PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
BHIM app goes international. A main attraction at the 2019 Singapore FinTech Festival, the BHIM app took its maiden voyage into international waters via a live demo of the BHIM UPI QR-based payment method. This QR-based system is designed to enable all BHIM app users to scan the SGQR code via NETS terminals for local payment acceptance in Singapore. From The Hindu Business Line.
Is cash gaining on cashless? Possibly. For many rural areas in India (the market leader in cashless momentum), cash is still the dominant form of payment. Does this mean the country’s lagging attachment to cash may slow their transformation to a completely cashless society? From The New York Times (subscription required for full article).
The Quick Response Edit
QR Code losing face in China? Losing to face could eventually be more accurate. Global brand Tencent is currently contemplating the idea of replacing the QR scans with facial and fingerprint recognition technology for China’s local marketplace. In August, Tencent’s WeChat Pay introduced Frog Pro, a facial recognition payments interface that enables payments without the use of mobile phones. Alipay launched a similar product, Dragonfly, last year. From CNBC.