The Australian government is mulling new laws intended to tighten the regulation of digital payment services. Despite rapid growth, digital wallet services from Apple Pay, Google Pay and China’s WeChat Pay are not designated “payment systems” in Australia, which means they are not as yet governed by the country’s regulatory system. The move comes on the heels of a government-commissioned report addressing whether the payments system had kept pace with advances in technology and changes in consumer demand. Continue reading Australia Considers Reforming Regulations for Digital Wallets

During the COVID-19 pandemic, QR codes that allow customers to order and pay for food and drinks caught on in restaurants and appear to be here for good. Retail chains including CVS and Foot Locker have also added them as have marketers. Because QR codes can store digital information and open an app or website that tracks peoples’ personal information, they’re ideal for vendors looking to create their own customer databases. Consumers will soon be served customized offers marketed within QR code payment systems. Continue reading Pandemic Fosters Wider Adoption of QR Codes and Tracking

The People’s Bank of China (PBOC), the country’s central bank, introduced a digital currency known as DCEP (Digital Currency Electronic Payment), which it said will share some features of bitcoin and Facebook’s Libra. It’s being internally tested in four large cities — Shenzhen, Suzhou, Chengdu and Beijing satellite city Xiong’an — aimed at improving its functionality and, in part, to prepare for the 2022 Winter Olympics in Beijing. The PBOC started its digital currency research in 2014. Continue reading China Launches Test of DCEP Digital Currency in Four Cities

Facebook, Telegram and Signal plan to utilize their messaging services as platforms to launch new cryptocurrencies over the next year. Their virtual currencies will allow users to send money to contacts around the world via the messaging services. According to inside sources, Facebook has been secretly working on a coin for WhatsApp that users could “instantly” send to friends or family. Facebook’s WhatsApp project is developed to the point that the company is already in discussions with cryptocurrency exchanges. Continue reading Cryptocurrencies to Launch Soon From Messaging Services

China’s most popular messaging app WeChat is drawing in luxury fashion brands. France’s Longchamp and U.K.’s Burberry are selling clothes and purses there, and LVMH brands Givenchy and Dior are conducting flash sales on the app. By hosting upscale retail, WeChat owner Tencent Holdings has put itself in competition with Alibaba Group Holding, China’s dominant e-commerce company, as well as search engine Baidu. All three titans are testing the waters outside their traditional businesses. Continue reading WeChat Adds Luxury Brands, Competes With Alibaba, Baidu