Bank of Canada reports on offline central bank digital currency design options

Bank of Canada design options FOR offline CBDC functionality

Developing a central bank digital currency (CBDC) system that supports offline transactions on smartphones or standalone custom devices will offer users benefits including enhanced resilience, accessibility, inclusivity and privacy, especially in remote areas without a reliable or affordable internet connection, according to the Bank of Canada... More









What's New in Payments

Older US consumers warm to bank-led P2P payments

Make room Millennials, Zelle study finds Generation X and Boomers driving broader adoption of person-to-person (P2P) payments — Early Warning Services — “52% of Generation X and 46% of Boomer respondents said that they ‘trust’ P2P payments, and are interested in using available solutions. 76% of Generation X and 74% of Boomers surveyed ranked ‘offered through a financial institution they use’ as a top reason to trial P2P payments.”



What's New in Payments

New Jersey plans P2P payments legislation

Keeping a wrong Venmo payment could send you to jail if NJ bill passes — Philly.com — “Under the New Jersey bill, those who mistakenly receive an electronic payment but fail to return the funds after being told the payment was erroneous would run afoul of an existing law that deals with theft of lost, mislaid, or mistakenly delivered property… Penalties for theft in New Jersey range from a $1,000 fine to a decade of jail time.”



What's New in Payments

First Direct lets customers make payments in social media apps

First Direct leading the way with social media payments — First Direct — “First Direct customers are now able to make secure peer-to-peer payments seamlessly while using social media apps such as WhatsApp and Facebook Messenger… Customers can now use the in-app PayKey technology to simply tap a payment icon on the phone’s keyboard within a conversation and manage a payment within seconds without having to open the banking app… On pressing the fd button, customers are securely authenticated via the app and are able to make a payment.”



What's New in Payments

Blockchain mobile payments pilot to go live in Mongolia

Blockchain firm Terra to launch instant remittance, lending services in Mongolia’s capital city — e27 — “The pilot programme in Nalaikh City will launch with two main features: peer-to-peer (P2P) payments to allow instant transfer among users of different banks, and mobile payments to build the infrastructure for secure, contactless payments… The programme is set to launch within the next six months.”


What's New in Payments

Dubai bank adds cardless cash withdrawals to mobile banking app

Emirates Islamic launches cardless cash withdrawal feature via its mobile banking app — Zawya — “Customers can now initiate the cash withdrawal from the bank’s mobile banking app and the funds can then be withdrawn from any Emirates Islamic ATM without using a debit or credit card. This innovative service also allows the bank’s customers to make transfers to recipients using only their mobile phone number. Beneficiaries will receive an SMS with a one-time PIN to withdraw the amount transferred from the closest Emirates Islamic ATM.”



What's New in Payments

Japanese banks launch blockchain P2P payments service

SBI Ripple Asia’s MoneyTap app has launched in Japan — Coindesk — “The product allows users to send funds to others using just their telephone numbers or a QR code, and utilizes devices’ biometric log-in features, such as fingerprint scanning, for security… Currently, the service is only able to remit between accounts held at the three participating Japanese banks — SBI Sumishin Net Bank, Suruga Bank and Resona Bank. Payments are being offered at no charge and can be sent in Japanese yen or foreign currencies.”