Payments News

On The Web

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Global

RBI releases draft guidelines for the proposed digital payments self-regulatory organisation

“The Reserve Bank of India has released the draft guidelines for the proposed Self-Regulatory Organization (SRO) responsible for setting and enforcing internal rules for the participants in India’s burgeoning digital payment ecosystem.The proposed SRO will be expected to act as a two-way communication channel between the payments industry and the central bank. It shall also […]
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Providers

Singapore Says Blockchain Payments Project Ready for Commercial Rollout

“Singapore has developed a blockchain-based payments network that could enable faster and cheaper international settlements, authorities said on Monday, adding that the next step was a commercial rollout. The final phase of the years-long ‘Project Ubin’ saw the Monetary Authority of Singapore team up with state investor Temasek and J.P. Morgan to develop the prototype […]
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Global

Kenya’s Central Bank Extends Mobile Payments Relief by Six Months

“Kenya will extend various relief measures on mobile phone payments that were introduced to help to curb the spread of the new coronavirus by a further six months, the central bank said on Wednesday. The East African country introduced the measures to encourage cashless payments on mobile phones because the government said avoiding the use […]
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Companies

Brazil Suspends WhatsApp’s New Payments System

“Brazil’s central bank effectively suspended a newly-launched system allowing users of Facebook Inc’s WhatsApp messaging service to send money via chats, ordering Visa and Mastercard to halt payments and transfers via the system. The central bank said in a statement that rolling out the service without previous analysis by the monetary authority could damage the […]
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Global

Reserve Bank Sets up a Rs.500 Crore Digital Payments Infra Fund

The Reserve Bank of India on Friday announced that it has setup a Rs.500 crore Payment Infrastructure Development Fund (PIFD) to support and improve the development of digital payments ecosystem in the rural and north east districts of the country. The central bank has made an initial seed contribution of Rs.250 crore to the PIFD […]
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Global

Singapore to Assess COVID-19 Impact on Digital Bank Bidders

“Bidders for five Singapore digital bank licences on offer will have to factor in how the COVID-19 outbreak has impacted their funding and profitability plans, as the central bank kicks off interviews with applicants over the next few weeks, three sources aware of the matter said. Singapore has drawn interest from 21 applicants seeking to […]

On The Wires

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Providers

Federal Reserve Announces the FraudClassifier℠ Model to Help Organizations Classify Fraud Involving Payments

“The Federal Reserve today published the FraudClassifier model – a set of tools and materials to help provide a consistent way to classify and better understand the magnitude of fraudulent activity and how it occurs across the payments industry. The model was developed by the Fraud Definitions Work Group, which was comprised of Federal Reserve […]
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Global

The Bank of Thailand Announces the Prototype Development Project of Central Bank Digital Currency (CBDC)

“The Bank of Thailand (BOT) has announced the project to develop the prototype of the payment system for businesses using Central Bank Digital Currency (CBDC), which will build upon knowledge from Project Inthanon. The project scope will include conducting a feasibility study and developing a process to integrate CBDC with the business’ innovative platform. The […]