What's New in Payments

India to relax mobile wallet KYC rules

‘Low KYC’ norm to help mobile wallets retain their customers — Economic Times — “In a move set to bring relief to scores of mobile wallet firms such as Paytm, PhonePe, Amazon Pay and their several million users, the Reserve Bank of India (RBI) will allow wallet service providers to continue operating their millions of non-compliant know-your-customer (KYC) accounts which earlier faced cancellation… An estimated over 200m mobile wallets ran the risk of being cancelled by the regulators, once the deadline to upgrade their non-compliant accounts to ‘full KYC’ accounts expires on February 29.”


What's New in Payments

Federal Reserve sets out its digital currency position

The digitalization of payments and currency: Some issues for consideration — The Federal Reserve — “Given the dollar’s important role, it is essential that we remain on the frontier of research and policy development regarding CBDC [Central Bank Digital Currency]. Like other central banks, we are conducting research and experimentation related to distributed ledger technologies and their potential use case for digital currencies, including the potential for a CBDC. We are collaborating with other central banks as we advance our understanding of central bank digital currencies.”