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February 2, 2022

On the wires

Accenture to Develop UAE National Instant Payment Platform

“Accenture (NYSE: ACN) has been selected by the Central Bank of the UAE (CBUAE) to lead a consortium of companies to help execute its National Payment Systems Strategy. In collaboration with SIA, now part of Nexi Group, and G42, Accenture will build and operate the National Instant Payment Platform (IPP) over the next five years…IPP is the first significant milestone of the national strategy, allowing real-time payments and fund transfers 24 hours a day.”

July 2, 2020

On the web

UPDATE 1-Euro Zone Banks Expect Pan-European Payments to Go Live in 2022


“A group of 16 euro zone banks on Thursday said a “truly European” payments system was expected to be up and running in 2022 in a region where half of all retail payments are still in cash. European Union policymakers and central bankers have long sought a “home grown” rival to take on Mastercard and Visa from the United States, and more recently tech giants like Alipay and Google. But this has not happened even though real-time payments have been possible in the euro zone since 2017.”

June 26, 2020

On the web

P27 on Track As Norway Commits Further and Community Banks Are Brought Into the Fold


“A 40-plus priority project plan in full swing, Norway once again close to proceedings and ongoing discussions with all four countries’ financial authorities, project P27 is very much on track, P27 CEO Lars Sjogren assures, in a frank and candid interview with Finextra After Coronavirus brought the world temporarily to a halt, work behind the scenes on the world’s first real-time cross border multicurrency clearing and settlement platform, serving the four Nordic currency communities, has not faltered.”

May 6, 2020

On the web

Google and Gates Foundation Join Forces to Promote Digital Payments in the Developing World


“A coalition of nonprofits and tech companies including Google and the Bill and Melinda Gates Foundation want to [make] it easier for developing countries to build real-time digital payments systems. On Wednesday, they announced the formation of the Mojaloop Foundation, which will develop and promote a free, open-source real-time payments platform intended for nations and central banks. The Mojaloop Foundation’s founding sponsors also include the Rockefeller Foundation, the philanthropy and investing group Omidyar Network, and the financial technology startups Coil and ModusBox.”

January 31, 2020

June 6, 2019

Top Post

India Going Cashless Could Be a Model for the World


Who will succeed in this crowded field? News reports give a lead to Google, though that could change as people-to-merchant payments start to dominate people-to-people transactions. In e-commerce payments, competition will be stiff between Amazon.com Inc. and Walmart. Online sales, though, are a sliver of overall Indian retail. With more than 300 million subscribers for his Jio mobile service, Ambani now wants to win over small stores, which are reluctant to go cashless because of high card fees. If his telecom, retail and payments operations can jump the hurdle of a new data privacy law and come together seamlessly, a Jio phone user visiting her neighborhood grocer could get discount vouchers via SMS from Unilever’s Indian unit and in-store credit offers from State Bank of India. And if Jio runs a so-called open-banking platform to help small stores order goods and manage cash, consumer spending will circulate between merchants’ and suppliers’ accounts held at Jio Payments Bank. The float will be Ambani’s moat.

May 21, 2019

On the web

How UPI Is Giving E-payments a Run for Their Money

Live Mint (India)

“The growing popularity of UPI can be attributed to its simple, safe, cost-effective and mobile-based payment system. Companies such as Paytm, PhonePe, MobiKwik and GooglePay, along with 144 banks, also offer payments via UPI, which surpassed mobile wallet payments in terms of volume of transactions as well as value. There were 384.89 million mobile wallet transactions worth ₹15,990 crore in March, compared to 799.54 million UPI transactions worth ₹1.33 trillion during the same month. As their awareness and comfort increase, people are moving towards UPI to carry out high-value transactions.”

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