Payments News

On The Web

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Global

Face Verification Technology to Allow SingPass Holders to Sign up for DBS Digital Banking Services Using a Selfie

“SingPass holders will be able to sign up for DBS’ digital banking services by taking a picture of themselves through the use of face verification technology, following a rise in digital banking amid the COVID-19 pandemic. The pilot programme aims to benefit more than 1 million DBS customers who are SingPass holders and do not use […]
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Companies

India Found Cybersecurity Lapses at National Payments Corp in 2019

“A government audit of India’s flagship payments processor last year found more than 40 security vulnerabilities including several it called “critical” and “high” risk, according to an internal government document seen by Reuters. The audit, which took place over four months to February 2019, highlighted a lack of encryption of personal data at the National […]
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Domains

India eyes global online payments push as transactions boom

“India plans to take its model for digital payments global as online transactions thrive in an economy that is among the hardest hit by coronavirus. Since it launched in 2016, India’s Unified Payments Interface has helped propel the growth of online payments in the country of 1.4bn people. The system allows people to make cheap, […]
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Companies

NPCI Weighs Cap on UPI Transactions for Payment Platforms

“The National Payments Corporation of India (NPCI) is thinking of ways to limit the Unified Payment Interface’s (UPI) dependence on any single third-party application.It proposes to do this by restricting the share of transactions of any single payment company, people familiar with the matter said.NPCI owns and operates UPI in the capacity of a not-for-profit […]
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Companies

Digital Payment Adoption Rates Vary Across States

“Indians averaged about 3.85 digital transactions per person between July 2019 and July this year with Chandigarh leading at 38.4 transactions per person. Delhi averages about 9.3 transactions per person, according to the Digidhan database maintained by the Ministry of Electronics and Information Technology (MeitY). It tracks digital transactions across National Payments Corporation of India […]
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Global

Japan Banks Unveil Plan to Build Cheaper Money Transfer System

“Japan’s biggest banks said they will jointly build a cheaper money transfer network catering mainly to small transactions among individuals, a move that may spur the nation’s drive toward going cashless. Five major banks including the domestic lending units of Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. […]

On The Wires

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Domains

PayU Enables Merchants to Scale up Financial Operations With Enhanced Payouts Solutions Suite

“PayU, India’s leading online payment solutions provider, has enhanced its flexible fund source management and beneficiary management capabilities with its enhanced Payouts product suite. With the newly launched Payouts from Payins feature, merchants can receive payins (settlements and payments) directly into virtual accounts created by PayU, eliminating the need for constant recharging. From pay-ins received in the accounts, […]
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Domains

 Western Union Expands International Payment Services in Brazil

“The Western Union Company, a leader in cross-border, cross-currency money movement and payments, today announced an expansion of services between its Western Union Business Solutions division and Banco SEMEAR in Brazil to offer the WU® GlobalPay for FI platform, the Company’s solution for financial institutions that enables customers to make international payments simply and efficiently.”
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Global

Airtel Africa partners with Mukuru to facilitate cross-border money transfers within Africa

“Airtel Africa plc [Airtel Africa], a leading provider of telecommunications and mobile money services in 14 countries across sub-Saharan Africa and Mukuru, one of Africa’s largest remittance organisations, announced a partnership which will enable Mukuru customers to instantly send cross-border transfers directly to Airtel Money customer wallets in 12 African countries.”