What's New in Payments

MUFG to use digital currency for mobile payments in Japan

MUFG digital currency finds second life as mobile payment — Nikkei Asian Review — “Users will convert funds from their bank accounts or elsewhere into the digital currency using a smartphone app. The service will use this currency in transactions, which will be handled through QR codes. Money sent via the app can be moved back into an account as cash, allowing for transfers between individuals.”



What's New in Payments

Central bank pilots QR mobile payments in Cambodia

NBC tests new mobile payment app — Khmer Times — “The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakong… Four financial institutions are so far included — Acleda Bank, Foreign Trade Bank, Wing Specialised Bank and Vattanac Bank… The new system will facilitate money transfers and payments (including across national borders) while enhancing financial inclusion in the country.”


What's New in Payments

PayPal launches its Xoom mobile remittance service in Europe

PayPal expands its international money transfer service Xoom to 32 markets across Europe — Xoom — “Today, PayPal launched Xoom — its international money transfer service — in 32 markets across Europe. People in these markets can now use Xoom to quickly send money, pay bills or top up phones to more than 130 markets internationally.”


What's New in Payments

Google Pay replaces Android Pay app starting today

Say hello to a better way to pay, by Google — Google — “Longtime Android Pay fans, fear not: the features you love aren’t going away. You’ll still get all your bank’s perks and protections, plus an extra layer of security, since Google Pay doesn’t share your actual card number when you pay in stores… And more features are coming. If you live in the US or the UK, you’ll be able to use it to send and request money within the next few months.”


What's New in Payments

Central bank begins digital currency pilot in Uruguay

Uruguay to launch digital currency, ‘not Bitcoin’ it stresses — Bitcoin.com — “Uruguay’s Central Bank (BCU) formally presented rollout of its pioneering digitization of the Uruguayan peso on 3 November 2017… The plan ‘consists of a test with 10,000 mobile phone users of Antel,’ the release notes, ‘which will last for six months’ and be international… Registered users will be able to interact with merchants as well as peer-to-peer in money exchanges.”



What's New in Payments

TransferWise links with Apple Pay globally

TransferWise links with Apple Pay globally — Reuters — “The London-based money transfer company said on Thursday that it was joining with Apple Inc’s payments service in the US and a handful of other countries, following a similar move in the UK in 2015. This means users on Apple devices will no longer have to insert their payments card or bank account details to send money via TransferWise, but will be able to transfer funds through their Apple Pay account, speeding up the process.”


What's New in Payments

Safaricom to upgrade M-Pesa to new platform

Safaricom to upgrade M-Pesa to new platform — Safaricom — “Following the upgrade, M-Pesa customers are set to benefit from an increase in the number of partners offering their services on the enhanced M-Pesa platform. This will be made possible through a new set of Application Programming Interfaces (APIs) that will simplify the process of integration into M-Pesa, cutting down the time it takes from weeks to a few days, or even hours.”



What's New in Payments

Transfer money instantly to your bank account with PayPal

Transfer money instantly to your bank account with PayPal — PayPal — “PayPal users in the U.S. will soon be able to instantly transfer money to their bank accounts via eligible debit cards linked to their PayPal account… Our beta of this is now available to select PayPal users and will be made available to all U.S. PayPal users with eligible Visa or Mastercard debit cards over the coming weeks and months.”


What's New in Payments

Indian messaging unicorn Hike moves into payments, taking notes from Tencent’s WeChat

Indian messaging unicorn Hike moves into payments, taking notes from Tencent’s WeChat — CNBC — “India’s home-grown instant messaging service Hike on Tuesday announced wide-ranging updates to its app, including a new mobile wallet that lets users send and receive money instantly… The Hike Wallet has several features, including a linkage to the government-backed unified payments interface.”