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.
Dutch banks teaming to combat money laundering. A partnership among five Dutch banks is moving forward with plans for a shared transaction monitoring system. The goal is to fight money laundering more effectively than individual banks can by themselves. The concept was first announced last fall, and the banks have been working since that time to prove the concept. From ComputerWeekly.
The coronavirus pandemic may achieve one of the goals behind India’s demonetization event in 2016. As they avoid handling cash, consumers in India are using digital payments and shopping online for everything from groceries to bill payments. Total payments value on the Unified Payments Interface reached a record high last month. From Financial Express.
COVID has led to unexpected results for Instamojo. In this interview, Sampad Swain, CEO of payment facilitator Instamojo, explains how the company has turned its cash flow positive during the pandemic. While the team initially thought the company would need to focus on merely surviving the challenging economic environment, it has seen growth across its businesses instead. The company has ramped up its operations to support increased demand for digital payments, lending and ecommerce solutions. From Business Insider India.
I’ll Have a Piece of That Pie
Restaurants are shaping up to be a key market for digital payments providers looking to expand in India. Paytm, Google Pay and PhonePe are all pitching large restaurant chains and enhancing the options they have available to serve restaurants, enabling home deliveries and allowing merchants to upload menus onto their apps. From Economic Times.
PCI Security Standards Council: Payment Card Industry Security Standards Council Updates Standard for Device Security
Canadian Association of Secured Transportation: Bank of Canada Study Finds Canadians Not Going Cashless
U.K. Financial Conduct Authority: Dear CEO: Portfolio Strategy Letter for Payment Services Firms and e-Money Issuers