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March 28, 2024
On the web
European Banks Believe EU SEPA Instant Timelines Are Unrealistic
The Global Treasurer
"New research has revealed that 58% of European banks that do not currently offer instant payments believe the timelines set out by the EU in the new SEPA Instant payments legislation are unrealistic."
March 27, 2024
On the web
Mastercard Introduces Fraud-Fighting Checkout Upgrade [Australia]
IT Brief Australia
"Mastercard has chosen Australia as the next market for upgrading its tokenised online checkout experience, aiming to combat up to 90% of the country's payment card fraud. The move is in response to the growing threat of card-not-present fraud, which cost Australians AU$608.1 million in 2023, according to data from AusPayNet."
March 26, 2024
On the web
Payment-Processing Outages at UK Retailers Raise Reliability Issues for Cashless Transactions
CIO
"Payment disruptions at supermarkets and fast-food outlets in the UK over the past week will force CIOs to consider whether improved reliability is something they can’t afford not to pay for."
Westpac’s ‘First-Of-Its-Kind’ Crackdown on Scammers
Yahoo Finance
"Westpac has announced a new security feature, known as Westpac SaferPay, which will flag payments with a high scam risk and present customers with a series of questions."
On the wires
Visa Tokens Bring USD2 Billion Uplift to Digital Commerce in Asia Pacific
PR Newswire
"Asia Pacific's digital economy experienced an uplift of more than USD2 billion in 2023 as a result of Visa Token Service (VTS) adoption, Visa announced."
March 25, 2024
On the web
UAE Central Bank Introduces Wholesale, Retail Digital Dirham Strategy
Cointelegraph
"The Central Bank of the United Arab Emirates is preparing to implement the first phase of a central bank digital currency (CBDC) strategy. The first phase envisions the limited launch of Project mBridge. Second will be a proof-of -concept for a bilateral CBDC bridge with India. Third will be a proof-of-concept of a domestic CBDC for both wholesale and retail use."
Payments Regulator Probing String Of Payments Failures
Silicon UK
"The UK’s Payments Service Regulator (PSR) has said it is investigating a string of IT failures that affected McDonald’s, Sainsbury’s, Tesco and Greggs over a period of five days."
March 22, 2024
On the web
Cashless ‘Fear’ as Date Australia Will Ditch Physical Money Is Revealed
Yahoo Finance
"The majority of Aussies are worried about the country moving towards a cashless society, as experts say we will become “functionally cashless” by the end of the decade."
March 20, 2024
On the web
Grab’s Singapore Users Can Now Use Crypto to Make Payments
Coindesk
"Grab is letting users make payments via cryptocurrencies, the super app's crypto payments partner, Triple-A, said in a statement."
On the wires
Watchdog Tells Britain’s Payments Sector to Brace Itself for Intervention
Reuters
"Britain's payments regulator said the sector faces "targeted intervention" to increase competition and remove barriers to innovation and "pockets of market power" that leave customers picking up the bill."
March 19, 2024
On the web
Australian Payments Chooses Swift to Develop Confirmation of Payee Service
Asset Servicing Times
"Australian Payments (AP+) has selected Swift to build a service that aims to reduce the risk of misdirected payments and increase defenses against payment fraud...Swift’s selection to develop the Confirmation of Payee service for the NPP aims to build on its capabilities in AI and data services, including payment pre-validation for cross-border payments."
March 18, 2024
On the web
Nepal Permits Digital Payments for Third Country Transactions
Kathmandupost
"After India, Nepal’s central bank has opened the digital payment system for third countries, pending the completion of necessary arrangements by Nepal’s commercial banks for its formal enforcement."
Instant Settlement Needed to Compete With Crypto, India's Markets Regulator Says
Yahoo Finance
"The chairperson of India's markets regulator has warned that if regulated markets don't offer instant settlement, investors will move to spaces like crypto. Settlement refers to the final step in payments and securities trade."
March 14, 2024
On the wires
India’s Paytm Gets Third-Party App License From Payments Authority
Reuters
"Indian digital payments firm Paytm, formally known as One 97 Communications was granted a third-party application provider license by the country's payments authority, which will enable it to facilitate payments after its banking unit ceases operations."
March 13, 2024
On the web
Payshap Turns One: A Year of Innovation, Growth, and Real-Time Payment Evolution in South Africa
BankservAfrica
"An increasing number of South Africans are embracing PayShap, South Africa’s first interbank, interoperable, real-time payments service, which experienced strong growth in its first year, in line with the service’s fast-expanding community of participating banks and new users."
PayJoy Launches New Credit Card for the Underserved in Mexico, Powered by Pomelo
Contxto
"PayJoy has launched a new physical and virtual credit card powered by Pomelo for its clients in Mexico."
March 12, 2024
On the web
EU Introduces European Digital Identity Wallet, With Ukraine’s Participation in Pilot Project
Yahoo News
"The European Union has approved the establishment of the European Digital Identity Wallet (EUDI)."
On the wires
British Banks Given More Time to Check Payments for Scams
Reuters
"British banks will be allowed to hold up payment transfers for an extra three days if they have grounds to suspect a customer is being scammed, the government said on Tuesday. Regulators are cracking down on 'authorised push payment' fraud, when people are tricked into transferring money."
March 11, 2024
On the web
Bank of Tanzania Connects All Payment Providers to TIPS
Daily News
"The Bank of Tanzania (BoT) has incorporated all payment services providers to Tanzania Instant Payments System that is tipped to reduce costs and risks of sending money from point to point."
Australia’s Top Banker Renews Warning on Apple Payments
Yahoo Finance
"Commonwealth Bank of Australia Chief Executive Officer Matt Comyn renewed his warning on Apple Inc.’s power over the nation’s payments market, reigniting a years-long dispute about competition in a booming area of finance."
On the wires
India Cenbank Asks Card Issuers to Give Users Choice of Selecting Network
Reuters
"India's central bank said issuers of credit cards cannot enter into any arrangement or agreement with card networks that restrain customers from availing the services of other networks."
March 8, 2024
On the web
UPI is Now Accepted in Nepal
NPCI
"NPCI International Payments Ltd, the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service Ltd, Nepal’s largest payment network, have announced that Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal."
March 7, 2024
On the web
Hong Kong’s Central Bank Announces New Wholesale CBDC Project to Support Tokenization Market
Coindesk
"Project Ensemble will "seek to explore innovative financial market infrastructure (FMI) that will facilitate seamless interbank settlement of tokenized money," HKMA said."
On the wires
Cashfree Payments Launches ‘Embedded Payments’, Enabling Software Platforms to Offer Seamless Payment Experiences for Businesses [India]
PR Newswire
"Cashfree Payments, India's leading payments and API banking company, launched 'Embedded Payments', India's first platform centric payment solution for software platforms."
March 4, 2024
On the web
India Central Bank Expects to Launch Interoperable Payment System for Internet Banking in 2024
Reuters
"India's central bank expects to launch interoperability of digital payment systems for internet banking in 2024 to enable faster fund settlements for merchants, Governor Shaktikanta Das said on Monday."
Google vs Indian Apps: Payments Industry Seeks Legal Changes Against Google’s App Billing Policy
The Economic Times
"Payments Council of India urges the government to amend laws and protect startups and payment aggregators from Google's monopolistic policies."
March 1, 2024
On the web
Turkey’s Two-Tier CBDC to Support Programmable Payments
CoinGeek
"Turkey’s central bank digital currency (CBDC) will support programmable payments and be offered through financial intermediaries. It will only support one account per user, which will be accessible through all financial institutions, the central bank has revealed."
February 29, 2024
On the web
Older Australians ‘Left Behind’ by Increasingly Cashless Society as Banks Fast Track End of Cheques
ABC
"Australia is phasing out cheques by 2030, but banks are moving well ahead of the federal government's timeline."
India’s Paytm Likely to Partner With Four Banks for Enabling UPI Transactions, Sources Say
Reuters
"India's troubled Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), two sources aware of the development said."
February 28, 2024
On the web
KCB and Mastercard Partner to Expand Payments in East Africa
IBS Intelligence
"Mastercard has announced its partnership with KCB Banking order to provide its customers across the East African region with optimised payment systems. The payment solutions will be rolled out in Kenya, Rwanda, Burundi, South Sudan, Tanzania, and Uganda."
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