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JPMorgan develops its own digital coin to speed up corporate global payments

JPMorgan Chase is turning to cryptocurrency to modernise one of its most central businesses. The biggest US bank said it has developed a prototype digital coin that it plans to use to speed up payments between corporate customers, according to a statement released on Thursday. The token, dubbed JPM Coin, is based on blockchain technology, a decentralised public ledger of transactions that offers more speed because it does not rely on a central record keeper. “Many of our clients move money in different ways and they’re looking for a more…

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Ant Financial acquires UK payments firm WorldFirst to advance its global expansion

Ant Financial Services, an affiliate of Alibaba Group Holding, has agreed to buy UK-based payments company WorldFirst to bolster its global expansion, marking the Chinese start-up’s biggest deal since a major US acquisition fell through last year. “Alipay and WorldFirst’s capabilities and international footprints are highly complementary, and together, we will be able to better serve small businesses and promote financial inclusion around the world,” said an Ant Financial spokeswoman in a statement on Thursday. Terms of the acquisition were not disclosed. Ant Financial-backed mobile payment firm Mynt seeks Philippine…

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Middle-aged Chinese tourists lead use of mobile payments abroad during Lunar New Year holiday

Middle-aged Chinese travellers were the country’s biggest spenders abroad during the recent Lunar New Year holiday, as these older tourists led the use of mobile payments to go shopping overseas, according to an Alipay study. That finding, drawn from the more than 40 markets where Alipay is accepted, covered two groups who used the popular mobile payments platform: those born in the period 1960 to 1969 and 1970 to 1979. They were “the main driving force in outbound tourism and overseas consumption”, according to the report from Alipay, a unit…

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China 

Next stop Myanmar in China-Japan rivalry as frontier market opens doors to yuan and yen payments

Myanmar has officially permitted the use of the Chinese and Japanese currencies in cross-border payments, as the Asian giants vie for dominance in one of the region’s last frontier markets. The directive means that the yuan and yen join the euro, the greenback and the Singaporean dollar as designated currencies for settling international trade in Myanmar, where the central bank is desperate for foreign investment after years of economic sanctions and financial mismanagement. China, which shares a 2,200km (1,360-mile) border with Myanmar, has been keen to draw its southern neighbour…

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Vietnam 

Cashless payments an irreversible trend:SBV – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY– An entrenched cash using habit and safety concerns are the main reasons for people not to switch to non-cash payments, a workshop heard in HCM City on Tuesday. Speaking at “Towards a cashless society” organised by Tuổi Trẻ (Youth) newspaper, Nguyễn Kim Anh, deputy governor of the State Bank of Việt Nam (SBV), said cashless payment was an irreversible trend due to its many benefits. For consumers and merchants, this provided greater convenience, efficiency and security and lesser risk. The government…

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China 

China’s central bank denies delaying Mastercard and Visa access to payments market

China’s central bank has denied reports that it is dragging its heels on opening the massive Chinese payments market to Mastercard and Visa. While Mastercard filed an application to provide yuan payment services in 2017, the card issuer retracted the application in June 2018, an unidentified official in the People’s Bank of China (PBOC) department that licenses payment services told a Chinese financial news portal. Visa was said to have retracted its original application in January 2018. It reapplied in April, according to wallstreetcn.com, but the central bank found that…

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Vietnam 

EVN accepts QR payments – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Customers can now use QR codes to pay their power bills. — VNS Photo Viet Nam News HÀ NỘI — Việt Nam Electricity (EVN) is co-operating with Việt Nam Payment Solution Joint Stock Company (VNPAY) to enable online QR payments of electricity bills. All customers can pay their electricity bills by scanning their QR code on mobile banking applications. People can find the code by accessing EVN’s customer care website for the region in which they live. The QR code payment function has been connected with mobile…

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Former Youku president Yang Weidong arrested on suspicion of accepting improper payments

Alibaba Group named Fan Luyuan to lead Youku, its online video platform business, after police arrested former head Yang Weidong on suspicion of accepting improper payments. Yang is under police investigation in China and was arrested on December 3, the Hangzhou-based company said in a statement. Alibaba is “cooperating fully with the investigation,” it said. In November, Fan had previously replaced Mr. Yang as rotating president of Alibaba Group’s digital media and entertainment business, which includes Youku and other businesses. Fan is also head of Alibaba Pictures. “Alibaba Group is…

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Tencent partners with Line on mobile payments in Japan, heating up competition with Alibaba’s Alipay

Chinese internet giant Tencent Holdings and Japanese messaging app operator Line are joining hands to provide payment services in Japan, the two companies announced on Tuesday. Through the tie-up Japanese merchants will be able to use an integrated payments system to serve local users of Line Pay, the Japanese app’s payment service, as well as Chinese tourists who use WeChat Pay, the payment system incorporated within Tencent’s messaging and social media app WeChat, according to a statement by Tencent. The move is expected to boost Line Pay’s ability to sign…

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