A library of snippets
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The business value of the payments industry increasingly now also relies on the use of data that can be extracted at the front end of the digital payment value chain. The fees extracted from a payment play a lesser role, also because they have been capped in the European Union because of competition abuses
From The evolving role of central bank money in payments – Central Banking:
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The report notes the need of a balance between privileges offered to commercial banks and obligations imposed on them to preserve the integrity of the currency – in the words of the report, “a symbiotic relationship exists by which, on the one side, commercial banks help to extend the use of the currency while not putting its stability at risk, and, on the other side, the central bank provides them with privileged access to its credit and, where appropriate, to some form of safety net”.
From The evolving role of central bank money in payments – Central Banking:
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Zhou Xiaochuan, the former PBoC governor, had allowed Alipay and Tencent’s WeChat Pay “to grow into monsters”.
“They got special love from the PBoC,” the person said. “All the banks and the CBRC (China Banking Regulatory Commission) complained. Now it is incredibly difficult to rein them in.”
From China’s new digital currency takes aim at Alibaba and Tencent | Financial Times:
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There appears to be a vibrant system of gift card remittance (many gift cards are purchased by expat Nigerians in the U.S., who immediately send pictures of the cards, plus receipts back to relatives who then trade for bitcoin). Indeed, gift cards are even described as a kind of “stablecoin” to the Paxful ecosystem;
From Where FATF Crypto Compliance Gets Interesting: Africa – CoinDesk:
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Mobile phone camera technology has developed over the years to allow consumers to get a clearer barcode scan from a safe distance, so consumers can now stand several feet away from a store shelf, a food vendor or street merchant, and complete a purchase without the need to exchange cash or directly touch a surface.
From QR codes get a new life as COVID-19 recovery spurs contactless payments | Mobile Payments Today:
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“It is about the role of a digital currency for domestic retail use,” said a senior executive at the Hong Kong Monetary Authority familiar with the thinking at the PBoC.
“They want a more level playing field for the banks. Retail payments are so dominated by Alibaba and Tencent while banks are less active in electronic payments.”
From China’s new digital currency takes aim at Alibaba and Tencent | Financial Times:
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France’s Societe Generale (SOGN.PA) signed a new five-year distribution agreement with asset manager Amundi and said it would open up its retail and insurance networks to more asset managers.
SocGen’s decision marks a change in the French market where banks usually offer funds managed by in-house asset managers. Many banks in Europe have moved to a so-called open architecture where they offer investment funds of several asset managers.
From SocGen to open up its retail networks to more asset managers – Reuters:
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Eight US banks have teamed up with Google to launch mobile-first bank accounts within the Google Pay app.
From Google to offer co-branded accounts with eight US banks:
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In Honour of Kings, the immensely popular Tencent game known as Arena of Valor overseas, the verification system includes a facial recognition scan.
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For years, the Chinese government has been trying to stop kids from playing too many video games. Now regulators are taking things a step further by ensuring anyone wanting to play a game must log in with their real names, thanks to a state-run authentication system set to be rolled out by September.
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