Nigeria Inter-Bank Settlement System Plc (NIBSS) today announced the launch of the NQR payment solution; an innovative payment platform implemented on behalf of all financial service providers. The New Quick Response code solution offers a robust platform that delivers instant value for P2B and P2P transactions by simply scanning to pay. It is a solution that will unify the available closed QR Code schemes in the country for consistent user experience and accelerated digital adoption.
This Payment Solution designed to be “low cost” for merchants would see shoppers scan a QR code generated by a seller to pay for an item. Each code will have unique details containing the information relating to the transaction and would link with a customer’s Banking App, already enabled on their smartphone.
The Mount Washington Hotel in Bretton Woods, New Hampshire. (Reuters/Brian Snyder)
Throughout history, international orders have been constructed, contested, upended and dismantled. The current international order goes back to the end of World War II. The period before between the two world wars and including the Great Depression that resulted after the 1929 stock market crash had already proven that a multilateral scheme based on a gold exchange standard was not optimal (or even possible, given that gold reserves were primarily held in the central banks of a few states), and, ultimately, it was unfit to respond to a global financial crisis.
Big Brother legislation
Central bank, financial regulator should take step back
The Bank of Korea (BOK) and the Financial Services Commission (FSC) are locking horns with each other over the latter s plan to control the country s settlement payment system involving big-tech companies, such as Naver and Kakao. It was a misconception for the BOK called the revision to the Electronic Financial Transaction Act a Big Brother law, FSC Chairman Eun Sung-soo said last Friday. We are a little upset.
The FSC head was responding to a BOK statement issued a few days earlier, in which the central bank described the revision bill as a Big Brother law that could be used for consumer surveillance. It was rather unusual for the BOK, which usually uses ambiguous language, to express its opposition in such a strong tone. That shows the central bank is angry, too. The amendment seeks to introduce the electronic payment settlement business and calls for those wanting to engage in it to win t
More than half of Singapore’s hawker stalls now offer e-payments Toggle share menu
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Hawker centre in Singapore. (File photo: AFP/Roslan Rahman)
19 Feb 2021 12:57PM (Updated:
22 Feb 2021 11:22AM) Share this content
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SINGAPORE: More than half of Singapore’s hawker stalls now offer e-payments, with transactions last month growing four times since June.
This amounts to 10,000 stallholders, Enterprise Singapore (ESG), the Infocomm Media Development Authority (IMDA) and Singapore Digital Office (SDO) said on Friday (Feb 19) in a joint media release.
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Transaction volume and value for January this year also crossed the 1.2 million and S$14 million mark respectively for the first time.
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The COVID-19 crisis further strengthened the trend of real-time payments in Europe and the US.
As detailed in this publication, real-time payments received special attention from the governments, businesses, and consumers, especially during the health crisis. Among the main reasons to utilize this type of payment processing, US corporate decision-makers point out increased accuracy of cash flow management. With that, the share of instant payments of total transactions in the country is forecasted to constitute about one-fifth through 2024.
In Europe, the ECB has set an objective to include all payment providers in the system of real-time payments across the euro area by the end of 2021. As of 2020, most of the European markets, including the UK and the Netherlands, experienced significant growth in volumes and values of real-time fund transfers. Additionally, the countries of Northern Europe have created a