LATEST GLOBAL INDUSTRY BRIEFS
Morgan Stanley is undergoing the business restructuring in Russia, and CBR has revoked its banking licenses
rbc.ru, May 27, it was reported that Morgan Stanley is undergoing the business restructuring in Russia. Its Morgan Stanley Bank has rejected the broker business and banking licenses and has paid off debts to shareholders. It is learned that the Central Bank of Russia (CBR) has revoked the bank’s banking license based on the application submitted by Morgan Stanley Bank.
SNB: Expansive policy more important in Covid-19 pandemic
cn.reuters.com, May 27, Swiss monetary policy must remain accommodative, Swiss National Bank Chairman Thomas Jordan said on Wednesday, saying the central bank was currently willing to intervene more strongly in currency markets. “Using negative interest rates and foreign currency purchases is particularly important with the Swiss franc in high demand as a safe-haven investment during the Covid-19 pandemic”, Jordan claimed. “We have room to cut rates further if necessary. At this moment, 0.75 percent is the right level for money market rates.”
ECB expects GDP in euro zone to shrink by 5 percent to 12 percent this year
sohu.com, May 27, the European Central Bank (ECB) predicts that Eurozone governments’ budget deficit-to-GDP ratio will rise to 8 percent on average this year, much higher than the level after the 2008 financial crisis. In addition, the euro zone will suffer the worst post-war recession this year, with GDP shrinking by 5 percent to 12 percent. The ECB is scheduled to update its economic forecast next week and reassess its monetary policy.
BOK cuts key rate to 0.5 percent
cn.yna.co.kr, May 28, the Bank of Korea held a meeting of the Financial and Monetary Committee on May 28 and slashed its benchmark rate by 0.25 percent from 0.75 percent to 0.5 percent. The analysis believes that judging from the sharp decline in exports and the slowdown in the economic growth of major economies such as China and the United States, the impact of the pandemic on the economy has exceeded expectations so that it made the decision to cut the rate.
Visa launches digital transformation and e-commerce solutions in Hong Kong to help SMEs expand online business
hket.com, May 27, the pandemic has accelerated the pace of enterprises’ digital transformation. In order to meet the needs of SMEs, Visa recently has launched a digital transformation toolkit and e-commerce starter kit to help SMEs quickly transform. The digital transformation toolkit solution can help companies release cash flow to optimize and manage the working capital of corporations. In addition, services such as CardUp, Nium, and Reap can be used to electronically pay their suppliers with Visa business cards.
Scammers continue to ramp up credit card fraud amid Covid-19
verdict.co.uk, May 27, the number of credit card scams continues to soar during the pandemic, as fraudsters escalate phishing attacks and increase attempts to purchase with stolen card number. The dollar volume of attempted fraudulent transactions rose 35 percent in April from a year earlier, according to payment services provider Fidelity National Information Services, a trend that appears to be continuing in May.
Lianlian International reaches strategic cooperation with Wish
stcn.com, May 27, Lianlian International announced on May 27 that Lianlian Pay has officially become the official collection service provider of Wish as it had reached strategic cooperation with the world-renowned mobile e-commerce platform Wish. Starting May 27, cross-border e-commerce sellers can log on to the Wish and directly select the Lianlian Pay as cross-border payment collection channel to enjoy the more secure, compliant, convenient, and efficient cross-border collection service.
Visa survey: Biggest challenge faced by online-only banks is that the public is interested in them but that they are hesitating
ec.ltn.com.tw, May 28, three online-only banks will officially open in the second half of this year. According to the latest survey of Visa, Taiwanese people are no strangers to online-only banks, with more than 70 percent of people basically knowing about them and over 60 percent willing to open an account, but only one-fifth of the respondents said that they will definitely open an account in those banks, which becomes the biggest challenge faced by those banks.
Russia's Far Eastern Bank has issued more than 1 million Mir cards
kam24.ru, May 28, according to the data, by the beginning of 2020, the Russian Far Eastern Bank had issued more than 1 million Mir cards. In addition, in the first quarter of 2020, the bank also cooperated with the international payment system JCB to launch the Mir-JCB co-branded card. Cardholders can enjoy the double discount provided by Mir and JCB payment systems when using this card.
Klarna and BigCommerce extend partnership to Australia
ibsintelligence.com, May 27, Klarna, a payments provider company and BigCommerce, an e-commerce platform, have announced the further expansion of their partnership into the Australian market. With the expansion into Australia, retailers on the BigCommerce platform will now have the ability to integrate Klarna’s shopping experience and flexible payment options into their customer offerings.
Samsung wants to help you manage your money with its new debit card
cnet.com, May 27, Samsung’s getting into the personal finance game -- with its new, no-fee Samsung Money cash management service and debit card for Galaxy device users, launching later this summer. The company on Wednesday shared details about its service, which is offered through a partnership with online personal finance company SoFi. Its debit card, which will be available via Mastercard in the US, will have no fees, including those related to overdrafts and transfers and through the use of certain ATMs in the US. Samsung Money users will be able to check their balance, review past statements and search transactions through the Samsung Pay app.
Stripe expands in Europe, inks JCB tie-up in Japan
pymnts.com, May 27, Stripe, a world's leading payment company, has launched in five more European countries. The global payments company is now doing business in the Czech Republic, Romania, Bulgaria, Cyprus and Malta. In addition, Stripe announced a partnership with JCB, Japan’s only international payment brand. The collaboration will allow businesses to accept payments from JCB’s 100 million cardholders.
RBI says no restrictions on banks providing accounts to crypto traders
cointelegraph.com, May 26, India’s central bank, the Reserve Bank of India, seems to finally be clarifying its stance on financial services for cryptocurrency-related businesses. The RBI said that there are no restrictions on banks preventing them from providing an account to cryptocurrency companies or traders. Now that the RBI’s stance is crystal clear, the blockchain and cryptocurrency industry can flourish in India, opening digital assets to 1.35 billion Indians:
BoE: Economy to shrink by more than 20 percent in Q2
rthk.hk, May 26, the United Kingdom’s economy will likely shrink more than one fifth in the second quarter of 2020, Bank of England (BoE) chief economist Andy Haldane predicated. Despite modest improvements in spending and business sentiment being shown by surveys, the recovery is very weak, and the risk of a slow economic recovery is greater, said Haldane. Commenting on negative rates, Haldane said the bank mainly considers the impact of negative rates on the financial sector and on the confidence in the economy and that it is still far away for the BoE to move the rate into the negative territory.
Singapore lowers economic outlook for third time
hket.com, May 26, Singapore has cut its economic forecast for 2020 for the third time as the country is hit by the Covid-19 pandemic. The Ministry of Trade and Industry released a statement, saying that due to the deteriorated outlook for the external demand, the economy is expected to shrink by a range of 4-7 percent this year instead of the previously estimated range of 1-4 percent. The authority also said that the GDP for the first quarter contracted by 0.7 percent YoY and 4.7 percent QoQ.
Reserve Bank of Australia announces Payments System Board updates
ibsintelligence.com, May 26, the Reserve Bank of Australia announced the discussions undertaken by the Payments System Board in light of the Covid-19 pandemic implications for risk management by financial market infrastructures (FMIs). Members considered that FMIs in Australia had generally performed well considering the operational and financial risk management challenges presented by the pandemic. While apprising on the impact of the coronavirus on the retail payments system, it was underscored that providers have, to date, coped well with the altered operational arrangements and other changes induced by the pandemic. The Board will continue to monitor changes in payment behaviour induced by the virus, including the reduced use of cash.
Ghana launches Digital Financial Services Policy amid Covid-19 pandemic
ibsintelligence.com, May 26, globalization and digitization are two significant trends that will shape the future of nations. The Republic of Ghana is well-positioned to take advantage of these two trends as it strives to create a vibrant economy that benefits all Ghanaians. The Ministry has announced the launch of three policy initiatives designed to deepen financial inclusion and accelerate the shift to digital payments, namely, the National Financial Inclusion and Development Strategy, the Digital Financial Services (DFS) Policy, and the Cash-Lite Roadmap. These assertions in the COVID-19 pandemic era are even more relevant when social distancing has become the new norms.
ACI Worldwide expands benefits of real-time payments to any digital channel for consumers, merchants and billers
businesswire.com, May 26, ACI Worldwide, a global provider of real-time electronic payment and banking solutions, on May 26 announced the launch of a series of new capabilities in its UP Immediate Payments solution. To address the increased demand for new real-time and digital payments during and beyond the pandemic, UP Immediate Payments now offers extended API capabilities for simple integration into any digital channel—including internet banking, mobile banking, mobile wallets, eCommerce portals, bill pay apps and social media payments. These capabilities bring the benefits of real-time payments to additional digital channels for consumers, merchants and billers.
BUFFALO obtains third-party payment license
mpaypass.com, May 27, South Africa’s online retail channel provider BUFFALO said that it has officially obtained a third-party payment license issued by the South African government. It is learned that wholesale and retail trade will also be fully opened starting June 1 and that avoiding payments that need physical contact is one of the anti-pandemic measures that the South African government has been considering and promoting. BUFFALO’s obtaining a third-party payment license at this time will provide Chinese cross-border e-commerce and local e-commerce with more complete financial services in terms of collection methods.
Advantages of mobile payments seen amid Covid-19 pandemic
huanqiu.com, May 27, many people have changed their lifestyles due to the rampant Covid-19. At the same time, payment methods have been quietly changed in many countries. In Russia, Absolut Bank saw its online payment business increase by 25 percent in March, which was obviously related to the reduction in the use of cash during the pandemic. In Saudi Arabia, due to pandemic prevention and control considerations, e-commerce merchants have been required to stop cash-on-delivery services since late April, and e-commerce platform JollyChic has fully enable online payments. In Belgium, advertising for mobile payments gains momentum. And the core of those advertisements is that mobile payments make consumers’ funds safer, guarantee everyone’s health, and even are listed as one of “the three essentials for going out” (the other two essentials are masks and hand sanitizers) amid the pandemic.
Facebook renames Calibra as Novi
finance.sina.com.cn, May 26, Facebook announced that it will rename its digital wallet service Calibra as Novi. It is known that Calibra is a digital wallet created for Libra. Users can use it through Messenger and WhatsApp, and it will also be launched in the form of an independent app, expected to be officially available this year. Facebook said that once Libra is officially launched, an early version of Novi will also be launched in some countries.
RICS beefs up Anti-Money Laundering guide in light of coronavirus
estateagenttoday.co.uk, May 26, the Royal Institution of Chartered Surveyors has revised its Anti-Money Laundering guidance in the light of coronavirus. It says the scale of serious organised crime, including money laundering is estimated to cost the UK around GBP 24 billion. The guide ensures regulated firms comply with RICS’ professional standards but does not provide legal advice on specific obligations for firms carrying out regulated activities. It cautions that advice from a legal professional or AML supervisor may still be required.
PayPal quarterly payments jump 85 percent in three years to 3.2 billion
londonlovesbusiness.com, May 26, the quarterly number of PayPal payments jumped 85 percent over the last three years, reaching 3.2 billion in the first quarter of 2020, according to data gathered by LearnBonds. In the first quarter of 2017, PayPal reached 1.7 billion transactions worldwide. And in the first quarter of 2020, there were 325 million active PayPal accounts globally.
Maze ransomware gang leak Banco BCR card data, containing details of various Mastercard and Visa credit cards or debit cards
finextra.com, May 26, the Maze ransomware gang have started posting payment card data stolen during a breach at state-owned Banco de Costa Rica. The hacking crew are understood to have gained access to BCR servers in February, encrypting data and stealing approximately four million unique payment card numbers. Security researchers Cyble has verified the data leak, containing details of various Mastercard and Visa credit cards or debit cards.
FUJI CORPORATION, which operates chain convenience stores, introduces 8 types of code scanning payment services
paymentnavi.com, May 26, Fuji, which operates chain convenience stores, recently announced that it will introduce 8 code scanning payment services for its stores, including au Pay, d-Pay, PayPay, Merpay, Yucho Pay, LINE Pay, Rakuten Pay, and Alipay. And they will be officially put into use from June 1, 2020.
IMF official: Central Bank and private sector can partner to build CBDCs
bc.jrj.com.cn, May 27, Tommaso Mancini-Griffoli, the IMF’s deputy division chief in the Monetary and Capital Markets Department, recently said that idea that a CBDC that is run by the central bank has “gone out of the door” and has been replaced by the concept of “synthetic CBDCs”. He said that although the initial concept of CBDCs assumes that the central bank is fully responsible for everything related to CBDCs, from creation to issuance, banks actually found the concept to be very risky and expensive. With the “synthetic CBDCs”, most of the costs and risks will be transferred to the private sector, but the entire process is required to be conducted in a regulated environment.
ECB prepares for the worst: Drafting contingency plans for withdrawal of Bundesbank from bond-buying programme
cn.reuters.com, May 27, the European Central Bank (ECB) is drafting contingency plans to carry out its multi-trillion bond-buying programme without the Bundesbank in case Germany’s top court forces the main participant in the scheme to quit, four sources revealed. In that case, the ECB, or less likely the other euro zone central banks, would take up the Bundesbank’s quota in the Public Sector Purchase Programme (PSPP) and buy German bonds, the sources said. They said such plans had not been finalised or officially discussed by the ECB’s Governing Council yet.
Japan to reopen economy, but BOJ Governor Haruhiko Kuroda maintains gloomy outlook
cn.investing.com, May 26, Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Tuesday that in light of the pandemic, the Japanese economy will continue to be in a severe state. Although the government lifted the national state of emergency, Kuroda kept a downturn outlook for the economy and stated that if necessary, the BOJ is prepared to relax its policy without hesitation and continues to pay attention to the impact of the pandemic. In addition, he also predicted that the Japanese economy will suffer a greater contraction in this quarter than in January-March.
Walmart and Green Dot revamp MoneyCard
finextra.com, May 26, Walmart, together with Green Dot, announced updated features and benefits for the Walmart MoneyCard Reloadable Debit Card program. The Walmart MoneyCard is issued by Green Dot Bank. Available at Walmart stores or online at WalmartMoneyCard.com, features and benefits of the updated Walmart MoneyCard include: Cash Back Rewards, Account Lock Security, Free Cash Withdrawal, etc.
SumUp launches payment tool to help businesses during Covid-19
verdict.co.uk, May 26, payments provider SumUp has launched an online payment tool to help businesses adapt to ongoing social distancing measures. The solution will allow merchants to showcase products remotely, facilitating the making and taking of all payments. The solution is part of the company’s drive to provide a complete toolkit for merchants. It follows the March lauch of SumUp Invoicing and Mobile Payments.
PayPal to hold internet conference for Japanese small and medium-sized e-commerce merchants
prtimes.jp, May 26, PayPal recently announced that facing the difficult environment caused by the Covid-19 pandemic, PayPal will work together with Interfactory, which operate the cloud-based e-commerce platform ebisumart, and LOGILESS, with which PayPal has a cooperative relationship in systems and logistics, to hold an internet conference for Japanese small and medium-sized e-commerce merchants that are greatly hit by the pandemic to help them get out of trouble.
American Express boosts financial relief programme for card members
verdict.co.uk, May 26, American Express has decided to bolster its Financial Relief Program to support US consumer and small business card members amid the Covid-19 pandemic. The enhanced programme will cater to those who need additional financial assistance due to the wide-ranging impacts of the crisis. The company is now rolling out additional features to its existing programme to provide card members with more support. The additional features include lower monthly payments and interest rates, provide relief from future late payment fees, etc.
XTM expands cashless ecosystem with RBC and Interac®
finance.yahoo.com, May 26, XTM, a Toronto-based Fintech company, providing mobile banking and payment solutions around the world, announced it is leveraging the Interac Bulk eTransfer® solution offered by RBC to help its business clients facilitate near real time payments. The solution allows XTM customers or Today™ mobile users to send funds in near real-time to any bank in Canada.
Airtel PB-Mastercard to create customized financial products for Indian farmers, SMEs
ibsintelligence.com, May 26, Indian first payments bank (PB) to go live Airtel Payments Bank (APBL) has partnered with Mastercard to develop customized products catering to customers across the underbanked spectrum including farmers, small and medium enterprises and retail customers. The collaboration aims at building a digital platform that provides farmers with knowledge about advanced farming techniques and connection to marketplaces, while simultaneously enabling them to receive payments directly in their Airtel Payments Bank account.
Zhang Zhifu, delegate to National People’s Congress, suggests speeding up process of deploying overseas renminbi clearing banks
mpaypass.com, May 26, with the continuous improvement of China’s opening up to the outside world, the Chinese economy has fully integrated into the world economic system, and the renminbi has gradually gone abroad and enter the international stage. Therefore, Zhang Zhifu, a delegate to the National People’s Congress and the head of the Nanchang Center Sub-branch of the People’s Bank of China, believes that the use of the renminbi in cross-border trade and investment should be vigorously promoted. He made relevant suggestions for five aspects: Further strengthen the market players’ discourse right to choose a currency for settlement; increase the willingness of overseas market entities to hold the renminbi through various channels; speed up the improvement of the construction of the renminbi international infrastructure and the process of deploying overseas renminbi clearing banks; further improve the mechanism and strengthen concerted efforts and further improve the organization system of cross-border renminbi business.
The Philippines aims to digitize 50 percent of retail payments by 2023
baijingapp.com, May 25, Benjamin Diokno, governor of the Central Bank of the Philippines, said recently that in next three years, at least half of retail payments will be digitized. In addition to this commitment, Diokno also stated that before his term ends, 70 percent of adults in the Philippines will have a trading account and use it normally. To achieve this goal, the central bank has drafted a three-year roadmap for the transformation towards digital payments, according to which the opening of the banking industry has become one of the major policy initiatives.
RBA predicts country’s economy will contract by 10 percent in H1 this year
xinhuanet.com, May 26, according to the second-quarter monetary policy report released by the Reserve Bank of Australia (RBA), Australia’s GDP is predicted to decline by 10 percent in the first half of the year, and the economic outlook is full of uncertainties. The report believes that the outlook for the recovery of the Australian economy mainly depends on the duration of implementing social distancing policies and the impacts of these policies on economic activities. Other factors include changes in the pandemic and the recovery of households’ and businesses’ confidence in spending. It is learned that the Australian government has announced a road map to relax epidemic prevention and control in phases.
The deconfinement will also weigh on French growth
archyde.com, May 26, activity is gradually resuming in France, but the deconfinement will still weigh on the country’s growth, according to the Bank of France (BoF). It expects that heavy losses will be added, during the deconfinement period, to those accumulated during the containment started in mid-March. The governor of the BoF, François Villeroy de Galhau, estimated Monday at least three points the expected loss for gross domestic product (GDP) during the period of deconfinement which began on May 11.
FIs will reopen more customer services from June 2, 2020 in Singapore
ibsintelligence.com, May 25, Financial institutions (FIs) in Singapore will be allowed to reopen more customer service locations from June 2, 2020. This will be carried out with strict safety management requirements in place, to minimise the risk of Covid-19 infections, in line with the Ministry of Health’s (MOH) three-phased approach to resume business operations. The Monetary Authority of Singapore (MAS) will allow FIs more onsite staff to meet increased customer needs as some businesses re-open, as well as to serve customers using both online and offline channels more efficiently. MAS strongly advises all FI customers to continue using digital financial services and e-payments as much as possible.
Samsung joins hands with Visa to exempt transfer fees of Samsung Pay until August 10
news.samsung.com, May 25, Samsung Electronics announced cooperation with Visa to exempt Samsung Pay’s transfer fees for users for a limited period of time. Before August 10, 2020, Russian Samsung Pay users and Visa cardholders of partner banks can transfer money for free through Samsung Pay.
Number of online transactions of Russian online retailer Wildberries completed through FPS increased by 14 times in April
new-retail.ru, May 25, the largest online retailer in Russia, Wildberries, said that due to the home quarantine of Russians during the outbreak of Covid-19, the number of online transactions completed on the company’s website through the Faster Payment System (FPS) increased by 14 times in April. It is known that the company introduced the QR code payment service based on the FPS in September 2019.
Department of Transportation of Philippines will promote introduction of e-payments for taxis
nna.jp, May 26, the Department of Transportation of the Philippines announced recently that it will promote the introduction of cashless payments into taxis and taxi apps to prevent the Covid-19 from further spreading after relaxing travel restrictions. It is reported that the Department of Transportation first adopted the e-payment service GCash, and is negotiating with PayMaya, beep and other payment services.
North Pacific Bank tentatively introduces J-Coin Pay for government building of Ashibetsu City
nikkei.com, May 25, the North Pacific Bank announced on May 25 that it will introduce Mizuho Financial Group’s J-Coin Pay for the government building in Ashibetsu City, Hokkaido for a test run. Residents will be able to use J-Coin Pay to pay for the issuance of various documents. The test will continue until the end of March 2021, after which a formal introduction will be further considered.
Google testing voice payment technology
mpaypass.com, May 26, Google is testing a new technology, with which consumers can only need to “say a word” to authenticate their identity and complete mobile payments through voice. At present, Google is testing the voice payment technology in some smart speaker products, but there are some restrictions on the goods and services available for purchase. Google said that in addition to the devices with Google Assistant installed, Google will use users’ “voice matching” identity information to confirm mobile payments on all devices linked to Google accounts.
Number of PayMe users exceeds 2 million
hkej.com, May 25, HSBC announced that since the launch of PayMe three years ago, the number of users has exceeded 2 million. At the same time, PayMe has become the most popular social payment app in Hong Kong for three consecutive years. Calculated by the P2P transaction amount, it has reached a market share of 70 percent. In addition, PayMe’s commercial solution “PayMe for Business” has provided payment collection solutions for thousands of merchants since its launch in last March.
Zaggle and Visa partner on payments solutions for SMEs and startups
verdict.co.uk, May 25, India-based company Zaggle has partnered with Visa to support different payments solutions to improve overall productivity and efficiency for local startups and SMEs. Businesses can use Zaggle’s applications for automating routine business processes and cut operational costs. Startups and SMES will also be able to leverage credit solutions offered via a card. The firm aims to help businesses impacted due to the Covid-19 pandemic.
Visa approves new DeFi-enabled crypto card in EU and UK
cointelegraph.com, May 25, Swiss DeFi startup Eidoo has introduced a new Visa crypto debit card that uses regulated stablecoins for crypto-to-fiat conversion.The so-called Eidoo Card has been approved for operation by Visa. Eidoo partners with principal member of Visa Europe to issue a new Visa crypto debit card.
Yi Gang interviewed on key issues during Two Sessions
WeChat Account “FINANCIALNEWS2011”, May 26, Yi Gang, the Governor of the People’s Bank of China, was interviewed on key issues during the Two Sessions. Yi Gang said that at present, the digital renminbi research and development work follows the principles of stability, safety, controllability, innovation, and practicality. First, internal closed pilot tests will be conducted in Shenzhen, Suzhou, Xiong'an, Chengdu and the future Winter Olympics scenes to test the reliability of the theory, system stability, function availability, convenience of processes, scenario applicability, and risk controllability. However, the current pilot test is still a routine work in the research and development process and does not mean that the digital renminbi will be officially issued. There is no timetable for when it will be officially launched.
Bank of Canada: Inflation can return to target level more slowly
cn.reuters.com, May 26, Bank of Canada Governor Stephen Poloz said the Bank of Canada’s policy framework is flexible enough to allow inflation to rise to the central bank ’s target of 2 percent more slowly than average. It is reported that the Bank of Canada has cut interest rates three times since the outbreak of the Covid-19. It has also launched an unprecedented large-scale debt purchase plan to ease the pressure on the financial market. Poloz said that the central bank’s inflation target remains the primary target.
South Korea’s bank card spending in April decreased by 5 percent year-on-year
cn.yna.co.kr, May 25, according to statistical data released by South Korea’s Credit Finance Association, South Korean bank cards (including credit cards, debit cards and prepaid cards) spending decreased by 5.2 percent year-on-year to KRW 69 trillion in April. This is the second consecutive month of decline in bank card spending under the impact of the pandemic, the largest decline since February 2013. In the same month, the number of card payments decreased by 3.7 percent to 1.71 billion. The association said that the average annual increase in card spending is usually close to 5 percent. It still increased even during the global financial crisis in 2008, it said. This decline shows that the pandemic has a greater impact on consumption.
Sberbank plans to purchase 5,000 blockchain-based contactless ATMs
bc.jrj.com, May 26, the Sberbank is planning to purchase 5,000 contactless ATMs equipped with blockchain systems, aiming to reduce the need for customers to have physical contact with bank cards during the Covid-19 pandemic. It is known that the blockchain device will support multiple contactless payment systems, including Google Pay, Apple Pay, Samsung Pay, Mir Pay, and Huawei Pay.
ARB asks government not to reduce acquiring fees
vc.ru, May 25, the Association of Russian Banks (ARB) asks the Russian government to cancel the decision to reduce the acquiring and inter-bank fees. The ARB said that reducing fees is only beneficial to those large enterprises. However, for small and medium-sized enterprises, especially those with an annual turnover of less than RUB 24 million, the reduced fees are lower than the cost of purchasing and maintaining acquiring equipment. In addition, the adjustment of fees will cause a loss in bank’s incomes.
Rakuten Pay and Suica Card reach cooperation
news.yahoo.co.jp, May 25, Rakuten Payment and East Japan Railway Company recently announced that Rakuten Pay will support issuing Suica cards, topping up Suica cards, and making payments with Suica cards. In the future, the two parties are expected to continue to introduce new features, such as supporting the use of Rakuten points to top up Suica cards.
RCBC expands its payout network to include those without mobile phones in rural areas
fintechnews.sg, May 26, Rizal Commercial Banking Corporation (RCBC) said that it is closer to its target of covering all provinces of the country with handheld automated teller machines (ATM) as the bank beefs up the payout partner network through its ATM Go service. The continuous expansion comes at the heels of an endorsement from the Department of Social Welfare and Development (DSWD) for the use of this digital facility as a payout channel for the national government’s social amelioration programs. This includes another disbursement platform called DiskarTech Lite which has been approved by the BSP to help DSWD in quickly disbursing the government emergency fund. “This is the only inclusive and comprehensive disbursement platform in the country today allowing beneficiaries with or without smartphone or feature phones to receive their social grant,” Villanueva emphasized.
ISignthis slams ASX for seeking sensitive details as Visa deal ends
smh.com.au, May 25, iSignthis has confirmed its high-profile relationship with Visa will be terminated, as it blasted the market operator for requesting sensitive details about its relationship with the card giant. Visa suspended its processing of iSignthis customer payments in March due to an ASX investigation. iSignthis said it would “restrict trade and competition”. ISignthis retains the ability to process transactions with other providers like Mastercard, Diners and China UnionPay. ASX alleged that iSignthis has committed significant breaches of the listing rules that require action by the corporate regulator.
AirPay FinTech enables Alice McCall to accept Alipay & WeChat Pay via its Shopify integration
finance.yahoo.com, May 26, through the partnership with AirPay FinTech, Australian womenswear designer brand Alice McCall enabled Alipay & WeChat Pay on its Shopify ecommerce website. Over one million Australian Chinese can now shop with their mobile phone and pay with their preferred Alipay and WeChat Pay.
Upco selects Token payment API for its Mobile Messenger App
ibsintelligence.com, May 22, open banking infrastructure provider, Token.io has announced that Upco International, a cloud-based mobile service company, has integrated Token’s payments API into Upco’s Mobile Messenger to power a suite of open banking payment services within the app. Through the partnership, UpcoPAY, an extension of Upco Mobile Messenger, will use Token Pay to enable the delivery of account-to-account (A2A) transfer services and account-to-merchant (A2M) payment services.
RevoluPAY now licensed to provide services in every EU country
pymnts.com, May 25, payment app RevoluPAY, a subsidiary of publicly traded technology company RevoluGROUP, can now offer B2B payments services in all 27 European Union (EU) member countries with its newly acquired Pan-European PSD2 (Second Payment Services Directive) license. RevoluPAY is the first Canadian organization to obtain the license, which is granted by the Central Bank of Spain.