This Week in Payment News – May 6 to 10

May 10, 2019

This week in the payments industry there was news from all over the globe, from Singapore to Germany, Rio and London, England!

1. Singapore and Canada Central Banks Complete First Cross-Border Blockchain Payment

This week, the central banks of Singapore and Canada were able to successfully use their blockchain networks to send each other digital currency. This was made possible by a number of factors, including linking two DLT networks, the assistance from JPMorgan and Accenture for platform development, and more. Check out this article to learn more!

2. Card payments outstrip cash for first time in Germany

As this article notes, Germans have historically preferred to pay in cash, and their cash-preference has led to simply paying with a card in Germany difficult, but this sounds like that is about to change! The EHI Retail Institute in Cologne published a report this week about how Germans paid payments in 2018, and for the first time card payments outweighed cash! Over €209 billion was spent on cards, while cash transactions €208 billion.

3. Rio de Janeiro metro enables contactless payments

Another week, another transit system enabling contactless payments! This week, Rio de Janeiro announced that their underground system has rolled out contactless payments in partnership with Visa and other local and international providers. Contactless enablement technology is in place in all of Rio’s 41 metro stations, with the initial phase accepting Visa credit cards and mobile wallets before expanding the options later on.

4. Facebook Picks London to Drive WhatsApp Mobile Payments Globally

It looks like Facebook is looking at ways to get into the world of payments! This week Facebook Inc. announced that they intend to drive a global expansion on mobile payments though WhatsApp, centering their efforts in London, England. New Facebook London staff will be working towards developing a payment functions for WhatsApp as well as other products for safety and security.

Excited about learning other payments news? If so, make sure to check out our recaps from April 29 to May 3 and April 15 to 26.

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.

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