PaymentFacilitator’sNews Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
Visa holds firm line on India’s MDR policy. Currently in pending status, India has proposed no Merchant Discount Rate (MDR) on digital transactions for qualifying businesses as an incentive towards cashless payments. With the industry abuzz in response to this proposition, Visa India and South Asia Head T.R. Ramachandran makes his opinion known: “I am a firm believer in low economics, but no economics student can believe in no economics.” From Reuters.
The Quick Response Edit
Bank Indonesia sets new standard. In an effort to “promote transaction efficiency and accelerate financial inclusion,” Bank Indonesia has launched the QR Code Indonesian Standard (QRIS). QRIS will enable a more streamlined approach to payments and digital banking with users able to utilize the same QR code across platforms. This includes everything from server-based electronic money transactions, mobile banking services and e-wallets. From Jakarta Globe.
PF LINE Pay and WeChat Pay Come Together. In an effort to join forces on behalf of their target audience (Chinese tourists traveling to Japan), these two brands have come together to enable a cross-platform QR code offering. Already in process since August 9, completed integration will enable WeChat Pay users to apply their current balance towards purchases using the LINE Pay merchant QR code. From Finextra.
Big Brands with Big Plans
PayPal looks to capitalize on India’s digital demand. As the company feels a saturation point seems inevitable in its key western markets, it looks to India’s buzzing ecosystem to supply some desired momentum. As the country’s 450 million mobile users enhance their online presence, one of PayPal’s key initiatives is to overcome one of the biggest challenges faced by payments companies in India: cart abandonment. How are they going to accomplish this? With their new one-click technology. From Financial Times (requires registration or subscription).