Latest Digital Payments News

  • China’s Digital Yuan to Reportedly Target Dominance of Alibaba and Tencent
    China’s Digital Yuan to Reportedly Target Dominance of Alibaba and Tencent
    China’s central bank may be planning to use its digital currency to curb the dominance of Alibaba and Tencent in the digital payments sector. The People’s Bank of China is purportedly planning to use its digital currency electronic system (DCEP) — another moniker for its central bank digital currency — to target the dominance of technology giants like Alibaba and Tencent in the digital payments sector. The report comes only a few days after claims of the central bank prompting a top antitrust agency to launch a probe against Alipay and WeChat Pay for using their dominance to suppress competition. According to the Financial Times, even regulators and executives of Alibaba’s financial group Ant agreed that PBoC will target the market dominance of Alipay and WeChat pay. As of now, Alibaba’s financial subsidiary Alipay and Tencent’s WeChat Pay control a majority of the digital payments across China while banks are left far behind in the competition.
  • After the US Senate Pros and Cons on Digital Money — What Do We Do With It?
    After the US Senate Pros and Cons on Digital Money — What Do We Do With It?
    The crypto industry has the best historical moment to change the discourse about cryptocurrency and its reputation into a successful innovative tech sector. The COVID-19 pandemic has certainly accelerated the digitalization of economies across the globe, opening up discussions on the future of digital financial services and whether our economy should advocate for the financial inclusion of Bitcoin (BTC) and other digital assets. Yet, despite the horror we have been seeing as our industries continue to suffer, the digital payments industry is expected to thrive, based upon recently reported data from the Consumer Confidence Index.
  • Tech's Antitrust Issues Flare Up on Both Sides of the New ‘Cold War,’ Report
    Tech's Antitrust Issues Flare Up on Both Sides of the New ‘Cold War,’ Report
    At the request of the People’s Bank of China, Beijing could soon probe its digital payments monopolies, sources claim. Days after the CEOs of the world’s top tech firms faced antitrust hearings in the United States Congress, sources are alleging that Beijing too could soon probe its own digital monopolies.  A Reuters report published on July 31 cites anonymous sources who claim the People’s Bank of China has formally recommended that the State Council’s antitrust committee launch a probe into the activities of digital payments titans Alipay and WeChat Pay. The central bank has allegedly argued that both have used their ascendant position to stifle any possible competition in the field of digital payments.  If approved, an antitrust probe could be imminent China’s mobile banking sector processed roughly 56.2 trillion yuan ($8 trillion) in transactions in the last three months of 2019, according to Analysys statistics cited by Reuters.  Analysys estimates that AliPay, run by Alibaba affiliate Ant Group, and Tencent’s fintech business (largely WeChat Pay) occupy 55% and 39% of the country’s mobile banking market respectively. One of Reuters’ unnamed sources has said the PBoC formally recommended the State Council committee to investigate possible antitrust issues within the second quarter of 2020. Probe could throw cold water on Ant’s IPO plans The report notes that PBoC has already taken measures to erode the market dominance of both by announcing plans to standardize the interoperability of QR code payments in a bid to ease the entrance of smaller actors into the market. Should a formal antitrust investigation be launched, the news could be a blow for Ant Group’s highly-anticipated dual listing in Shanghai and Hong Kong, where it seeks an initial public offering at a valuation of a reported $200 billion. Following the central bank’s recommendation, the State Council antitrust has already been collecting information on bot
  • Eftpos Australia Launches DLT Micropayments Pilot With Hedera
    Eftpos Australia Launches DLT Micropayments Pilot With Hedera
    Australia’s leading point-of-sale technology provider, Eftpos, is launching a proof-of-concept exploring DLT-powered micropayments in partnership with Hedera. Eftpos Australia, the country’s leading point-of-sale technology provider, has announced a partnership with distributed ledger technology (DLT) firm Hedera to conduct a micropayments proof-of-concept using an Australian dollar stablecoin. Eftpos chief executive Stephen Benton described the collaboration with Hedera as part of a broader digital payments innovation strategy intended to modernize Australia’s payment sector. The pilot aims to demonstrate how micropayments can be used to offer innovative payment solutions, such as “pay per page content or streaming services on a pay-per-second basis.” The proof-of-concept will be powered by an Australian dollar stablecoin through Hedera’s consensus service. Speaking to Cointelegraph, Robert Allen, an ecex at Eftpos and the deputy chair of Blockchain Australia, described the proof-of-concept as part of a diversification strategy the firm has been developing “over the last year or two.” “Diversification for Eftpos means getting on the front foot in terms of the future, it's about how innovation is flooding into the payments space, and how we can stay one step ahead of all of that,” Allen said. Allen said that Eftpos sought to partner with Hedera a few months ago due to their “professionalism, enterprise-grade technology, and growing governance council.” “You can’t really argue against a governing council that are actually part-owners of a company, [and] that includes Google, FIS, Boeing, Tata, Deutsche Telekom and the list goes on,” he added. DLT micropayments to disrupt economy Allen discussed some of the applications that the payments firm envisages for its stablecoin-powered micropayments system in the future, emphasizing opportunities for “pay-per-view on a page-by-page basis” and “getting behind paywalls a
  • Crypto Mastercard, French CBDC Experiment, Fake Digital Yuan + More News
    Crypto Mastercard, French CBDC Experiment, Fake Digital Yuan + More News
    Source: Adobe/Игорь Головнёв Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. Payments news Payments giant Mastercard has granted London-based digital payments firm Wirex principal membership status, making it "the first native cryptocurrency platform" to be granted
  • Covid-19 Forces Indians to Embrace Digital Payments but Country Still Lacks Crypto Regulation
    Covid-19 Forces Indians to Embrace Digital Payments but Country Still Lacks Crypto Regulation
    The global pandemic Covid-19 is forcing Indians to resort to digital payment platforms when settling bills as well as paying for groceries.