The information you need to start your day, from PaymentsSource and around the web:
Umbrella coverage
Facebook and Google are partnering with India-based companies Infibeam and Reliance Industries to power a digital payment network as part of a government initiative.
The Reserve Bank of India has invited companies to build umbrella entities (or NUEs) to serve as an alternative to the bank-operated National Payments Council of India, according to IndianExpress.
Google and Facebook are already active in India’s payments market. Google Pay claims a large share of the country’s UPI rail. Facebook offers WhatsApp payments and e-commerce integrations in India.
XRP docket
MoneyGram is facing a class action alleging it made false statements about its partnership with Ripple and the XRP cryptocurrency.
The suit covers investments via MoneyGram between June 17, 2019 and February 22, 2021, reports Coin Telegraph, adding MoneyGram contends it does not use RippleNet for direct transfer of funds and is not a party to SEC’s legal move against Ripple. The SEC has sued Ripple, contending the XRP token should be classified as a security and subject to more regulation.
The SEC suit has caused MoneyGram to back away from its partnership with Ripple. Ripple has contended XRP is separate from Ripple and as such is not a security.
Doge machine
Bitcoin ATM firm CoinFlip has added Dogecoin to its 1,800-terminal network following a rally of more than 2,000% over the past 12 months.
Dogecoin is generally positioned as “less serious” than other cryptocurrencies. But spurred by support from celebrities such as Elon Musk, Snoop Dogg and Gene Simmons, Dogecoin has neared a market cap of about $10 billion.
Amid a broader rally in crypto, CoinFlip has expanded from fewer than 500 ATMs in the U.S. in January 2020 to its current network size, and now has machines in 45 states.
Open to change
U.K. banking trade group UK Finance has proposed new rules for open banking, including extending the concept to other financial products.
British regulators are winding down the Open Banking Implementation Entity and turning governance over to the banking and finance industry, which is charged with forming and funding a new shared service entity, reports Finextra. UK Finance is proposing an independent chair and representatives for consumers, industry members and regulators.
The trade group is also proposing a new model called “open finance,” including mortgage, insurance and other products that could share data with banks, payment companies and other third parties through API connections.
From the web
Britain raises contactless limit as COVID accelerates electronic payments
REUTERS | Wednesday, March 3, 2021
Britain is more than doubling to 100 pounds ($139.75) the limit on contactless payments made with debit or credit cards, the finance ministry said on Wednesday, as COVID-19 accelerates a shift to electronic payments from cash.
CVS, Walgreens Look for Big Data Reward From Covid-19 Vaccinations
THE WALL STREET JOURNAL | Tuesday, March 2, 2021
Chains plan to use information they collect on vaccine recipients to promote stores, tailor marketing.
Biden’s SEC chair nominee signals more regulation for cryptocurrencies
REUTERS | Tuesday, March 2, 2021
The U.S. Securities and Exchange Commission appears likely to work on its first guidelines for cryptocurrencies after President Joe Biden’s nominee to lead the agency promised to provide “guidance and clarity” to the rapidly evolving market.
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