Same-day ACH and Asia payments news: WePay's Week in Payments
It’s been a busy week for payments news globally, with a great deal of new developments around the globe and particularly in Asia.
Leading off, The Paypers has a story about PaymentWall and Tencent partnering to take Wechat Pay global. That comes on the back of a report in Forbes that China is now leading the world in mobile payments (not really news) but also leading in live streaming and bicycle rentals…
In more serious payments news from China, The Paypers also reports that Chinese banking regulators want blockchain security rules before approving cryptocurrencies there.
On the other side of the Asian continent, The Central Bank of Iran has announced that it is rolling out NFC payments as an option for payment systems there according to The Paypers.
For more insight into global payments and money movement, Faisal Khan has a post about the recent FT Global Money Transfer Report. It’s a detailed look at the money transfer industry intended for potential investors and has some good CEO interviews and a great trove of collated data.
In more concrete payments news, PYMNTS.com says that Mastercard and Avidxchange are partnering on creating a B2B payments hub with the goal of helping larger B2B businesses add new digital payment methods and invoicing.
On the non-news side, Total Merchant Services has a practical piece about what it can cost merchants if their customers continue to swipe EMV chip cards.
PaymentEye has a nice interview with Square UK about how it is important for merchants to offer omni-channel payments (payments across many channels from cash to check to debit and credit cards to mobile payments and even more) and in doing so also looks at where the UK currently stands in this area. One nugget of information is that 40% of UK small merchants don’t accept card payments at all currently.
Finally, Payments, Cards and Mobile reports that the Electronic Payments Association has done a survey which shows that 92% of financial institutions will be ready for same-day ACH payments as soon as they are rolled out. (See infographic)