While the payment industry is evolving at an increasingly fast pace, one thing remains ever-present - fraudulent activity. What's more, the tactics implemented by dishonest players keep becoming more and more intricate, prompting businesses to search for solutions that could tackle these higher-grade challenges.
Peer-to-peer (P2P) technology has been disrupting the payment industry over the past years by enabling consumers to transfer money directly to one another without the participation of traditional financial institutions.
The South African Reserve Bank (SARB) is currently in the process of testing its new Rapid Payments Program (RPP), which is expected to bring about a revolution in the way people make financial transactions across the country, once it’s launched later this year.
The European Central Bank (ECB) began investigating the potential of introducing the digital euro over a year ago. Since then, the work on this project has been actively progressing, with the ECB holding multiple discussions about its key design options with the Committee on Economic and Monetary Affairs of the European Parliament over the course of 2022.
The United Kingdom’s payment ecosystem has undergone significant changes over the past decade, driven by advancements in technology, a shifting regulatory landscape, and a growing demand for security, speed, and convenience among consumers.
The UK’s Faster Payments system has been effectively enabling instant money transfers between participating banks since 2008. However, despite the prominent role this scheme has played throughout the years, it is gradually becoming outdated and requires an upgrade to keep up with the rapidly evolving payments landscape.
The past few years have been marked by rapid changes within Europe’s payment ecosystem. These developments have prompted businesses, FIs, and PSPs to significantly adjust their operations and keep up with the trends. As we enter 2023, it’s already clear as day that the pace of the European payment industry’s evolution is nowhere near slowing down.
We live in a time of dramatically escalating inflation, severe supply and cash flow issues, and a rapidly increasing cost of living. All these factors slow down retail growth, intensify competition, enhance friendly fraud risks, raise payment fees, and shrink margins - in other words, they force businesses to invest more resources to win each sale.
As you might know, India is making a big step toward a digital future with the launch of the e-Rupee, a digital version of its national currency. The work on this project of major importance is actively ongoing, with two pilots already having aired in the wholesale and retail sectors in November and December 2022, respectively.
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