Chinese consumers are rapidly moving towards non-bank and cashless alternatives, such as Alibaba’s $60 bln financial application Alipay. To cope with the rapid growth rate of its FinTech industry, Chinese state-owned companies launched a $1.5 bln fund to support emerging FinTech startups and technologies. (more…)
By Ketharaman Swaminathan for Finextra
On the back of the demonetization of high value currency notes in India, the government has been aggressively pushing cashless payments. Trending on Twitter under the hashtag #CashlessIndia, the initiative has attracted criticism from the blogosphere and mainstream media on the grounds that India is not yet ready for digital payments. (more…)
A new analysis from the Federal Reserve shows checks as one of the few non-cash payment types to decline, while many others are on the rise. (more…)
By Vinod Sharma for Finextra
Abstract – Journey from cash only transactions to less cash and thereafter if possible moving to cashless or digital money society. This journey looks very simple in textbooks or written on blogs or papers but ground reality can be very different. (more…)
The rise of mobile and contactless payments means that by 2026 cash will account for less than a quarter of all transactions in the US, according to research from law firm Paul Hastings and the Centre for Economics & Business Research (Cebr). (more…)
By David Heun for PaymentsSource
Starbucks customers in China now have the option to use WeChat Pay to buy their coffee at nearly 2,500 Starbucks stores across the country.
Through a partnership between Starbucks and Tencent Holdings Limited, the Seattle coffee giant becomes the first retail brand to have digital payment and gifting capabilities through WeChat, the popular social media platform in China.
Tencent Holdings says it has 846 million global monthly active-user WeChat accounts, of which more than 300 million have linked bank cards to WeChat Pay or QQ, another service through Tencent. (more…)
By Sumit Chakraberty for TechInAsia
Long before demonetization and a scramble to find alternatives to cash, India had laid out a unique tech infrastructure for a digital economy. Its cornerstones were a unique biometrics-based Aadhaar ID for every citizen to enable authentication, and a unified payments interface (UPI) to simplify money transfer. (more…)
In association with TPS as its trusted technology partner, Askari Bank Limited has launched Cardless Cash Withdrawal service for the first time in Pakistan. With this service, Askari Bank’s customers can withdraw cash without any ATM card. The service is available at all Askari Bank ATMs across Pakistan.
By MATTHEW HUGHES for TNW
There’s a term used to describe people who walk into a store, help themselves to a sandwich or a cupcake, and then promptly walk out: Shoplifters. But maybe not for much longer. Amazon just lifted the lid on its new Amazon Go technology, which looks to fundamentally transform the retail world. (more…)
The world’s largest payment networks will see a surge in transactions and cardholders after the Indian government’s decision this month to remove high-denomination bills from circulation, according to analysts who cover the companies. The two networks have been pushing for this kind of change in India, where a McKinsey & Co. study found that more than 90 percent of transactions are still conducted in cash. (more…)
Life.SREDA’s portfolio company Fastacash was awarded the biggest award at the Singapore FinTech Awards
Between the 10 awardees, Life.SREDA’s portfolio company FASTACASH was awarded a 1st place with a prize of S$250.000 in a category of MAS FintTech award (Singapore-based companies of any size)
Societe Generale is to offer customers the opportunity to replace their current Visa cards with a Motion Code card from Oberthur that replaces the three-figure CVV code on the rear of a card with a small screen display that automatically changes periodically. (more…)
By Malavika Velayanikal for TechInAsia
Alibaba-backed mobile ecommerce player Paytm put out an ad on the front pages of newspapers last week congratulating Indian prime minister Narendra Modi for “taking the boldest decision in the financial history of independent India.” Delhi chief minister and Modi rival Arvind Kejriwal blasted the “biggest beneficiary” of the PM’s massive demonetization drive putting up an ad in his praise. But Paytm chief Vijay Shekhar Sharma held his own. (more…)
The current Indian Currency Demonetization is not a tectonic change by itself, but has the potential to usher in...
By Rajesh Dhuddu for LTP
The Government of India took a bold decision to demonetize INR 500 and INR 1000 notes and replace them with notes of newer denomination and also introduce notes of INR 2000. This herculean initiative, that involves exchange of Rs 14 lakh crores (USD 206 bn) was trending worldwide on the same scale as US election results. The gigantic effort to replace 2203 crore (22 billion) pieces of currency notes will easily make its entry into Guinness Book of records as the biggest exchange that human history has ever seen or will see in the future. (more…)
By Canh Tran for LTP
We knew this was coming when the Federal Reserve issued guidance applying the Customer Identification Program (CIP) to prepaid cards in March of this year. Customers are able to reload prepaid cards, use direct deposit and in some cases, receive overdraft protection, which the federal agency determined enough for it to be considered an account relationship. And now that reloadable prepaid cards are considered an account relationship, it’s not surprising that the Consumer Financial Protection Bureau recently issued new rules requiring fraud protection support for those using them. (more…)
By Elena Mesropyan for LTP
With around 2 billion financially excluded people around the world and 232 million undocumented migrants internationally – a large part of which does not have a formal identification document at the new place of residence – a secure and scalable tech-power solution is required to help such a large group build a resilience to hardships.
By Sumit Chakraberty for TechInAsia
Higher denomination currency notes of INR 500 (US$7.5) and INR 1,000 (US$15) are suddenly just pieces of paper from today. The Indian prime minister, Narendra Modi, made the shocking announcement in a speech last evening that these notes stand abolished as of midnight. They are no longer legal tender. (more…)
Russia’s prime minister, Dmitry Medvedev, says he wants to make the country’s new payments system compatible with China’s UnionPay as a way to guard against Western sanctions. (more…)