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Global

Australia to Explore Potential for Retail and Wholesale CBDCs

“The Reserve Bank of Australia (RBA) is collaborating with the Digital Finance Cooperative Research Centre (DFCRC) to explore use cases for a central bank digital currency (CBDC). The (DFCRC) is a 10-year, A$180 million research programme funded by industry partners, universities and the Australian government, through the Cooperative Research Centres Programme. The project intends to test […]
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Global

UK Banks Decide to Shut Down the Paym Payments System

“Pay.UK and fifteen of the UK’s banks and building societies have decided to shut down the Paym payments system due to diminishing transaction volumes.   Paym was launched in 2014 and will close down for good on 7 March 2023 as its design can no longer keep up with the current evolution in payments technology and services. According […]
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Global

Russia Plans to Use Digital Rouble in Settlements with China, Says Lawmaker

After launching a digital rouble early next year, Russia plans to use the currency in mutual settlements with China as it seeks to reduce Washington’s global financial hegemony, a senior Russian lawmaker said on Monday. Russia, like many countries, has been developing digital money over the last couple of years to modernise its financial system, […]
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Global

ComBank Introduces Breakthrough ‘Tap to Phone’ Payments Acceptance with PAYable

“The Commercial Bank of Ceylon has become the first Sri Lankan Bank to introduce card acceptance through Android smartphones, allowing its merchants to conveniently and cost effectively accept card payment transactions, changing the landscape of the digital payment industry in Sri Lanka with this state-of-the-art low-cost technology. The Bank has announced that it is providing […]
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Global

New Data on the e-Levy in Ghana: Unpopular Tax on Mobile Money Transfers is Hitting the Poor Hardest

“Ghana’s introduction of a a 1.5% tax on mobile money transactions in May 2022 has been watched closely by policymakers across Africa. The proponents of the electronic transaction levy (e-levy) argue that taxes on mobile money — commonly referred to in Ghana as MoMo — present an opportunity for cash-strapped governments to raise funds in the complex […]
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Global

ComBank Introduces Breakthrough ‘Tap to Phone’ Payments Acceptance with PAYable (Sri Lanka)

“The Commercial Bank of Ceylon has become the first Sri Lankan Bank to introduce card acceptance through Android smartphones, allowing its merchants to conveniently and cost effectively accept card payment transactions, changing the landscape of the digital payment industry in Sri Lanka with this state-of-the-art low-cost technology. The Bank has announced that it is providing […]
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Global

The Cost of Card Payments for Merchants (Australia)

“The average cost for a merchant to accept a card payment has declined over recent years. However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants. Smaller merchants also face notably higher card payment costs per transaction than larger merchants. To strengthen competition and help reduce […]
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Global

Firm Partners Mastercard on Phone Payments for SMEs in Africa

“Prophius has announced the rollout of its PayContactless solution, enabling small businesses to accept contactless payments through their NFC-enabled Android phones. The move is expected to boost digital payments acceptance for small and micro enterprises (SMEs) in Nigeria, Ghana, Kenya, Uganda and other key markets in Sub-Saharan Africa, while supporting consumers’ preference for safe and […]