10.19.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Asad Umar, Pakistan's finance minister, has reached out to PayPal and is also considering how regulations can be changed to encourage digital payment companies to establish a presence in Pakistan.
Umar hopes to improve bottlenecks in financial services, particularly in the payments industry, and is looking to establish standards, reports ProPakistani.PK, a local news agency. In addition to PayPal, Umar's commission will reach out to Pakistani expatriates working for other Silicon Valley companies.
The effort plans to set rules for payment system operators, such as minimum capital requirements, and to speed work on a national payment gateway.
Companies are installing more flexibility into wearable technology that can execute payments, sparking a collaboration between STMicroelectronics, a semiconductor company, and Fidesmo, a contactless technology developer.
The two companies have built a contactless and wearable payment system that combines a hardware element and contactless controller for a variety of wearable devices.
The system uses a chip that's designed to fit easily within a device, using over-the-air technology to allow personalization of the payment device without requiring additional hardware.
That's trillion with a T
Digital payments revenue is growing at nearly 7 percent yearly and is on pace to be a $2.4 trillion market by 2027, reports Finextra, citing research from the Boston Consulting Group, which notes the pace of growth is greater than global GDP.
The growth is being driven by the migration away from cash, with a particular trend toward fully automated shopping and payments, as well as mobile technology that creates tailored services. Additionally, consumers are picking up technology skills from other activities and are using that expertise to quickly adopt digital payments.
The Bill and Melinda Gates Foundation is turning to blockchain to provide payment services for underbanked consumers.
The foundation will work with Coil, a blockchain startup, to use the Interledger Protocol to support "pro-poor" payment systems, reports Coindesk.
Former Ripple CTO Stephan Thomas is the founder of Coil, and one of the co-developers of the Interledger Protocol.
From the Web
UnionPay and Alipay make themselves at home in Finland
China Daily | Fri October 19, 2018 - Last year, Chinese visits to Finland rose to 432,000. One factor driving this growth is the convenience of the Chinese payment methods on offer. Alipay launched its service in Finland in December 2016, and it is now accepted at more than 2,000 points of sale. UnionPay, a card association similar to Visa and Mastercard, first became available in Finland in 2010.
Adyen seeks to expand in Italy as mobile payments soar
Reuters | Thu October 18, 2018 - Adyen, the payments processor for Facebook and Netflix, is looking to expand its presence in Italy where a shift from cash to cards is accelerating. Card payments from mobile phones in Italy jumped 60 percent last year and Adyen said it is also targeting the fashion industry in the country, where it recently opened its first office.
UK Foreign Exchange Firm Joins Ripple Blockchain RippleNet
CCN | Thu October 18, 2018 - Moneynetint, a UK-based provider of foreign exchange services for the corporate sector has integrated and deployed decentralized payments using Ripple blockchain network RippleNet. Based in London with a focus on payment services for corporate clients, Moneynetint revealed an ongoing collaboration with San Francisco-based blockchain industry giant Ripple on Tuesday.
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