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Transfiya, a blockchain-based funds transfer system, is transforming payments in Colombia for the benefit of underbanked and financially excluded consumers.
Pakistan has debuted a government-run instant digitalpayment system to help with financialinclusion and government revenue, Reuters reports. Pakistan has the distinction as a country where only some economic transactions happen on the books.
Financialinclusion is no mere buzzword in financial services. In an interview with PYMNTS, Eddie Grobler, executive vice president of ACH Systems and Integration with Vocalink , noted that financialinclusion can help individuals, families and businesses find surer financial footing on a day-to-day basis.
Digitalpayments company Visa has teamed up with TECH5, a biometrics and digital identity management company, to focus on the development and enhancement of digitalgovernment ecosystems on a global scale.
a world leader in digitalpayments and TECH5 , an innovator in the field of biometrics and digital identity management, have signed a strategic collaboration agreement focusing on the development and enhancement of digitalgovernment ecosystems on a global scale. Visa Inc.,
In Egypt, Visa says that payroll card education works as a way to ensure proper use of payroll cards, and according to General Manager of Visa Egypt Tarek Mahfouz, its efforts in education for government employees are proof.
” Research into digitalpayments, of course, is nothing new for the Fed — and as Cunha offered by way of example, a few years ago his bank published research that found value in mobile payment tokenization. It’s not about going to production.”
Financial regulations and compliance requirements also shape Visa and Mastercard’s operations. As global payment networks, they must navigate complex regulatory frameworks governingpayment processing, AML/CFT , and consumer protection in multiple jurisdictions.
This includes variable recurring payments (VRPs) in particular, which can provide people with more choice and control, as well as support financialinclusion. The PSR also consulted on Faster Payments proposals to enable a phased rollout of VRPs.
Digital disbursements for pensions and government funds gained more traction in India this April, when the Reserve Bank of India’s (RBI’s) Committee on Deepening DigitalPayments came together to discuss whether all governmentpayments to citizens should be made through digital channels.
To that end, Bloomberg reported at least some financial regulators from the European Union say there need to be strict controls governing central bank digital currencies in place — and Libra (among other private efforts) may present a threat to financial stability.
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