What's New in Payments

Saudi Arabia combines NFC, QR and faster payments to speed move to cashless society

ziad-al-yousef

Saudi Payments, Saudi Arabia’s national payments infrastructure operator, is to use a combination of NFC and contactless payments, a new faster payments system and the introduction of a common QR code platform to reduce the use of cash and speed up its move towards a cashless society, managing director Ziad Al Yousef has told NFCW... More



What's New in Payments

China’s central bank to develop a digital currency

Central bank unveils plan on digital currency — China Daily — “The People’s Bank of China, the central bank, is organising market-oriented institutions to jointly research and develop a central bank digital currency and the programme has been approved by the State Council, the country’s Cabinet, Wang Xin, director of the PBOC Research Bureau, said at a seminar at Peking University.”


What's New in Payments

Facebook unveils its blockchain digital wallet plan

Coming in 2020: Calibra — Facebook — “Today we’re sharing plans for Calibra, a newly formed Facebook subsidiary whose goal is to provide financial services that will let people access and participate in the Libra network. The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology. The wallet will be available in Messenger, WhatsApp and as a standalone app — and we expect to launch in 2020.”




What's New in Payments

PayPal CEO: Digital payments could become a $100tn market

PayPal CEO predicts digital payments industry will mature into a $100 trillion market — CNBC — “PayPal CEO Dan Schulman told CNBC that the digital payments industry may become a US$100tn market as the financial technology sector continues to grow rapidly… ‘We live in the space of digital commerce and digital commerce is exploding still around the world,’ he said. ‘There’s an explosion in digital commerce and we’re riding that wave.'”


What's New in Payments

Softbank to launch new global digital payments system?

Softbank plots digital payments raid with plans for Paypal rival — City AM — “Japanese technology giant Softbank is planning to create a global digital payments system that could rival giants such as PayPal, according to reports. The tech firm will lead a consortium backed by some of the world’s biggest banks… Under the plan, Softbank could acquire a large financial software business as a springboard to rolling out the new system.”


Paytm adds investment and wealth management service

We have set up Paytm Money to focus on investment and wealth management — Paytm — “We are fast evolving from being a pioneer in digital payments to becoming a full-stack financial services company, which offers banking, lending, insurance, and payments. With Paytm Money, we will cover the entire spectrum of wealth management and plan to add more investment offerings going forward.”


What's New in Payments

Indian government sets out plans to make digital payments ‘visibly cheaper’ than cash

Govt to incentivise online payments to push digital transactions — Hindustan Times — “The incentives could include cashbacks and reward points for BHIM users… The note presented last week by the ministry of electronics and information technology to Parliament’s standing committee on finance detailed a five-step road map to push e-transactions. ‘Digital payments to be made visibly cheaper than cash,’ the note said.



Mastercard and Western Union explore digital model for refugee camps

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.”





European consortium to develop pan-industry online identity platform

Master key ID platform

A group of German and other European companies including banks, vehicle manufacturers and technology providers have signed a “corresponding declaration of intent” to establish a joint, pan-industry platform that will let their customers use a “so-called master key” for registration and identification when accessing online services across a range of sectors including government, aviation and retail. More


What's New in Payments

Mahindra Comviva explores the evolution of digital payments in India

Srinivas Nidugondi

The most obvious recent change in the payments landscape across India is the significant increase in the number of digital payments taking place in both urban and rural areas as a result of the measures taken by the Indian government to push the cashless initiative to the top of the nation’s agenda, says Mahindra Comviva’s senior vice president and head of mobile financial solutions. More



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