What's New in Payments

China’s Expresspay Card moves into wearable payments

Exhibition stand with man in front

PARTNER NEWS: Expresspay Card, a joint venture between China UnionPay and Bank of China that offers China’s only open loop prepaid card, has partnered with Tappy Technologies and watch brand Saga Watch to offer cardholders a wearable payments option that will be accepted at any merchant equipped to accept China UnionPay contactless payments... More





India moves towards interoperable mobile wallets

Reserve Bank of India

The Reserve Bank of India (RBI), the country’s central bank, has issued the final set of guidelines for new rules designed to enable mobile wallet users to easily make payments and transfer funds to users of competing mobile wallet services... More




What's New in Payments

Google Pay adds support for Japanese payment cards

Now you can add Suica and Waon to Google Pay in Japan — Google — “Starting today, you can add and manage your Suica and Waon cards in Google Pay if you live in Japan and have an Osaifu-Keitai eligible phone. This means four major Japanese prepaid e-money cards — Nanaco, Rakuten Edy, Suica and Waon — can all be used with Google Pay. You’ll be able to pay with Google Pay at the hundreds of locations that accept any of these cards, plus pay on transit anywhere Suica is accepted.”


What's New in Payments

Central bank requires Chinese mobile payments providers to set aside customers’ prepaid funds

China’s central bank to raise reserve funds ratio of third-party payment firms to 50% — Reuters — “China’s central bank said it will gradually raise the reserve funds ratio of third-party payment firms to 50% by April 2018 from a current rate of 20%, as it continues to ramp up regulation of the industry… It will eventually ban non-bank payment firms from making any private investments with money deposited by users, which would see the reserve rate at some point increased to 100%.”


What's New in Payments

Garmin Pay adds support for Visa credit, debit and prepaid cards

Garmin and NXT-ID subsidiary FitPay expand Garmin Pay to Visa accountholders — Garmin and NXT-ID — “Garmin Pay is now available to Visa accountholders from numerous participating issuing banks including Bank of America, Capital One, and US Bank in the United States, and BonusCard, Cornér Bank, ANZ and NAB (National Australia Bank) internationally… Garmin Pay was initially launched in November 2017 for Mastercard accountholders.”


UK government expands open banking project to credit cards, e-wallets and prepaid cards

UK’s Open Banking project expanded — Open Banking — “The OBIE [Open Banking Implementation Entity] has now been asked by the CMA9 and Her Majesty’s Treasury to create open banking standards for all payment account types covered by the European Union’s second Payments Services Directive (PSD2). This means customers using credit cards, e-wallets and prepaid cards will also be able to take advantage of open banking services.”


Feed for stories about Prepaid.