What's New in Payments

India to relax mobile wallet KYC rules

‘Low KYC’ norm to help mobile wallets retain their customers — Economic Times — “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… An estimated over 200m mobile wallets ran the risk of being cancelled by the regulators, once the deadline to upgrade their non-compliant accounts to ‘full KYC’ accounts expires on February 29.” 


What's New in Payments

Federal Reserve sets out its digital currency position

The digitalization of payments and currency: Some issues for consideration — The Federal Reserve — “Given the dollar’s important role, it is essential that we remain on the frontier of research and policy development regarding CBDC [Central Bank Digital Currency]. Like other central banks, we are conducting research and experimentation related to distributed ledger technologies and their potential use case for digital currencies, including the potential for a CBDC. We are collaborating with other central banks as we advance our understanding of central bank digital currencies.” 



What's New in Payments

Israeli banks balk at Apple Pay fees

Turbulent entry into the payments market: Apple Pay requires high commission in Israel — Calcalist (translation) — “Apple representatives have begun a round of meetings with banks and credit companies to formulate agreements to begin Apple Pay’s operations in the country… Some players were surprised to find that Apple requires a fairly high fee estimated at 0.15% to 0.25% of any transaction made through Apple Pay… ‘It is disproportionate, and constitutes an exploitation of its status and power,’ says a source close to the talks between the parties.” 


NFC World

Weave adds NFC to tabletop role-playing game

Continue to redefine your story with the new Storyteller Screen for Weave — Gaming Trend — “The traditional game master screen has been re-imagined with new technology to keep storytelling fresh… Scan the app with the NFC chip to load character sheets, launch new or old stories and invite new players to current sessions.” 



What's New in Payments

Visa to introduce variable interchange rates in the US

Visa is planning the biggest changes to swipe fees in a decade — Bloomberg — “The company’s interchange rates — fees charged every time a consumer uses a card — will go up or down depending on the merchant and the way a consumer pays for their purchases, according to a document Visa sent to banks that outlines the changes. Higher rates are looming for transactions on e-commerce sites, while retailers in certain services categories, such as real estate and education, will see fees decline.” 


What's New in Payments

Royal Australian Mint to phase out silver coins?

Royal Australian Mint expects lowly silver coins to be phased out amid rise of contactless payments — ABC Radio Melbourne — “Royal Australian Mint chief executive Ross MacDiarmid said demand for coinage had dropped by about 55% in the last five years, and most of that had been for silver coins… Rising inflation, coupled with the growth of online and contactless payments, are rendering the lowly silvers obsolete… Much like the old 1 and 2c coins, phased out in the 1990s, Mr MacDiarmid expected the mint to eventually stop producing 5 and 10c coins.” 


Lancashire Cricket puts mobile tickets on the blockchain

Lancashire Cricket becomes first organisation to activate blockchain secure ticketing — Lancashire Cricket — “Lancashire Cricket is leading the way in ticketing technology after becoming the first organisation in the UK, in any industry, to activate blockchain secure mobile tickets for all domestic and international fixtures at Emirates Old Trafford in 2020. The club will be using TIXnGO, a new blockchain mobile tickets platform, after successful trials took place during the 2019 season.”