Morning Brief 1.31.20: Canada brings debit payments to transit
The information you need to start your day, from PaymentsSource and around the web:
Payments Canada is changing its rules to allow debit cards to pay for transit, making it easier for networks to support open loop payments.
The existing rules govern online connectivity in a way that makes it hard to accept large volumes of payments in a short time, reports Finextra. The new rules have relaxed those requirements, which could aid not only transit, but also airline boarding and other travel-related tasks.
Payments Canada is part of a national initiative to modernize Canada's financial networks to accommodate digital commerce.
Tech startup Zap has upgraded its lightning wallet to support U.S. dollar transactions.
Users can download the wallet, link a bank account or debit card, and scan lightning payments, which are debited in dollars, reports Coindesk. The company describes the process as similar to a Visa card, but using lightning nodes to settle.
The goal is to avoid interacting with digital assets, which mitigates cryptocurrency's volatility risk — a major hurdle that stops many merchants from accepting crypto payments.
Axepta BNP Paribas and MeaWallet are teaming to push tokenization in Italy as a means to shield digital payments from fraud.
Mea's tokenization product allows connections to Mastercard, Visa and American Express token services, enabling EMV compliance for most merchants.
Azepta BNP Paribas is one of Italy's largest merchant acquirers. Mea also supports stored card details through reissuance and expiration.
China's bank regulators are asking financial institutions to allow delayed payments for cards, supply chain transactions and other recurring bills due to the coronavirus outbreak.
The request not only covers late payments, but also asks to prioritize transactions, insurance claims payments and supplies for impacted businesses, reports FinNews Asia.
The virus has raised concerns from global card companies, which may suffer a downturn in future payment flows for travel and tourism clients.
From the Web
VoPay and Telpay to expand payment services in Canada
VERDICT | Thu January 30, 2020
VoPay has teamed up with Telpay, which offers electronic payment solutions, to provide digital platforms in Canada with access to the country’s billers list of nearly 150,000 businesses. VoPay’s payment technology solution is designed to help businesses initiate and accept payments and authenticates bank account details and financial data during the transaction.
Cambodia Readies a Blockchain-Based Digital Currency
YAHOO FINANCE | Fri January 31, 2020
The National Bank of Cambodia (NBC) is readying a central bank digital currency (CBDC) to be launched at some point during the current fiscal quarter. Chea Serey, NBC’s director-general, said the central bank was developing “Project Bakong” as a blockchain-based, peer-to-peer platform with its own specially designed cryptocurrency that is cheaper and more convenient compared to conventional payment and transfer methods in the country.
China’s financial system may be ‘less resilient’ than it appears, some banks may require recapitalisation: S&P
SOUTH CHINA MORNING POST | Fri January 31, 2020
China's financial system “may be less resilient” than it appears and some banks may require “sizeable recapitalisation” following an analysis of the central bank’s stress test of the country’s 30 biggest banks last year, according to S&P Global Ratings. Morgan Stanley said China’s clean-up of the financial system had reduced systemic risk and non-performing loans were manageable even if gross domestic product (GDP) growth slowed to 3 per cent.
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