The Global Payments Weekly delivers concise updates on fintech and mobile payment developments worldwide, covering corporate expansions, market trends, and regulatory changes.
Key Developments
1. China Enhances Payment Convenience for Foreign Visitors
The People's Bank of China (PBOC) reported significant improvements in overseas card acceptance, with June 2024 transactions doubling February figures. Key upgrades include:
- Expanded POS coverage in high-traffic zones (airports, hotels, etc.).
- 161K transactions worth ¥2.9 billion processed in June.
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2. Singapore Refines Payment Provider Licensing
The Monetary Authority of Singapore (MAS) updated its Payment Service Provider Guidelines, effective August 26, 2024. Key changes:
- Mandatory legal opinions for new license applications.
- Stricter digital payment token (DPT) service requirements.
3. Russia to Pilot Crypto Cross-Border Payments by Year-End
Central Bank Governor Elvira Nabiullina confirmed plans for cryptocurrency-based international settlement trials under a new regulatory framework.
Regional Updates
| Country | Highlight |
|---|---|
| Indonesia | PingPong secured a PJP license; Bank Indonesia launched its 2030 Payment System Blueprint. |
| India | Amazon Pay, Adyen, and BillDesk approved as cross-border payment aggregators. |
| Thailand | UnionPay partnered with PromptPay for QR code interoperability. |
Corporate Moves
- PingPong: Obtained Indonesian payment license for local/global transfers.
- LianLian International: Allied with Zhongtong Pay for optimized cross-border solutions.
- Shift4: Collaborated with Fabrick to boost European payment processing.
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Regulatory Actions
- Hungary: Launching QR-based instant payments this autumn.
- Visa: Fined $288K by India’s RBI for unauthorized payment transfers.
- State Street Bank: Paid $7.5M to settle U.S. sanctions violations linked to Russian banks.
By the Numbers
- CIPS: Added 2 direct + 6 indirect participants (150 total direct; 1,401 indirect).
- Guangdong, China: Cross-border RMB settlements hit ¥47.3T (53% of all transactions).
- PayPal: Q2 revenue up 11% YoY to $7.89B; $41.68B total payment volume.
FAQs
Q1: How will Russia’s crypto payments work?
A1: Trials will use regulated cryptocurrencies for B2B/B2G transactions, avoiding traditional banking channels.
Q2: What’s new in Singapore’s payment rules?
A2: DPT services now require external audits, and applicants must submit legal opinions.
Q3: Which companies got India’s cross-border licenses?
A3: Amazon Pay, Adyen, BillDesk, and Cashfree received RBI approvals in July 2024.
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