#cross-borderpayments

[thecryptonewshub]

Bank of Papua Completes CBDC Trials, Expands Cross-Border Payments Initiatives

Bank of Papua CBDC Trials Complete, Paving the Way for Expanding Cross-Border Payments Solutions. The Bank of Papua New Guinea (BNG) has reached a significant milestone in its digital currency journey, having successfully completed its Central Bank Digital Currency (CBDC) trials. This achievement is a critical step in the country's efforts to modernize its financial systems and improve economic connectivity within the Pacific region. By implementing the CBDC trials, the Bank of Papua is now focusing on expanding its cross-border payments, which could have far-reaching implications for regional and global financial markets.

The major purpose of the CBDC trials was to analyse the potential benefits of a central bank-issued digital currency and how it can integrate into the existing financial ecosystem. During the trials, the Bank of Papua investigated how CBDCs can improve payment systems, increase financial inclusion, and provide as an alternative to traditional financial instruments. Notably, these trials demonstrated the CBDC's ability to promote faster, safer, and more effective transactions. Also Read:  crypto-security-breaches-down-nearly-40-but-hot-wallet-exploits-persist Furthermore, the Bank of Papua's digital currency project comes at a critical juncture when several countries around the world are investigating the feasibility of CBDCs. With global trends pointing to the digitisation of financial services, Papua New Guinea is positioning itself as a prominent player in the CBDC space. Cross-border payments are one of the primary areas in which the Bank of Papua hopes to have a substantial impact. With an increasing demand for faster, cheaper, and more trustworthy international money transfers, the Bank of Papua is actively developing ways to meet these needs. The use of CBDC technology might expedite cross-border payments, lowering fees and processing times while allowing consumers and businesses in Papua New Guinea to benefit from real-time transactions. The emphasis on cross-border payments is consistent with a growing trend among countries and financial institutions striving to modernise international trade and payment systems. By utilising blockchain and CBDC technologies, the Bank of Papua has the potential to build a more inclusive and efficient global payments network. The digital currency might also promote better financial connection throughout the Pacific area, allowing for more efficient and seamless economic dealings with neighbouring countries. Furthermore, the Bank of Papua's initiative could contribute to increased financial inclusion for marginalised communities. Many residents in Papua New Guinea's remote areas have limited access to traditional banking services; nevertheless, a CBDC could provide a more accessible solution. Individuals in rural areas could get easy access to financial services thanks to digital wallets and mobile phones, creating new opportunities for personal and company growth. While the trials were a success, there are still hurdles to face. To guarantee the digital currency's integrity, the Bank of Papua must implement comprehensive cybersecurity measures. Furthermore, continued collaboration with international authorities and partners is critical to the adoption and growth of CBDC systems and cross-border payment networks. Looking ahead, the Bank of Papua's success in completing CBDC trials will most certainly motivate other governments in the region to pursue similar efforts. By implementing and developing digital currency technology, the Bank of Papua is influencing the future of global payments and digital financial systems. Finally, the conclusion of the CBDC trials heralds an exciting new chapter for the Bank of Papua New Guinea. By prioritising cross-border payments, the Bank is creating the groundwork for a more connected and efficient financial environment. With ongoing innovation and investment, Papua New Guinea has the potential to become a pioneer in digital currency and cross-border payment systems, preparing for a future dominated by technology and global connections.   Read the full article

[hellojijoejoshi-blog]

NPCI International and PPRO Partner to Enable Global E-Commerce Payments

NPCI International, the global arm of NPCI (National Payments Corporation of India), has teamed up with PPRO, a UK-based digital payments infrastructure provider, to enable global e-commerce payments through UPI (Unified Payment Interface). This collaboration will allow Indian consumers to use UPI or RuPay cards to shop in international stores using Indian Rupees. This development will provide a seamless and secure payment experience for Indian consumers who make cross-border purchases.

Expansion of PPRO's LPM Coverage Map

The partnership between NPCI International and PPRO will add India to PPRO's Local Payment Method (LPM) coverage map. This addition will allow for the acceptance of RuPay cards and UPI across PPRO's global clients, such as payment service providers (PSPs) and international merchant acquirers. This development will provide Indian consumers with access to a vast global network of merchants.

UPI's Role in Revolutionizing Digital Payments Landscape

Since its launch in 2016, UPI has become India's most popular payment method, processing around 60% of all domestic payments in the country and 40% of payments globally. UPI has over 325 million active users and 390 banks interoperable on the network. In March 2023, people conducted over 8.7 billion UPI transactions, which is the highest since its launch. The partnership between NPCI International and PPRO is expected to further boost the growth of digital payments in India and make cross-border e-commerce more accessible for Indian consumers.

Quote from NPCI CEO

Commenting on the partnership, Mr. Ritesh Shukla, CEO-NIPL, said, "UPI has revolutionized the digital payments landscape in India and is respected globally for its role in simplifying and democratizing payments. By partnering with PPRO, a market leader in the payments infrastructure space, which powers a vast PSP and merchant network, Indian consumers will now be able to shop online with merchants around the world and pay safely and easily using UPI." Overall, the partnership between NPCI International and PPRO is expected to bring about significant changes in the global e-commerce industry by enabling secure, seamless, and efficient cross-border payments for Indian consumers. Read the full article

[thereporterasiastuff-blog]

AIS join Singtel to launched

AIS provider continues to promote digital payment, after joining with SingTel Group and Kasikorn Bank, Thailand's digital banking leader, launched "VIA" the first cross-border mobile payment alliance in October 2018 to facilitate the Singaporean customers. Who use Singtel Dash mobile wallet and AIS customers who use Rabbit LINE Pay (via AIS GLOBAL Pay app) to pay via QR Code at any VIA symbol or Thai QR Code with their home currency without fees. This also helps customers to get better exchange rates and worry-free about holding cash on the go. All of these have been well realized by customers. Lastly, AIS continues to extend the AIS GLOBAL Pay app by accelerating the expansion of services to other partners in the region, other than Singapore, such as Telkomsel in Indonesia, Globe in Philippines, Airtel in India, including countries which Thais prefer to travel like Japan. Besides, "VIA" is also preparing to launch payment services via QR Code at Singapore Changi Airport soon which will allow Dash customers and AIS customers who use Rabbit LINE Pay (via AIS GLOBAL Pay app) to make payments in Changi Airport more convenient. This cooperation is pushing the concept of cross-border cashless society and strengthen the digital economy policy in Southeast Asia. Related Link VIA Connects Read the full article

[the-blockchain-news]

The National Bank of Abu Dhabi (NBAD) Introduces Real-Time Cross-Border Blockchain Payments

The National Bank of Abu Dhabi (NBAD) Introduces Real-Time Cross-Border Blockchain Payments #Cross-BorderPayments

The National Bank of Abu Dhabi (NBAD) is pleased to be the first Middle East bank to introduce real-time cross-border payments on Blockchain technology. The new channel is intended to facilitate regional customers with simple, real-time and secure way to process their cross-border payments within NBAD network.

Ripple’s Distributed Financial Technology fits within NBAD’s existing…