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Nigeria to shut failing mobile money operatives
Nigeria’s authorities are set to revoke the licences of at least 15 struggling mobile money operators under new minimum finance rules, according to press report. The report tips the majority of the 21 companies operating mobile money services in the country to fall foul of tough new cash requirements. Central Bank of Nigeria (CBN) rules, [...]
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Zelle P2P payments network moves $75 billion in 2017
Zelle announced $75 billion in money moved in 2017 across its P2P payments network, as millions of consumers reduced their dependence on physical checks and cash in the US. The $75 billion across the P2P payments network was an increase of 36% year-over-year (YoY) from 2016’s totals of $55 billion when the Zelle Network was previously clearXchange. The Zelle Network processed more than 247 million [...]
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Mobile wallets in India: What the world can learn
India’s emergence as a digital payment powerhouse is an unlikely story. Until recently, cash accounted for 95% of transactions, 85% of workers were paid in cash, and 70% of online shoppers chose ‘cash on delivery’ as their preferred payment option. Yet, the Indian mobile wallet market is set to grow by 150% over the next five [...]
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Zelle reports 84% increase in P2P mobile payments
Bank of America, through its P2P mobile payments platform Zelle, says it processed nearly 68 million Zelle transactions in 2017, an 84% increase from the previous year. In Q4 2017, Bank of America handled more than 23 million Zelle transactions, totalling nearly $7 billion, up 91% from Q4 2016. Bank of America is one of [...]
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Money laundering in the 21st century: Follow the money
Around $2 trillion is laundered every year and everyone is paying the price. Banks have huge regulatory overheads. Businesses and consumers encounter friction to open a bank account, transfer funds or instruct a lawyer. The best companies manage risk best. So, how do those in the payments industry use technology, process and people to manage [...]
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