#Faster Payment Service (FPS) Industry

[marketdevelopment]

Global Faster Payment Service (FPS) Market Size to Reach USD 3,067 Million by 2030, At Growth Rate (CAGR) of 21.20%

The global market for Faster Payment Service (FPS), estimated at USD 543.5 million in 2022, is projected to reach USD 3,067 million by 2030, with a CAGR of 21.20% during the forecast period from 2022 to 2030.

FPS allows individuals and businesses to transfer money between bank accounts almost instantly. This enables faster settlement of payments, making it suitable for various purposes such as bill payments, salary transfers, online purchases, and peer-to-peer transactions. FPS is often integrated into online and mobile banking platforms offered by banks and financial institutions. Users can conveniently initiate and manage payments through these channels, providing greater flexibility and convenience.

Major Market Players

Key players in the global Faster Payment Service (FPS) market include ACI Worldwide, FIS, Fiserv Inc., wirecard, Mastercard, Temenos Headquarters SA, Global Payments Inc., Capgemini, Icon Solutions Ltd, M & A Ventures LLC, PAYRIX, Nexi Payments SpA, Obopay, and Ripple, among others. Recent developments include Fiserv launching the EnteractSM, a cloud-based customer relationship management platform, and ACI Worldwide partnering with BI-FAST to extend their real-time payment services in Indonesia.

Get more Information About the Faster Payment Service (FPS) Market here & Take a Sample Copy:

https://introspectivemarketresearch.com/request/16608

Updated Version 2024 is available our Sample Report May Includes the:

Scope For 2024

Brief Introduction to the research report.

Table of Contents (Scope covered as a part of the study)

Top players in the market

Research framework (structure of the report)

Research methodology adopted by Worldwide Market Reports

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. 

Faster Payment Service Market Segmentation:

By Mode of Payment

Single Immediate Payments

Forward-Dated Payments

Direct Corporate Access Payments

Domestic P2P Payments

P2M Payments

B2B Payments

Others

By Component

Solutions

Payment gateway

Payment processing

Payment Security

Services

Others

By Deployment

Cloud

On-Premises

By End Use Industry

Retail and E-Commerce

Banking, Financial Services, & Insurance (BFSI)

IT & Telecom

Travel & Tourism

Others

Inquire or Share Your Questions If Any Before the Purchasing This Report @

https://introspectivemarketresearch.com/inquiry/16608

Regional Insights:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America (US, Canada, Mexico)

Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

South America (Brazil, Argentina, Rest of SA)

Acquire This Report:

https://introspectivemarketresearch.com/request/16608

About us:

Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assisting our clients to grow and have a successful impact on the market. Our team at IMR is ready to assist our clients to flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, that specializes in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.

Contact us:

Introspective Market Research

3001 S King Drive,

Chicago, Illinois

60616 USA

Ph no: +1-773-382-1049

Email:sales@introspectivemarketresearch.com

[marketinsight1234]

Global Faster Payment Service (FPS) Market Size to Reach USD 3,067 Million by 2030, At Growth Rate (CAGR) of 21.20%

The global market for Faster Payment Service (FPS), estimated at USD 543.5 million in 2022, is projected to reach USD 3,067 million by 2030, with a CAGR of 21.20% during the forecast period from 2022 to 2030.

FPS allows individuals and businesses to transfer money between bank accounts almost instantly. This enables faster settlement of payments, making it suitable for various purposes such as bill payments, salary transfers, online purchases, and peer-to-peer transactions. FPS is often integrated into online and mobile banking platforms offered by banks and financial institutions. Users can conveniently initiate and manage payments through these channels, providing greater flexibility and convenience.

Major Market Players

Key players in the global Faster Payment Service (FPS) market include ACI Worldwide, FIS, Fiserv Inc., wirecard, Mastercard, Temenos Headquarters SA, Global Payments Inc., Capgemini, Icon Solutions Ltd, M & A Ventures LLC, PAYRIX, Nexi Payments SpA, Obopay, and Ripple, among others. Recent developments include Fiserv launching the EnteractSM, a cloud-based customer relationship management platform, and ACI Worldwide partnering with BI-FAST to extend their real-time payment services in Indonesia.

Get more Information About the Faster Payment Service (FPS) Market here & Take a Sample Copy:

https://introspectivemarketresearch.com/request/16608

Updated Version 2024 is available our Sample Report May Includes the:

Scope For 2024

Brief Introduction to the research report.

Table of Contents (Scope covered as a part of the study)

Top players in the market

Research framework (structure of the report)

Research methodology adopted by Worldwide Market Reports

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. 

Faster Payment Service Market Segmentation:

By Mode of Payment

Single Immediate Payments

Forward-Dated Payments

Direct Corporate Access Payments

Domestic P2P Payments

P2M Payments

B2B Payments

Others

By Component

Solutions

Payment gateway

Payment processing

Payment Security

Services

Others

By Deployment

Cloud

On-Premises

By End Use Industry

Retail and E-Commerce

Banking, Financial Services, & Insurance (BFSI)

IT & Telecom

Travel & Tourism

Others

Inquire or Share Your Questions If Any Before the Purchasing This Report @

https://introspectivemarketresearch.com/inquiry/16608

Regional Insights:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America (US, Canada, Mexico)

Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

South America (Brazil, Argentina, Rest of SA)

Acquire This Report:

https://introspectivemarketresearch.com/request/16608

About us:

Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assisting our clients to grow and have a successful impact on the market. Our team at IMR is ready to assist our clients to flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, that specializes in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.

Contact us:

Introspective Market Research

3001 S King Drive,

Chicago, Illinois

60616 USA

Ph no: +1-773-382-1049

Email:sales@introspectivemarketresearch.com

[sandlerresearch]

Russia Cards and Payments - Opportunities and Risks to 2024 published on

https://www.sandlerresearch.org/russia-cards-and-payments-opportunities-and-risks-to-2024.html

Russia Cards and Payments - Opportunities and Risks to 2024

Russia Cards and Payments – Opportunities and Risks to 2024

Summary

GlobalData’s ‘Russia Cards and Payments – Opportunities and Risks to 2024’ report provides detailed analysis of market trends in the Russian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, and direct debits during the review-period (2016-20e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

This report provides top-level market analysis, information and insights into the Russian cards and payments industry, including – – Current and forecast values for each market in the Russian cards and payments industry, including debit and credit cards. – Detailed insights into payment instruments including cash, cards, credit transfers, and direct debits. It also, includes an overview of the country’s key alternative payment instruments. – Ecommerce market analysis. – Analysis of various market drivers and regulations governing the Russian cards and payments industry. – Detailed analysis of strategies adopted by banks and other institutions to market debit and credit.

Scope

– In order to be on par with its European peers, in January 2019 the central bank introduced the Faster Payments System (FPS), which enables users to make fund transfers in 15 seconds using the recipient’s mobile phone number. Users can make transfers online 24/7 via their bank’s mobile or internet banking service. Following the successful launch of FPS, the central bank added QR code-based functionality to the system, enabling payments of goods and services using mobile devices. To encourage the adoption of FPS-based QR code payments, the central bank is making it mandatory for banks with a universal license to offer FPS-based QR code payment services by April 1, 2022. For systemically important banks the deadline is October 1, 2021. As of February 2021, 42 banks had launched FPS-based QR code payment functionality. – The federal law signed by the Russian president in May 2017 mandated that all public sector employees and workers who receive welfare benefits from federal or state funds must migrate to Mir payment cards from July 1, 2018, and pensioners by July 1, 2020. However, against the backdrop of COVID-19, the deadline for pensioners was extended until July 1, 2021. The government also mandated the acceptance of Mir cards at all merchant stores with annual transaction turnover of more than RUB40m ($0.5m), and at any stores that accept card payments for other payment schemes. From March 1, 2021 the threshold was reduced to RUB30m ($0.4m), and from July 1, 2021 it will be further reduced to RUB20m ($0.3m). This will accelerate payment card acceptance among merchants. – The Russian government introduced the Unified Biometric System (UBS) in June 2018. This system allows individuals to authenticate their identity using biometric parameters and access financial services remotely. Users can register for the system at bank branches, where their photo image and voice profile is captured and uploaded to UBS. Based on UBS, retailers are deploying new biometric payment methods in order to enhance customer convenience. In March 2021, Russia-based X5 Retail Group announced the expansion of its “pay with a glance” service to its 150 Perekrestok supermarkets. The company initially launched the service at a coffee shop in Moscow in 2020, in collaboration with Visa and Sberbank. It was later trialed at 52 Perekrestok supermarkets.

Reasons to Buy

– Make strategic business decisions, using top-level historic and forecast market data, related to the Russian cards and payments industry and each market within it. – Understand the key market trends and growth opportunities in the Russian cards and payments industry. – Assess the competitive dynamics in the Russian cards and payments industry. – Gain insights into marketing strategies used for various card types in Russia. – Gain insights into key regulations governing the Russian cards and payments industry.

[epayments2-blog]

Faster Payments

Faster payments aren’t just a choice anymore, but a growing necessity. It refers to the real-time or near real-time transmission of funds and a payment message to a receiving party, all occurring throughout a nearly 24/7 timeframe. As more payment recipients experience the benefits, consumers and businesses alike are coming to expect their receivables faster than ever. In the U.S., commercial payments provider FLEETCOR Technologies recently launched a blockchain-based pilot program with enterprise blockchain solutions firm Ripple and international payments company Cambridge Global Payments to improve international settlements. Meanwhile, cross-border payments provider Transpay recently rolled out a new direct-to-bank deposit service in Australia, New Zealand and South Africa, enabling freelance workers to receive direct deposit payments in their preferred currencies. The availability of faster payments services provides a key benefit to businesses, merchants and consumers around the world, giving them quicker access to capital and more stable financial footing. The data provided by a faster payments system also offers recipients insights into their payment patterns, allowing them to make smarter, more informed financial decisions. Faster payments enable a wide range of use cases. In the P2P space, for example, parties can quickly deliver gift money, split a check or pay a babysitter. In the business-to-business (B2B) context, the service can be used to integrate payments or pay invoices. The value of payment volume in these two segments alone could exceed $15 billion by 2025. The faster payments systems phenomenon has emerged in several worldwide regions in recent years. The following deep dive presents an in-depth examination of the current state of faster payments and how the market is poised for change. Faster Payments: An Overview A variety of FinTech players have emerged to offer their services, including person-to-person (P2P) payments platform Venmo, digital payment service PayPal and money transfer service WorldRemit, among others. These companies provide money transfer services for the quick exchange of funds between parties, and their solutions are opening up new innovation opportunities for point-of-sale (POS), electronic invoicing, mobile payments and eCommerce. These emerging FinTech players have an advantage: Their services do not depend on legacy systems and, as a result, are more flexible when responding to shifting consumer demands for faster payments. As expectations rise, so does the pressure on established banks, FIs and regulatory agencies to ensure their own consumers and clients are able to enjoy the benefits of a faster payments network. Faster payments can carry risks for banks, however. Upon delivery to recipients, immediate payments are irrevocable and cannot be reversed. While this is beneficial to a payee, his receiving FI could face credit risk if the sending institution does not quickly settle the transaction – although that risk is more manageable for smaller payment sums and lower payment volumes. U.S. Faster Payments Establishing a faster payments system has been a priority for the U.S. Federal Reserve. It organized the Faster Payments Task Force in May 2015, which included stakeholders from more than 320 organizations from around the U.S. financial services sector. The group’s mission was to explore opportunities to establish and implement a faster payments system in the country. The Task Force released two reports in 2017. The first report, released in January, outlined its mission and objectives and offered an assessment of faster payments needs based on input from its members. The second report, released in July, featured recommendations to establish a system that could allow end users to receive faster payments by 2020. The Faster Payments Task Force disbanded in August 2017. Based on the Task Force’s findings, the Federal Reserve will pursue a three-prong faster payments strategy. It will first support collaborative financial industry efforts to develop and promote a faster payments ecosystem. Second, the Fed will investigate its own settlement services to address gaps in real-time retail payments settlement. Finally, it will explore whether it should take on the role of service provider — beyond providing settlement services — in the faster payments ecosystem. In addition to the Fed’s ongoing efforts, payment speeds have significantly improved as a result of the Same-Day Automated Clearing House (Same-Day ACH) rollout that began in September 2016. The first phase allowed Same-Day ACH credits to be processed within a day, enabling recipients to get their funds by the end of the day the credit was submitted. Same-Day ACH debits became available in September 2017, allowing transactions such as late bill payments or online POS transactions to be completed on the same day they were received. The third and final phase, rolled out in March 2018, required that Same-Day ACH funds be available to payees on the same day payments were sent. Another faster payments service is Zelle, a P2P service backed by a network of U.S. banks and managed by credit reporting agency Early Warning Services. The Clearing House (TCH) also launched its real-time payments (RTP) service last year, the first new payment and clearing system in the U.S. in more than 40 years. RTP can transfer funds between bank accounts in just three seconds. Faster Payments Systems Around the Globe Several nations and regions have already launched faster payments systems, and others are now taking steps to roll out their own. The U.K. became one of the first countries to offer a nationwide faster payment system with the launch of its Faster Payments Service (FPS) in 2008. According to FPS data, the service enables payments to be made on a 24/7 basis, is currently available to 52 million checking account holders in the U.K. and boasts participation from 17 banks and building societies (the U.K. equivalent of credit unions). It has been used to send more than 6 billion faster payments since its launch, and almost all U.K. internet and phone-based banking payments are processed on the FPS network. The FPS network’s launch has allowed other faster payments offerings to emerge and leverage the service. The U.K.’s Payments Council launched mobile P2P service Paym in April 2014, allowing 16 participating U.K. banks’ customers to send and receive money using their mobile phone numbers as verification. Some banks, like HSBC, are allowing business customers to make payments using the Paym service. Zapp, another bank-backed mobile payment service using the FPS infrastructure, emerged in 2015. It can be integrated into U.K. banks’ mobile banking apps to make online and in-store mobile purchases using mobile devices. Similarly, India launched its Immediate Payment Service (IMPS) in November 2010 to offer real-time, 24/7 interbank electronic funds transfer services to users. Funds can be accessed via mobile devices, online, at ATMs, through text messages and at physical bank branches, The IMPS network currently has participation from 53 commercial banks, 101 cooperative banks and 24 prepaid payment instruments (PPIs). Its goal is to allow bank customers to use their mobile devices to access bank accounts, transmit funds and assist the Indian government with digitizing the nation’s retail payments. The SEPA Instant Credit Transfer (SCT Inst) scheme launched in Europe in 2017 to allow instant credit transfers across the pan-European region. Funds transferred using the SCT Inst scheme are delivered within 10 seconds, according to the European Payments Council (EPC). The service is currently available in Austria, Estonia, Germany, Italy, Latvia, Lithuania, the Netherlands and Spain. Meanwhile, Australia rolled out its own New Payments Platform (NPP) faster payments system in February 2018. The system enables instant payments between bank customers and other financial service providers, and can be used to send money to one person or to many recipients. It offers a PayID service that allows customers to link their financial accounts to personal information, such as mobile phone numbers and email addresses. Users can then provide their PayID to businesses or individuals to receive payments. The NPP was developed by the Reserve Bank of Australia (RBA) through a collaboration with the nation’s “big four” banks: Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), the Australia and New Zealand Banking Group (ANZ) and Westpac. Together, these FIs represent a 95 percent market share of Australia’s financial services sector. The Future of Faster Payments Even more faster payments schemes are on their way. The European Central Bank (ECB) will launch the pan-European ECB TARGET Instant Payments Settlement (TIPS) in 2018, a new faster payments service that aims to offer real-time fund transfers on a 24/7/365 basis. Other nations — including Belgium, the Democratic Republic of the Congo, Hong Kong, Malaysia, Portugal, Slovenia and Spain — also have plans for their own faster payments systems later this year. Even more, including France, Hungary and the Netherlands, have announced their own national offerings will be live by 2019, and Colombia and Peru are also exploring launching South American faster payments schemes that same year. Potential issues could emerge as a result of new faster payments services, including whether the systems can communicate with each other. Many financial services players fear it will be challenging for various real-time payment systems to be interoperable, as most schemes require a local settlement account. This could impact a bank’s liquidity, from a treasury perspective, which ultimately defeats the purpose of faster payments services. As the need for interoperability grows, open APIs may be a potential solution to both ensure funds are transferred quickly and that faster payments systems can live up to their names. By investing in open APIs, FIs can connect to the outside world and explore new potential use cases and innovations on a global scale. The emergence of faster payments systems may present challenges but, as these systems become more widely available in global markets, consumers and merchants are increasingly going to expect to receive their funds quickly. Institutions that fail to deliver faster payments will risk getting left behind.

[mooncatchermeme-blog]

Coinbase has started rolling out British pound support

Major U.S. crypto exchange and wallet Coinbase has started rolling out British pound (GBP) support, according to an official blog post August 1.

The new feature will enable Coinbase customers with UK bank accounts to conduct faster transfers, letting customers buy and sell crypto for pounds within the same day.

As Coinbase points out in their announcement, prior to adding GBP support, the process of buying or selling crypto for fiat took several days for the company’s UK customers, requiring them to first convert their crypto into euros, and then into GBP via international wire transfer.

The feature is currently available to only some existing customers, with the service promising to gradually rolled out support to all British customers “in the coming weeks.”

In their announcement, Coinbase notes that the company has been working on adding GBP support “over the last few months.”

In March, the company was granted an e-money license for fiat money operations from the UK’s Financial Conduct Authority (FCA). It also gained access to the UK’s Faster Payments Scheme (FPS), a UK banking initiative aimed at reducing transaction times.

In July, Coinbase reversed its previous statement that it had obtained U.S. Securities and Exchange Commission (SEC) permission for listing crypto tokens considered to be securities under U.S. law. The platform revealed that neither the SEC nor the Financial Industry Regulatory Authority (FINRA) had in fact approved Coinbase to act as a securities dealer, as had been previously reported.

Earlier in July, the company announced that it is considering listing five new cryptocurrencies on its platform, including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

[legit-scam-review]

Coinbase Adds British Pound Support, Customers to Buy/Sell Crypto via UK Banks

Major U.S. crypto exchange and wallet Coinbase has started rolling out British pound (GBP) support, according to an official blog post August 1.

The new feature will enable Coinbase customers with UK bank accounts to conduct faster transfers, letting customers buy and sell crypto for pounds within the same day.

As Coinbase points out in their announcement, prior to adding GBP support, the process of buying or selling crypto for fiat took several days for the company’s UK customers, requiring them to first convert their crypto into euros, and then into GBP via international wire transfer.

The feature is currently available to only some existing customers, with the service promising to gradually rolled out support to all British customers “in the coming weeks.”

In their announcement, Coinbase notes that the company has been working on adding GBP support “over the last few months.”

In March, the company was granted an e-money license for fiat money operations from the UK’s Financial Conduct Authority (FCA). It also gained access to the UK’s Faster Payments Scheme (FPS), a UK banking initiative aimed at reducing transaction times.

In July, Coinbase reversed its previous statement that it had obtained U.S. Securities and Exchange Commission (SEC) permission for listing crypto tokens considered to be securities under U.S. law. The platform revealed that neither the SEC nor the Financial Industry Regulatory Authority (FINRA) had in fact approved Coinbase to act as a securities dealer, as had been previously reported.

Earlier in July, the company announced that it is considering listing five new cryptocurrencies on its platform, including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

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The post Coinbase Adds British Pound Support, Customers to Buy/Sell Crypto via UK Banks appeared first on Legit or Scam.

Read more from → https://legit-scam.review/coinbase-adds-british-pound-support-customers-to-buy-sell-crypto-via-uk-banks

[olliejennabn]

HK to promote fintech growth

It is my pleasure to join you today, witnessing another breakthrough application of fintech in Hong Kong: using blockchain technology for cross-border remittances.

 While this application would be a pilot at first, allowing Alipay users in Hong Kong to send money to the Philippines, it will in the long run offer a more efficient and cost-effective way of transferring money around the world. Hong Kong is the international financial centre in Asia and it is most fitting that Ant Financial has chosen to kick off this pilot project right here.

 While we take pride in Hong Kong’s robust and effective financial regulatory regime that is well in line with international standards, our financial regulators are doing their part to facilitate and foster innovations in the industry. With their dedicated liaison platforms and sandboxes, our financial regulators are allowing financial services providers to conduct pilot trials on fintech solutions in a confined environment.

 For instance, the Fintech Supervisory Sandbox of the Hong Kong Monetary Authority (HKMA) is well loved, and well used by banks. Through the Sandbox, banks and partnering fintech firms are able to gather real-life data and user feedback on their new fintech-driven solutions more easily, so that they can make refinements to their proposed solutions as appropriate before full market launch. In just two years’ time, 22 new technology products and services have been tested in HKMA’s sandbox and have been rolled out to the market.

 I am glad to see that fintech is bringing greater convenience to the public as witnessed in the e-wallet market over the past few years. It all began in 2015 when the Payment Systems & Stored Value Facilities Ordinance came into operation which provided a clear and certain licensing and regulatory framework for stored value facilities (SVFs). With clarity and certainty in regulation, SVF licensees commenced their safe and sound operation and have now developed a secure, efficient and diversified electronic payment industry laying a solid and strong foundation for the development of the e-wallet market. Alipay Hong Kong certainly played a key role in the course as it is one of the first SVF licensees in Hong Kong.

 Healthy competition amongst strong SVF operators has led to innovations and new services such as electronic coupons, family group e-wallet management, online shopping, insurance and QR code payment, all to the benefit of the general public. It is therefore not surprising that the number of SVF accounts in use has jumped by 15.4% in just a year’s time to 46.7 million by end-2017 while the value of transactions increased by 27.7% to over $38 billion.

 More exciting developments in Hong Kong are in the pipeline, with the launch of the Faster Payment System (FPS) in September this year. This new financial infrastructure will provide full connectivity between banks, SVF operators, merchants and consumers. Participating banks and SVF operators can provide real-time credit transfer and real-time direct debit services to facilitate payments between merchants and customers, as well as peer-to-peer transfers through the FPS platform.

 The HKMA is also working with the industry to explore how to enable merchants to use a single QR code for accepting mobile payments from different SVF operators. This is conducive to a wider adoption of QR code payment in Hong Kong and will enhance user experience.

 An exciting new era of fintech awaits. The Hong Kong Special Administrative Region Government will continue to do its best as a promoter and facilitator for fintech companies in Hong Kong to grow and prosper.

 Financial Secretary Paul Chan gave these remarks at the “Miles apart but close at Heart - Innovative Blockchain-based Remittance Solution to Enhance Financial Inclusion” press conference on June 25.

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2018/06/20180625/20180625_162148_040.html

[lewisgabriel84z31]

Coinfloor And Coinbase Expanding Into UK Markets

Coinfloor And Coinbase Expanding Into UK Markets

UK financial institutions are notorious for making the lives of people who work with Bitcoin hard. They freeze accounts, blacklist cryptocurrency holders and basically share information with one another to keep cryptocurrency users from holding bank accounts. Due to this general attitude, it is quite surprising to see that both Coinfloor and Coinbase are looking to expand into UK markets.

Hostile Attitudes Towards Bitcoin in the UK

UK officials have opposed Bitcoin publicly as well. While addressing the financial risk associated with cryptocurrency, the governor of the Bank of England, Mark Carney came out against Bitcoin. He said that there should be more oversight when it comes to Bitcoin and cryptocurrency. He pointed out that tracing ownership of financial digital asset is quite difficult in cryptocurrency markets which is why tax evaders and criminals are doubling year after year.

In addition to this, the UK Treasury also came out against Bitcoin and warned AML regulations should be updated to include Bitcoin and other virtual currencies. The strategy behind updating Anti Money Laundering with inclusion of Bitcoin was to prevent criminals from using cryptocurrency cash machines to launder money in the UK.

Banks Against Bitcoin

Banks in the UK are similarly hostile to Bitcoin. Lloyds Banking Group banned its customers from buying bitcoin with their credit cards for instance. Despite these critical conditions, two major bitcoin exchanges are expanding their operations and the UK is at the center of their expansion. UK based cryptocurrency exchange, Coinfloor is launching physically delivered Bitcoin futures and Coinbase is teaming with UK bank Barclays.

Breaking Down the Coinfloor and Coinbase Initiatives in European Markets

Coinfloor is launching futures exchanges for digital assets. The new division responsible for these futures will be CoinfloorEX. According to Mark Lamb, CEO of Coinfloor, the new division, CoinfloorEX will generally deal with commercial traders such as hedge funds, proprietary trading firms, cryptocurrency miners and a group of retail investors.

At the Futures Industry Association’s annual conference in Boca Raton Florida, Lamb said: “When you talk to the liquidity providers, they all say the same thing, which is they want a physically delivered futures contract, so they can hedge their exposure across exchanges.”

Coinfloor Futures Different from BME and CBOE

Up until now, CBOE and CME Group Inc were the first to open Bitcoin futures trading in the US, but these futures are cash settled. It means that actual cryptocurrency doesn’t change hands. In Lamb’s words: “When you talk to the liquidity providers, they all say the same thing, which is they want a physically delivered futures contract, so they can hedge their exposure across exchanges.” Lamb is also concerned over the cash settled process which can be too easily manipulated as the price of the indexes or auctions on spot exchanges move. A few market actors can exploit this to set the future prices in their favor.

Holding the Coins

Coinfloor’s futures alternative is based on holding the underlying assets. The exchange will therefore offer a 100% multi-signature cold storage cryptocurrency custody system which intends to eliminate cryptocurrency theft. This will help secure contract settlement when parties need to transfer bitcoin between themselves.

Coinbase Partners with Barclays

In the wake of the CoinfloorEx launch, another major cryptocurrency exchange will also be pivoting towards UK markets. Coinbase is teaming up with Barclays, a major player in UK’s financial industry. According to a recent report by CNBC, due to recent illicit activities, most British Banks have abstained from businesses related to cryptocurrency. Nevertheless, Coinbase managed to partner up with Barclays.

This partnership is the first of its kind. Coinbase believes that the new partnership with Barclays will make cryptocurrency trading much easier and faster for investors and traders in Britain. Coinbase’s UK CEO, Zeeshan Feroz, says the company will start with a pilot, allowing a small number of institutional users to use the platform. In the coming weeks, they will begin extending their services to all UK customers. UK customers will benefit from faster, safer and seamless bank transfers.

Coinbase Simplifies Fiat Deposits and Withdrawals for UK Customers

In addition to its bank transfers, Coinbase will also have an e-money license from the British Financial Conduct Authority (FCA). Using an e-money license, the exchange will facilitate Faster Payments Scheme (FPS). The e-money license will grant access to more European countries – although Brexit terms might change this. Coinbase CEO Zeeshan Feroz also says that the company is planning to increase their team roughly by eight times.

In Feroz’s own words: “Having domestic GBP payments with Barclays reduces the cost, improves the customer experience…and makes the transaction faster,” adding “We believe that this is an important step towards our commitment to making cryptocurrency accessible to everyone.” The Partnership between Coinbase and Barclays has been a lengthy process. “It’s a completely brand-new industry. There’s a lot of understanding and risk management that’s needed,” Mr. Feroz said.

Changing Attitudes

Despite these 2 announcements, the attitudes from the authorities and banks in Britain are unlikely to change. It seems that the only way they are willing to tolerate Bitcoin is through the actions of centralized companies that can be regulated and extend regulatory requirements to their customers. Those who believe in Bitcoin’s features as a P2P form of decentralized cash that can provide an alternative to traditional finance, will keep on looking for other alternatives to exchange their coins for GBP when they need it.

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[kingmindint]

Coinbase Granted E-Money License by UK’s Financial Conduct Authority

Coinbase Granted E-Money License by UK’s Financial Conduct Authority

Coinbase appears poised to increase its global market share for licensed cryptocurrency exchanges. It recently hired a mergers and acquisitions veteran who handled more than 40 deals for Linkedin, signaling its intent to start gobbling up competitors in the industry. Now it’s also established a new legal beachhead in the UK from which it can further penetrate the European bitcoin market.  

Also Read: Coinbase Launches Cryptocurrency Trading Tax Calculator

FCA E-Money License

San Francisco-based cryptocurrency exchange Coinbase has announced it has been granted an e-money license by the UK’s Financial Conduct Authority (FCA), allowing the company to issue “e-money” and provide payment services. This means Coinbase will have to match operations by traditional operators like the segregation of client funds, where all customer fiat balances must be separated from company funds and kept in separate bank accounts. Furthermore, the FCA license allows financial services companies to trade freely in any other European Union member state with minimal additional authorization under what is known as the EU passporting system.

“For our customers, this will ultimately help us deliver a better experience through new partnerships and an easier to use product. We are committed to making sure customer funds are always secure and this update means that our e-money operations have safeguards and operational standards at par with other regulated financial institutions,” commented Coinbase UK CEO Zeeshan Feroz. “Our e-money license will extend beyond the UK to 23 countries within the EU. We believe that this is an important step towards our commitment to making cryptocurrency accessible to everyone.”

8x Growth

Coinbase also announced it will add support for the Faster Payments Scheme (FPS), offering local clients a familiar, seamless and faster payment experience which is supported by all major UK banks. Replacing the Single Euro Payments Area (SEPA) will start with a pilot, giving just a selected number of institutional users access to FPF, but will eventually begin rolling out to all UK customers in a few weeks.

Lastly the company is set to significantly up its manpower in the British capital. “Since we began offering our services to European users in 2014, we have seen the crypto space grow significantly. The EU grew twice as fast as any of our other markets in 2017, and the UK continues to be our largest market here. In order to meet this increasing demand we plan to grow our London team 8x by the end of this year,” stated CEO Feroz.

Is Coinbase going to take over the global market for licensed bitcoin exchanges? Share your thoughts in the comments section below!

Images courtesy of Shutterstock.

Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Coinbase Granted E-Money License by UK’s Financial Conduct Authority appeared first on Bitcoin News.

  source: https://news.bitcoin.com/coinbase-granted-e-money-license-uks-financial-conduct-authority/

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[sandlerresearch]

Hong Kong Cards & Payments: Opportunities and Risks to 2023 published on

https://www.sandlerresearch.org/hong-kong-cards-payments-opportunities-and-risks-to-2023.html

Hong Kong Cards & Payments: Opportunities and Risks to 2023

Hong Kong Cards & Payments: Opportunities and Risks to 2023

Summary

GlobalData’s ‘Hong Kong Cards & Payments: Opportunities and Risks to 2023’ report provides detailed analysis of market trends in Hong Kong cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debits, cash, cards, and cheques during the review-period (2015-19e).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

This report provides top-level market analysis, information and insights into Hong Kong’s cards and payments industry, including – – Current and forecast values for each market in Hong Kong’s cards and payments industry, including debit, credit, and charge cards. – Detailed insights into payment instruments including credit transfers, direct debits, cheques, cash, and cards. It also, includes an overview of the country’s key alternative payment instruments. – E-commerce market analysis and payment methods. – Analysis of various market drivers and regulations governing Hong Kong’s cards and payments industry. – Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope

– To foster more efficient retail payments, the central bank introduced Faster Payment System (FPS) in September 2018. FPS connects several mobile wallets with bank accounts and provides real-time, instant fund transfers in Hong Kong dollars and renminbi. To supplement FPS, the central bank introduced a common QR code standard enabling merchants to accept payments through different payment schemes via a single QR code. As of March 2019, FPS had recorded over 2.58 million registrations and processed a daily average of 60,000 transactions at HK$20,700 ($2,643.55) and RMB38,000 ($5,524.61) per transaction respectively. – The Hong Kong Monetary Authority (HKMA) issued guidelines for the establishment of virtual banks in May 2018 following the completion of a public consultation. The minimum capital requirement is HK$300m ($38.3m), banks cannot impose minimum account balance requirements or low-balance fees on customers, and they must join the deposit protection scheme through which depositors are offered compensation of up to HK$500,000 ($63,853.87) in case a bank goes bankrupt. As of July 2019, HKMA had granted virtual banking licenses to eight fintech companies in the country. – To encourage Hong Kong consumers to make digital payments for travel, Octopus collaborated with HKTaxi in July 2019. The partnership allows passengers to pay HKTaxi fares using either their Octopus card (by placing it against the back of an NFC-enabled mobile phone) or through their O! ePay account. The service offers Octopus users a more convenient way of paying for taxis, as well as discounts. Similarly, with an increasing number of Hong Kong consumers traveling to Mainland China for holidays or on business, Hong Kong Telecom (HKT) partnered with China UnionPay (CUP) to launch the mobile-based Tap & Go UnionPay prepaid card in March 2018. Card holders can convert their existing Hong Kong dollar prepaid balance into Chinese renminbi instantly using the Tap & Go wallet app, thus enabling them to make payments in Mainland China.

Reasons to buy

– Make strategic business decisions, using top-level historic and forecast market data, related to Hong Kong’s cards and payments industry and each market within it. – Understand the key market trends and growth opportunities in Hong Kong’s cards and payments industry. – Assess the competitive dynamics in Hong Kong’s cards and payments industry. – Gain insights into marketing strategies used for various card types in Hong Kong. – Gain insights into key regulations governing Hong Kong’s cards and payments industry.