What's New in Payments

India to relax mobile wallet KYC rules

‘Low KYC’ norm to help mobile wallets retain their customers — Economic Times — “In a move set to bring relief to scores of mobile wallet firms such as Paytm, PhonePe, Amazon Pay and their several million users, the Reserve Bank of India (RBI) will allow wallet service providers to continue operating their millions of non-compliant know-your-customer (KYC) accounts which earlier faced cancellation… An estimated over 200m mobile wallets ran the risk of being cancelled by the regulators, once the deadline to upgrade their non-compliant accounts to ‘full KYC’ accounts expires on February 29.”




What's New in Payments

Israeli banks balk at Apple Pay fees

Turbulent entry into the payments market: Apple Pay requires high commission in Israel — Calcalist (translation) — “Apple representatives have begun a round of meetings with banks and credit companies to formulate agreements to begin Apple Pay’s operations in the country… Some players were surprised to find that Apple requires a fairly high fee estimated at 0.15% to 0.25% of any transaction made through Apple Pay… ‘It is disproportionate, and constitutes an exploitation of its status and power,’ says a source close to the talks between the parties.”



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.”







What's New in Payments

Malaysian government offers cash incentives to mobile payments users

Overwhelming response on first day of RM30 e-Tunai initiative — The Star — “The claims for the e-Tunai Rakyat initiative kicked off today with Touch ‘n Go eWallet, Boost and GrabPay selected to be the service providers for the project… Malaysians aged 18 and above and who earn less than RM100,000 (US$24,533) annually will be eligible to receive RM30 (US$7.36) each through any of the participating e-wallets.”



What's New in Payments

NXP reports on biometric payment cards

Covershot: What's next for payment cards

Biometric cards equipped with built-in fingerprint sensors have the potential to make payments both safer and easier, but the technology is still new and there are critical elements that need to be put in place to ensure widespread adoption, NXP explains in a white paper now available to download from the NFCW Knowledge Centre... More




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