Digital Money Transfer Market Size Estimated to Observe

Digital Money Transfer

Covid-19 Impact Update – Global Market Research Industry

A new business intelligence report released by AMA with title Digital Money Transfer Market Size, Status and Forecast 2019-2025 is designed covering micro level of analysis by manufacturers and key business segments. The Global Digital Money Transfer Market survey analysis offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics sources and it comprises both qualitative and quantitative detailing. Some of the key players profiled in the study are Amdocs (United States), eServGlobal (Australia), Huawei (China), Mastercard (United States), Axis Bank (India), PayPal (United States), Visa (United States) and Interac (Canada).

The rising digitilized across the globe is one of the strongest reasons that the digital money transfer market is growing. As it is very difficult to physically go to a bank and then follow the

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ESAF Bank announces fintech conclave

ESAF Small Finance Bank has announced its first fintech conclave providing fintech firms a platform to showcase their new digital banking solutions that facilitate last-mile financial inclusion.

The conclave endorses entrepreneurship in the banking sector and is open for start-ups, established and growth-phase technology firms, social innovators and entrepreneurs having innovative solutions that align with ESAF’s core mission of providing responsive banking services to underserved and unserved populations.

The competent finalist can eventually become a long-term strategic partner of the bank as the co-creator of new financial digital products that will be the latest enhancement in the banking sector, a press release said.

Fintech Conclave 2020 invites entrepreneurs who offer digital solutions to multi-partite banking. As the banking sector explores new digital avenues with customer satisfaction in the spotlight, the doors are open for entrepreneurs to devise digital products that meet the need.

K Paul Thomas, Managing Director and CEO,

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Easypaisa and NADRA Technologies Ltd. Collaborate for Accessible Digital Financial Services

Easypaisa, Pakistan’s flagship digital payments platform has joined hands with NADRA Technologies Limited (NTL) to provide cross-platform services on NADRA e-sahulat networks enabling convenient access to digital financial solutions. Under the partnership, all 12,000 NADRA e-Sahulat centers across the country will now also provide a host of Easypaisa services.

The agreement was signed by Khurram Malik, Head of Easypaisa, Telenor Microfinance Bank and Mr. Ali Javed, Director General, Public Service Directorate, NADRA Technologies Limited. Senior members from both organizations were also present on the occasion.

Easypaisa, the leading digital payments platform with more than 150,000 branchless banking agents across Pakistan is among the frontrunners working towards revolutionizing digital financial services. NTL’s partnership with Easypaisa is testament to the fact that change is being adopted at a national level providing a robust foundation for convenient access to digital financial services throughout the country.

As a result of the COVID-19 pandemic, digital

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Public Bank launches PBe QR to ease merchants in getting payments



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© Provided by The Edge


KUALA LUMPUR (Sept 18): Public Bank Bhd (PBB) has launched PBe QR — powered by Payments Network Malaysia Sdn Bhd’s (PayNet) DuitNow QR — to make it easier for merchants to get payments from their customers.

The bank said the public can make payments from any participating banks or e-wallet mobile applications, while merchants would only need to display the DuitNow QR without having to display multiple proprietary QR codes at payment counters.

“PBe QR is a game changer as it enables businesses of all categories to accept payments easily at no cost. For a limited period, PBe QR will be offered to registered merchants at zero fees.

“PBe QR is open for registration at Public Bank’s official website,” said PBB in a statement.

The bank said the usage of QR codes will reduce cash usage and increase digital financial inclusion for all Malaysians, adding

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RBI in process of constructing digital payment index to assess extent of digitisation: official



RBI in process of constructing digital payment index to assess extent of digitisation: official


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RBI in process of constructing digital payment index to assess extent of digitisation: official

The Reserve Bank of India (RBI) is in the process of constructing a digital payment index to assess the extent of digitisation in the country and innovation in existing modes and channels to bridge digital divide, a senior official of the apex bank said on Wednesday.

Observing that digital payments in India have been growing rapidly, RBI Executive Director T Rabi Sankar said there is still a lot of catching up to do as per-capita penetration is still quite low.

“RBI is in the process of…constructing and periodically publishing a composite digital payment index (DPI) to capture the extent of digitisation. The DPI could be the key to accurately measure the deepening and penetration of digital payments across the country,” he said while addressing a webinar organised by the US-India Business Council.

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$1.3 Trillion was Spent on Digital Transformation in 2018, About $900 Billion “Went to Waste,” Fintech Exec Reveals

Satya Nadella, CEO of Microsoft, recently noted that we’ve experienced two years of digital transformation in just two months due to the acceleration of the shift towards all-digital platforms and services following the COVID-19 outbreak.

Business ideas that may have been considered unthinkable or inconceivable just six months ago or before the pandemic began are now being called “the new normal.” For financial services providers that were being held back by regulatory requirements and outdated legacy tech, the Coronavirus crisis should serve as a major wake-up call and also as an opportunity to provide a much better online customer and employee experience. It’s also a good time to support banking’s societal purpose of enhancing our lives by enabling greater financial inclusion.

Ravi Kittane, Financial Services Technology Consulting Lead, PwC Malaysia, writes:

“In the last few years, banks have stepped up their investments in digital capabilities in response to

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Western Union to Present at the Deutsche Bank Technology Conference

The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movements and payments, today announced that the Company will present at the Deutsche Bank Technology Conference on Monday, September 14, 2020. The presentation will begin at 4:00 p.m. Eastern time and will include comments from Raj Agrawal, CFO.

Investors and interested parties will be able to listen to the investor presentation via webcast from http://www.westernunion.com, under the investor relations section. The archived webcast will be available approximately one hour after the conclusion of the presentation.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of June 30, 2020, our network included over 550,000 retail agent

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Mastercard launches testing CBDC platform for central banking –

Mastercard

Mastercard has launched a proprietary virtual testing environment for central banks to evaluate CBDC use cases. The platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.

Central banks have accelerated their exploration of digital currencies with a variety of objectives, from fostering financial inclusion to modernizing the payments ecosystem,” said Raj Dhamodharan, Executive Vice President, Digital Asset and Blockchain Products and Partnerships, Mastercard.

“Mastercard is driving innovation with the public sector, banks, fintechs, and advisory firms in the exploration of CBDCs, working with partners that are aligned to our core values and principles. This new platform supports central banks as they make decisions now and in the future about the path forward for local and regional economies.

The need?

A Central Bank Digital Currency (CBDC) is notable because it has the backing of a country’s central bank. This means

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Mastercard unveils central bank digital currencies testing platform

New sandbox designed to simulate how digital currencies would work in the real world

MASTERCARD announced September 9 the launch of a central bank digital currencies (CBDCs) testing platform to enable central banks to assess and explore national digital currencies. The platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.

The testing tool comes as the global economy embraces digital payments and central banks investigate how to support innovation while maintaining monetary policy and financial stability as they issue and distribute currency.

According to a recent survey by the Bank for International Settlements, 80% of central banks surveyed are engaging in some form of CBDCs work, and about 40% of central banks have progressed from conceptual research to experimenting with concept and design. 

To that end, central banks, commercial banks, and tech and advisory firms are invited to partner with the

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How digital transfers are breaking down borders for foreign workers during the pandemic

When the COVID-19 pandemic started rapidly spreading in early 2020, many of the world’s

largest remittance-sending nations
, including the United Kingdom, United States, France and Italy, gradually imposed nationwide stay-at-home orders to slow the infection rate within their borders.

But while these measures may have slowed the spread of the coronavirus by forcing businesses to stop work, they had major implications for foreign workers who relied on wages to provide financial support to families and loved ones abroad. As a result, the
World Bank
projected
that 2020 remittance flows to low- and middle-income countries would decline by 20% year-over-year.

However, contrary to the World Bank’s prediction, certain digital money transfer services have actually seen a sizable uptick in global money transfers. At

Paysend
, for instance, we saw a 15% increase in both users and transfer activity during March and early April. The CEO of MoneyTransfers.com

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