Payments News

On The Web

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Systems

Cambodia Launching Digital Payments Platform

“The National Bank of Cambodia’s new digital currency is called Bakong. It’s effectively a central bank digital currency (CBDC) and was launched on a trial basis throughout Cambodia in July. Chea Serey, director-general of the National Bank of Cambodia (NBC), said the new system will be operational within the current fiscal quarter, Cointelegraph reported. Serey […]
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Systems

German Banks Are Hoarding So Many Euros They Need More Vaults

“Right now, there isn’t enough space for the cash that many banks want to hold. Pro Aurum , a Munich-based precious metals trader, received several requests from banks to store notes in its vaults. However, the firm had to turn them down because of a lack of capacity. “The ECB’s negative interest rates make hoarding […]
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Regulation

Examining the US Cashless Stores Backlash

“The aim is to stop discrimination against customers who lack access to credit and debit cards, according to councilman Ritchie Torres , who led the bill. There is no federal legislation that governs this issue, leaving responsibility largely up to states. New York is following in the footsteps of Philadelphia and San Francisco, while Washington […]
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Systems

Why the Fed Is Taking an Incremental Approach to Faster Payments

“The Federal Reserve faces a dilemma in constructing a real-time payments system. On one hand, the market seemed to demand faster payments solutions yesterday. On the other, the Fed’s undertaking is complex, so making it work will take time. To address both realities, the leader of the central bank’s project says the Fed has adopted […]
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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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Systems

The Digitalization of Payments and Currency: Some Issues for Consideration

“The entrance of BigTech and FinTech into payments may drive competition, enhance product offerings, and lower transactions costs. It has the potential to enhance financial inclusion by expanding the number and diversity of ways people gain access to financial services and by creating more consumer friendly offerings. A Federal Deposit Insurance Corporation (FDIC) study found […]

On The Wires

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Systems

BitPay and Poynt Take Bitcoin to the Streets

“BitPay , the world’s largest provider of blockchain payment services, together with Poynt , the world’s first open commerce platform, today announced the integration of BitPay’s Bitcoin and cryptocurrency payments with Poynt’s Smart Terminal point-of-sale devices at more than 100,000 Poynt retailers worldwide.”
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Reports

ACH Network Annual Growth Rate Reaches 12-Year High

“The ACH Network saw a remarkable year in 2019 as the annual growth rate reached a 12-year high. There were 24.7 billion payments on the ACH Network, an increase of 7.7% over 2018. The value of those payments was $55.8 trillion, up nearly 9% from 2018.”