The Hong Kong Monetary Authority (HKMA) has unveiled a prototype two-tier central bank digital currency (CBDC) ecosystem that will enable end users to store digital HK dollars as either intermediated CBDC tokens or CBDC-backed stablecoins in a digital wallet and use them to carry out retail transactions... More
Chinese consumers in the 23 cities and regions piloting the country’s central bank digital currency (CBDC) can now automatically transfer funds to their digital yuan wallet app whenever their balance runs low, removing the need to manually top up the balance in their e-yuan app... More
Some 50,000 customers of Starling Bank have chosen to set their own contactless spending limit to a lower amount than the maximum of £100 (US$135) per contactless transaction that the UK government introduced in October... More
Residents of the United Arab Emirates will soon be able to use their face to authenticate their identity when accessing a range of on- and offline services across the public and private sectors... More
Customers of Lloyds Bank, Halifax and Bank of Scotland will be able to set their own contactless spending limit when the UK increases its national transaction limit to £100 (US$137) on 15 October... More
Customers of DBS Bank in Singapore can now lock or unlock their debit or credit cards, enable or disable certain types of transaction — including contactless and mobile payments — and set a monthly spending limit for their card accounts from their digital banking app in real time... More
Customers of Hong Kong-based virtual bank Mox can now apply for an “all-in-one” numberless payments card that they can choose to use as either a debit or a credit card whenever they make a transaction... More
Customers of CaixaBank in Spain can now use the bank’s ATMs to access the same online digital banking services and features as those available to them on its mobile app and website... More
More than two-fifths (43%) of Europeans rank privacy as the most important feature of a digital euro central bank digital currency (CBDC), with 18% citing security, 11% the ability to pay across the eurozone, 9% the lack of additional costs and 8% offline usability, according to a European Central Bank (ECB) survey... More
Barclays bank account holders in the UK can now automatically receive an itemised digital receipt in their banking app every time they use their debit card to make an in-store or online purchase from a retailer or food outlet that has signed up to support the service... More
The central role traditionally played by banks in the European payments ecosystem “may be coming under challenge” as some specialist payments providers reach double-digit growth rates in payment revenues, according to a report jointly published by the Euro Banking Association and McKinsey & Company... More
Nearly two-thirds of consumers in Europe (63%) have abandoned a digital bank application in the past year, compared with 40% in 2019, according to new research... More
The number of digital wallet users globally will increase from 2.3bn in 2019 to 4bn in 2024 and global non-cash transactions will grow to nearly 1.1tn in 2023 from 708.5bn in 2019, according to the World Payments Report 2020... More
Residents and small businesses in nine UK communities are taking part in a series of pilot schemes which aim to improve access to cash in rural and disadvantaged areas, where individuals remain dependent on cash but where bank branches and ATMs have closed down and local cash infrastructure is under threat... More
The Central Bank of the UAE (CBUAE) has issued a statement strongly encouraging banking customers “to take advantage of digital and online banking services as a measure to protect the health and safety for UAE residents.”... More
Texas Capital Bank launches all-digital Bask Bank, offering savers American Airlines AAdvantage miles — Texas Capital Bank — “Traditional savings accounts return pennies on the dollar. Bask Bank changes that by rewarding savers with miles, enhancing their saving potential and providing them with choice, value, and the opportunity to experience travel and more through the AAdvantage program. Bask Bank will also offer several ways to earn AAdvantage bonus miles, including an account opening bonus of 5,000 AAdvantage miles, a feedback bonus and a variety of balance bonuses.”
PARTNER NEWS: NFCW readers are invited to join Dejamobile and speakers from Arion Bank, Crédit Agricole, GVS, Stocard, Tribe Payments and Valitor for two digital payments workshops taking place at the Paris Fintech Forum on the morning of 28 January 2020... More
NatWest Bank has begun a three-month pilot of bank cards incorporating a fingerprint... More
Starling Bank passports to Europe, first stop Ireland — Techcrunch — “After a staggered launch of its current account kicked off in March, the digital-only bank is announcing imminent expansion to Europe, starting with the Republic of Ireland where it has attained a so-called ‘banking passport’.”
Mastercard and Western Union explore digital model for refugee camps — Mastercard — “Mastercard and Western Union examined the needs, challenges and opportunities for refugees and their host communities at two settlement camps in northwestern Kenya. The findings have led to the development of Smart Communities: Using Digital Technology to Create Sustainable Refugee Economies, a blueprint that would combine digital access to remittances, banking, education, healthcare and other basic needs.”
