Welcome to our regular roundup of the best news and opinion on mobile payments.
Spending via smartphones is accelerating, as consumers buy more and make larger individual purchases. The number of in-store contactless transactions made via a mobile device totalled 126 million in the UK last year, with the amount spent topping £975 million, a 328% year-on-year rise.
Central Bank’s New Directive Threatens To Bring Down India’s Booming Digital Payments Industry – Forbes
Mobile payments in India are booming following demonetization in 2016. However this rapid growth may be halted by the attempts of the Reserve Bank of India (RBI) to ensure compliance to know-your-customer (KYC) rules by February 28. More than 8 out of 10 digital wallet users have failed to comply so far, and their digital wallet providers have been forced to bar them from adding or receiving money in their wallets from March 1.
Vipera has announced the launch of SME Pay in collaboration with Mastercard, a solution which allows banks to enable their small businesses customers to manage employee card spend and produce automatic expense reports, among other features. The product was unveiled at Finovate Europe this week.