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.”


What's New in Payments

Visa to introduce variable interchange rates in the US

Visa is planning the biggest changes to swipe fees in a decade — Bloomberg — “The company’s interchange rates — fees charged every time a consumer uses a card — will go up or down depending on the merchant and the way a consumer pays for their purchases, according to a document Visa sent to banks that outlines the changes. Higher rates are looming for transactions on e-commerce sites, while retailers in certain services categories, such as real estate and education, will see fees decline.”




India’s Icici Bank launches open banking portal

Icici Bank launches India’s largest API banking portal with nearly 250 APIs — Icici Bank — “The Icici Bank API Banking portal, which consists of 250 APIs, enables developers of prospective partner companies across the globe to seamlessly sign up on it, create an application, select the application, test it out and get the sample code. With this, businesses, fintechs, corporates and e-commerce start-ups can easily partner with the Bank and co- create innovative customer solutions in a frictionless manner, all from the convenience of a single portal.”




What's New in Payments

Chinese fraudsters turn to QR codes to spread Trojans and viruses

QR code scams rise in China, putting e-payment security in spotlight — South China Morning Post — “By replacing legitimate merchants’ codes with malevolent copies, fraudsters can gain access to consumers’ data and even raid their bank accounts… According to one senior official and technology expert, almost a quarter of Trojans — malicious programs disguised as benign software – and other viruses are transmitted though QR codes.”


Tinkoff turns its mobile banking app into a full-service digital marketplace

Tinkoff super-app boosts digital leadership in European fintech space — Tinkoff — “The super-app is both our own version of the App Store, with its own mini apps, and the first WeChat-like app in the Russian or any European financial market, featuring products and services from our partners… External partners can connect to the marketplace (via open API) using the ‘app-in-app’ model and offer targeted products and services within the Tinkoff app.”


JPMorgan Chase to tokenize open banking permissions

JPMorgan Chase, Envestnet l Yodlee sign agreement to increase customers’ control of their data — JPMorgan Chase & Co — “Envestnet I Yodlee is committing to send 100% of its requests for Chase customer data through the bank’s secure API (application programming interface). This will ensure the apps can receive Chase customer data they need while customers control what’s shared with whom…. Because the secure API uses a token-based approach, customers will no longer need to give out their username and password.”


What's New in Payments

Central bank reports continued growth in Chinese mobile payments market

China mobile payments maintain rapid growth in Q3 — Xinhua — “Banks in the country processed 27.27bn mobile payment transactions in the period, up 61.05% year on year, said the People’s Bank of China in a report. The value of these transactions increased by 31.52% from the same period of last year to 86.11tn yuan (about US$12.2tn). Meanwhile, online payment transactions by the non-banking institutions were valued at 63.99tn yuan in Q3, up 23.04% year on year.”







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