against Banco de Portugal. At issue is the different understanding that the regulator and the supervised company have of a European regulation that aims to ensure, on the one hand, that the operations carried out by SIBS are covered by EU legislation — given that there were transactions from Multibanco network services, such as payments for services or transfers, which were not covered — and, on the other hand, the separation between payment and processing systems."
Google Hit With $12.6m Fine in Indonesia for Monopolistic Practices in Payment System
TechCrunch
"Indonesia’s antitrust agency KPPU fined Google 202.5 billion Rupiahs, equivalent to $12.6 million, on Wednesday for antitrust violation related to its payment system services for the Google Play Store."
January 21, 2025
On the web
Pix Transactions Exceed 6 Billion Monthly
Business Wire
"Matera has released its latest Pix by the Numbers report, showcasing the remarkable growth of Brazil’s Pix payment system and its innovative developments for 2025."
Inside CBK's New Payment System to Shake UP Bank-Mobile Money Transfer
Kenyans.co.ke
"The government has fast-tracked the creation of a mobile payment system that will allow Kenyans to send and receive money instantly, irrespective of the type of bank a customer belongs to."
January 20, 2025
On the web
Safaricom’s M-Pesa to Join Pesalink as Central Bank Plans New Payment System
TechCabal
"Safaricom’s M-Pesa is set to join the Pesalink network, which could significantly reshape Kenya’s digital payments landscape. In a proposal submitted jointly with the Kenya Bankers Association (KBA) to the Central Bank of Kenya (CBK), Safaricom wants to integrate M-Pesa, Kenya’s largest mobile money platform, into the national interbank payment system, Pesalink, which already connects 39 banks across the country."
Banking Circle Signs Deal to Buy Australian Settlements Limited
MSN
"Luxembourg-based payment bank Banking Circle has agreed to acquire Australian Settlements Limited (ASL) for an undisclosed sum. The move is aimed at supporting Banking Circle’s vision to set up a global hub for real-time clearing and settlement, expediting its Australian expansion."
January 17, 2025
On the web
UK’s Payment Systems Regulator Commits to Work on VRPS in Strategy Review
Open Banking Expo
"The UK’s Payment Systems Regulator (PSR) has committed to working closely with the Financial Conduct Authority (FCA) to take forward work on the overall framework for commercial Open Banking payments, focusing on the initial phase of Variable Recurring Payments (VRPs), over the next two years."
Alipay Bears Cost of System Error That Applied Discounts to User Transactions
South China Morning Post
"Alipay, China’s leading mobile payments platform, will bear the expense from unexpected losses that it incurred on Thursday, when a system error gave a 20 per cent discount to an undisclosed number of user transactions."
January 16, 2025
On the web
Mastercard Move and the BCP Group Join Forces to Enhance Cross-Border Payments [Africa]
Business Insider Africa
"In collaboration with Mastercard, the BCP Group will leverage Mastercard Move’s money movement capabilities to enhance cross-border payments for their corporate and individual clients. The collaboration aims to enable near instant, traceable, secure and cost-effective cross-border payments to and from the multiple markets where the BCP Group operates in Africa."
Beijing Introduces Dedicated Mobile Payments Devices for Foreign Visitors
NFCW
"Travellers arriving at Beijing Capital Airport are now able to rent a dedicated mobile payments and local communications device from a service desk in the Terminal 3 arrivals hall, making it quick and easy to access local mobile payments services during their visit to China."
Safaricom, Kenyan Banks Claim Central Bank’s New Payment System Could Cost $200M
TechCabal
"Safaricom and Kenyan commercial banks claim the Central Bank’s (CBK) plan to build a fast payment system (FPS) could cost at least $200 million (KES25.9 billion) and take up to four years to complete."
Unicaja, Fiserv partner to enhance omnichannel payments in Spain
IBS Intelligence
"Unicaja, a leading bank in Spain, has partnered with Fiserv, Inc. to develop advanced payments and eCommerce solutions. Both companies will work together to create new tools that enhance the omnichannel processing of all payment methods, including POS systems, eCommerce solutions and multi-currency sales."
Cross-Border QR Payment Service Launched Between Vietnam and Laos
Vietnam Investment Review
"A cross-border QR payment service between Vietnam and Laos was launched on January 9 to bolster tourism and economic exchanges between the two countries"
CBA Urges Reserve Bank to Scrap all Card Surcharges [Australia]
Australian Financial Review
"Commonwealth Bank has urged the Reserve Bank to scrap surcharges on debit and credit card payments, amid mounting consumer anger over the ubiquitous practice. This would bring Australia into line with overseas economies in Europe and the UK where the practice is banned."
January 15, 2025
On the web
Chinese Organized Crime’s Latest U.S. Target: Gift Cards
ProPublica
"Chinese crime rings already dominate the illegal marijuana trade in the U.S. and launder cocaine and heroin profits. Now a federal task force is investigating their role in a burgeoning form of gift card fraud."
Does SEPA Instant Payments Mark a New Chapter for European Finance?
The Global Treasurer
"The SEPA Instant Payments regulation, which took effect on January 9, 2025, has ushered in a new era for Europe’s financial ecosystem with the immediate requirement for all banks and payment service providers (PSPs) in the eurozone to receive instant payments. The defining feature of SEPA Instant Payments is the 10-second rule: transactions must settle within this timeframe, 24/7, across participating countries."
January 14, 2025
On the web
Brazil’s Nubank Partners With Convenience Store Oxxo to Expand in Mexico
Reuters
"Brazilian digital lender Nubank has signed an agreement with Mexican convenience store chain Oxxo, run by FEMSA, to expand its cash deposit and withdrawal network in the North American country, the firms announced on Monday."
Hong Kong FPS to Enable Small Cross-Border Payments with Mainland China by Mid-2025
Fintech Hong Kong
"The Hong Kong Monetary Authority (HKMA) has announced plans to connect the Hong Kong FPS with mainland China’s Internet Banking Payment System (IBPS) this year, enabling small cross-border transactions using mobile phone numbers."
XTransfer Officially Receives MPI License from the Monetary Authority of Singapore
PR Newswire
"XTransfer, the World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, was granted the Major Payment Institution (MPI) License under the Payment Services Act 2019 by the Monetary Authority of Singapore (MAS). This significant milestone strengthens XTransfer's leading position in the B2B cross-border payments industry."
January 13, 2025
On the web
UK Open Banking Turns Seven – Industry Reaction
Electronic Payments International
"There are now over 11.7 million active users of open banking-enabled products in the UK and 2025 is set to be a pivotal year for the industry, with the passing of key legislation."
The European Instant Payments Regulation (IPR): A Game Changer for Fintech Startups?
EU-Startups
"The European Instant Payments Regulation (IPR), formally known as Regulation (EU) 2024/886, represents an important step ahead for the EU’s payments ecosystem. By requiring Payment Service Providers (PSPs) to offer instant credit transfers in euros under clear and fair conditions, the IPR accelerates Europe’s shift toward real-time payments. Key Aspects of the IPR are detailed."
January 10, 2025
On the web
Startup Payface Allows Fashion Shoppers in Rio to Use Biometrics to Pay
Biometric Update
"Payface is partnering with Brazilian fashion retailer Nalin as customers who have a Lojas Nalin card will be able to use face biometrics to make their purchases."
India’s Digital Payments Strategy Is Cutting Out Visa and Mastercard
TechCrunch
"Regulators around the world are notching up scrutiny on Visa and Mastercard over the fees they charge merchants, but India has chosen a different path: Creating rival payment networks that are increasingly sidelining international card networks."
January 9, 2025
Top Post
India Delays UPI Market Share Cap Deadline by 2 Years
CoinGeek
The National Payments Corporation of India (NPCI) has postponed the implementation of the market share cap for the Unified Payments Interface (UPI), extending the deadline by another two years. According to NPCI’s compliance mandate, digital payment firms were not to exceed a 30% share of the transaction volume processed through India’s UPI. Initially set to take effect by the end of 2024, this mandate will now be enforced starting December 2026.
On the web
NPCI Partners With Metropolitan Transport Corporation To Integrate RuPay for Contactless Payment Solution for Transit in Chennai
LatestLY
"The National Payments Corporation of India (NPCI) partnered the Metropolitan Transport Corporation (MTC) to integrate RuPay on-the-go, a contactless payment solution for transit. Over 3.2 million daily commuters of Chennai MTC will benefit from this efficient transit system."
There is a Rapid Increase in Fraud in the APAC Region. What's the Solution?
Entrepreneur
"Fraud in online transactions is rising in the Asia-Pacific region, posing challenges for merchants through increased identity fraud, chargebacks and revenue losses. However, AI tools and proactive strategies can help detect fraud early and mitigate risks."
Thailand to Test Crypto Payments for Tourists with Phuket Pilot Project
Fintech Singapore
"This initiative aims to allow foreign visitors to make payments using Bitcoin and other digital currencies"
January 7, 2025
On the web
Kenyan Banks Push for Pesalink Upgrade as CBK Eyes New Real-Time Payment System
TechCabal
"Kenyan commercial banks are opposing the Central Bank of Kenya’s (CBK) plans to develop a new real-time payments system from scratch, advocating for an upgrade to Pesalink instead."
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