Nordic banks announce KYC joint venture plans

Nordic banks to explore common KYC joint venture — SEB — “Leading Nordic banks DNB Bank, Danske Bank, Nordea Bank, Svenska Handelsbanken and Skandinaviska Enskilda Banken have decided to explore the possible establishment of a Nordic Know Your Customer (KYC) infrastructure… The banks intend to set up a joint venture, Nordic KYC Utility… The company will be owned and controlled by the founding banks, however, the plan is that the company will also offer its services to third parties.”



Washington Metro to accept mobile payments from 2019

Metro moves to become mobile ready, announces plans to offer new app, mobile fare payment options beginning next year — Washington Metropolitan Area Transit Authority — “The new mobile fare payment platform will work with Metro’s existing infrastructure, eventually allowing customers to tap their mobile device to the white target at the faregate. The payment process is designed to be seamless and will have a similar experience to tapping a SmarTrip card today.”


China opens up its payments market to foreign companies

China allows foreigners to enter $27tn payments market — Bloomberg — “Foreign players can start applying for payment licenses and will be treated the same as local firms, the People’s Bank of China said in a statement on Wednesday. Applicants must set up local units, establish payment infrastructure — including disaster recovery systems — and store client information domestically, the central bank said.”


Juniper forecasts 375m NFC ticketing users by 2022

NFC mobile ticketing users to reach 375 million users by 2022, despite a slow start — Juniper Research — “The number of mobile users adopting NFC ticketing will exceed 375 million by 2022, up from an estimated 122 million in 2017. While there is rapid growth in NFC ticketing in European markets, Juniper has scaled back NFC ticketing adoption in many other markets, such as the US, India, and Africa, due to the lack of available services and infrastructure.”


Norwegian banks to form joint venture in bid to combat threat of global tech giants

Norwegian banks to combine payment units Vipps, BankAxept, BankID — Reuters — “Norwegian banks agree to combine payment units Vipps, BankAxept and BankID Norge to improve product offering and prepare for competition against global tech firms… DNB CEO Rune Bjerke said: “We have two choices. Either let the existing payments infrastructure wither away, or join forces and push forward.”


Australian banks to offer real-time payments

Real-time payments to be launched after Australia Day — The Sydney Morning Herald — “The A$1bn project, triggered by a 2012 review of Australia’s payment infrastructure, will mean customers of different banks will be able to make and receive real-time payments, 24 hours a day and seven days a week… It will also allow consumers to arrange payments using their ‘PayID,’ such as a mobile phone number, instead of an account number or BSB. Customers will also be able to include 280 characters of text with a payment, up from 18 now.”


Finland’s central bank reports on the economics of Bitcoin

Monopoly without a monopolist : An economic analysis of the bitcoin payment system — Bank of Finland — “Owned by nobody and controlled by an almost immutable protocol the Bitcoin payment system is a platform with two main constituencies: users and profit-seeking miners who maintain the system’s infrastructure… We explore the future potential of such systems and provide design suggestions.”






Chinese mobile payment apps launch in Vancouver, Toronto

Chinese mobile payment apps launch in Vancouver, Toronto — The Globe and Mail — “OTT Financial Inc is working with Chinese Internet giants Tencent and Alibaba to introduce their mobile-payment infrastructure in Canada. The two apps, WeChat Pay and Alipay, are linked with users’ credit cards and allows them to make payments in renminbi, which is then converted to Canadian dollars before it’s transferred to merchants.”








Mahindra Comviva explores the evolution of digital payments in India

Srinivas Nidugondi

The most obvious recent change in the payments landscape across India is the significant increase in the number of digital payments taking place in both urban and rural areas as a result of the measures taken by the Indian government to push the cashless initiative to the top of the nation’s agenda, says Mahindra Comviva’s senior vice president and head of mobile financial solutions. More


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