Payments News
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Global

Paytm Rolls Out All-in-one Payment Device

“Paytm, India’s leading digital payments player, unveiled new products to target businesses and ward off rising competition from Google Pay, Walmart Inc.-owned PhonePe and Amazon Pay. Paytm introduced a stand that displays QR check-out codes that comes with a calculator and USB charger, a so-called sound box that provides voice confirmations of transactions, cloud software […]

On The Web

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Global

‘Low KYC’ Norm to Help Mobile Wallets Retain Their Customers

“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 after placing certain transnational limitations.This […]
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Global

WhatsApp Pay Set for Phased Roll Out in India; Granted NPCI Permission

“Payments through WhatsApp were introduced to a million users as a part of trial run in February 2018. WhatsApp started its trial run by partnering with ICICI Bank. However, the company was awaiting regulatory nod to go live. The service is based on the Unified Payments Interface (UPI) standard, which has been developed by the […]
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Companies

Paytm Rolls Out All-in-One Payment Device

“Paytm, India’s leading digital payments player, unveiled new products to target businesses and ward off rising competition from Google Pay, Walmart Inc.-owned PhonePe and Amazon Pay. Paytm introduced a stand that displays QR check-out codes that comes with a calculator and USB charger, a so-called sound box that provides voice confirmations of transactions, cloud software […]
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Global

Namibia Operator Tipped for Mobile Money Move

“Namibia’s largest operator by connections, MTC, revealed it was at an advanced stage of developing a mobile money service, Windhoek Observer reported, with the proposition set to challenge in the country’s bank-led sector.”
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Global

China Quarantines Cash to Sanitize Old Bank Notes From Virus

“The government cut off the transfer and allocation of old bank notes across provinces, and between cities most affected by the deadly outbreak, according to Fan Yifei, People’s Bank of China’s deputy governor. The central bank also ramped up measures to sanitize old money to reduce contagion risks and added 600 billion yuan ($85.9 billion) […]
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Global

Tech Startups Are Flooding Kenya With Apps Offering High-Interest Loans

“In Kenya, the first country where digital credit has gone mainstream, borrowers are learning that with financial inclusion comes financial risk. With dozens of apps offering short-term advances similar to payday loans, word of debt’s dangers is spreading from the office towers of Nairobi to the grasslands of Maasai Mara. People who once borrowed mainly […]
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Global

Coopetition, Not Competition, Is Asia-Pacific’s Path to Cash-free Future

“Competition for digital payments flourishes in these circumstances. Malaysia’s central bank lists 47 e-money issuers in the nation, accounting for 13.8 billion Malaysian ringgit ($3.3 billion) worth of transactions in the January-October 2019 period. International giants such as Alipay and WeChat Pay import their expertise from a mature Chinese ecosystem, while local players rise to […]
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Global

RBI Proposes Draft Rules to Set up Alternative Retail Payments System

“The proposed umbrella body will set up, manage and operate new payments system, especially in the retail space, comprising of but not limited to ATMs, White Label PoS, Aadhaar-based payments and remittance services. It will develop new payment methods, standards and technologies and also operate clearing and settlement systems.”

On The Wires

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Global

Mastercard and NetsUnion JV Approved to Prepare for Domestic Operations in China

“Mastercard today is pleased to announce that it has received in-principle approval from the People’s Bank of China (PBOC) to begin formal preparations to set up a domestic bankcard clearing institution in China. The application was submitted by Mastercard NUCC Information Technology (Beijing) Co., Ltd, a joint venture of Mastercard and NetsUnion Clearing Corporation (NUCC).”