There is no stopping the world-wide revolution in payment systems. Latest developments in Asia-Pacific show what is happening:
1 - SWIFT and the Japanese Bankers Association (JBA) have announced a new Foreign Exchange Yen Clearing System (FXYCS) mapping recommendation
SWIFT gpi now accounts for 30% SWIFT cross-border payment traffic worldwide. The enablement of SWIFT gpi on Foreign Exchange Yen Clearing System (FXYCS) over BOJ-NET, which goes live in November 2018, will pave the way for the use of the Japanese Yen as a gpi-supported currency in cross-border payments in Asia and beyond.
SWIFT and the Japanese Bankers Association have also announced that they have recommended that FXYCS direct members adopt mapping to facilitate end-to-end tracking of cross-border payments on the interbank clearing system, Bank of Japan Financial Network System.
2 - Hong Kong Instant payment systems live on 30 September 2018
The Hong Kong Monetary Authority (HKMA) have announced the launch of the Faster Payment System. It goes live at the end of the month and will leave users and the banks to agree what limits should be applied. In addition to the Hong Kong Dollar, FPS will also support Renminbi payments.
FPS will also accept QR code (Quick Response code) initiated payments in Hong Kong. The HKMA have launched the Common QR Code Standard for Retail Payments in Hong Kong, and have launched a free mobile application tool, namely “Hong Kong Common QR Code” (HKQR), which can be used for converting multiple QR codes from different payment service providers into a single, combined QR code. This facility helps merchants, especially small and medium enterprises, in using a single QR code to accept different payment schemes, instead of displaying multiple QR codes to their customers. The HKQR mobile application is available for download from Google Play Store and Apple App Store.
3 - Amazon Pay in India
According to Bob's Guide, Amazon Pay currently serves about 33m users to Apple Pay’s worldwide base of 87m, and is expanding rapidly in India.
It now offers a a multi-tiered Amazon Pay mobile accounts system which, according to Bob's Guide, will offer “a new bill payments facility that will allow Indian users to pay for all of their electricity, telephone, broadband and other utilities using their Amazon Pay mobile wallet. The ecommerce giant has struck deals with more than 100 Indian billers including Vodafone, Tata Power, BSES, BSNL, Airtel, ACT, Reliance Jio and BESCOM to provide direct mobile payment services.”
Should your company be accepting Amazon Pay in India and world-wide?
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