Latest news with #electronicpayment
Zawya
2 days ago
- Business
- Zawya
Egypt: Uptown 6 October partners with Fawry to enhance digital payment solutions for real estate transactions
Egypt - Uptown 6 October, one of Egypt's leading real estate developers, has announced a strategic partnership with Fawry, Egypt's premier fintech company, to implement a comprehensive electronic payment system for its real estate clients. This collaboration aims to streamline and improve the efficiency of financial transactions within Egypt's rapidly growing real estate sector. Under the terms of the agreement, Fawry will provide Uptown 6 October with a full suite of services, including electronic payment solutions for down payments, real estate installments, utility and maintenance bill payments, and more. Clients will be able to access these payment options via the MyFawry app and Uptowner app, as well as through cash payments at Fawry's extensive network of merchant locations across Egypt. In addition, the partnership will see the installation of Point-of-Sale (POS) devices at Uptown 6 October's sales offices, enabling seamless payments via MasterCard, Visa, and other major bank cards. The collaboration also includes the launch of a co-branded, unified electronic payment gateway, which will offer customers flexible payment methods, including digital wallets, bank cards, and cash payments. Moataz Shaarawy, Co-CEO of Uptown 6th of October Group of Companies, commented: 'Technology is a cornerstone for building smart communities. Our partnership with Fawry reflects our vision to provide advanced services that prioritize customer convenience. This collaboration will reduce reliance on paper transactions by up to 95%, making the process faster, more secure, and more efficient.' Waleed El Sayed, Chairperson of Fawry Dahab, expressed excitement about the partnership, noting: 'Egypt's real estate sector is experiencing significant growth, and we are proud to be part of this evolution. Through this collaboration, we aim to offer Uptown 6 October a broader range of digital solutions, supporting the digital transformation of the sector and enhancing technological integration.' He added: 'With our flexible range of payment options and an expansive service network across Egypt, we aim to provide an easy and efficient payment experience for all Uptown 6 October clients.' The collaboration also extends to Uptown 6 October's suppliers and contractors, who will benefit from a dedicated electronic payment system powered by Fawry's transfer platform. This system will allow for direct settlements into bank accounts, along with periodic payment reports to ensure financial transparency and faster transaction cycles. Furthermore, both companies are committed to promoting a digital payment culture through awareness campaigns and workshops, laying the groundwork for future collaboration to support growth and investment in Egypt's real estate sector.
Yahoo
6 days ago
- Business
- Yahoo
UK watchdog to tighten rules for payment firms from May 2026
LONDON (Reuters) -Britain's Financial Conduct Authority (FCA) said on Thursday it would roll out stricter rules for electronic payment firms from May 2026 to better safeguard customers' money. The regulator, which first laid out proposed reforms for payment firms in September, said companies would be required to keep customer money separate from their own funds, so that it could be returned if the firm fails. The payments sector has come under greater scrutiny as more consumers have become exposed to the risk of poor safeguarding. Between 2017 and 2022, the use of current accounts with online money and payment institutions - rather than traditional banks - has surged five-fold, a FCA survey shows. Under the tighter rules, larger payment firms will be subject to monthly reporting and annual audits, and they will be required to conduct daily checks to ensure the right amount of money is being safeguarded to protect customers. The rules will apply to payment institutions, e-money institutions (EMIs) and credit unions that issue e-money, the regulator said. EMIs flooded London over the last decade, benefiting from a lighter regulatory burden compared to banks. Last month foreign exchange broker Argentex, an e-money institution (EMI) since 2018, fell into special administration after succumbing to market volatility following a decline in the company's liquidity position. Failed payment firms had average shortfalls of 65% of their customers' funds over a five-year period to mid-2023, the FCA said. "People rely on payment firms to help manage their financial lives. But too often, when those firms fail, their customers are left out of pocket," said Matthew Long, director of payments and digital assets at the FCA. "We'll be watching closely to see if firms seize the opportunity and make effective improvements that their customers rightly deserve – this will help us to determine whether any further tightening of rules is necessary." UK Finance, a lobby group for the finance industry, said it was important that the new safeguarding rules were assessed for their impact and effectiveness before any further changes were made. "We support a robust and effective safeguarding regime that protects customers without placing unrealistic demands on businesses, particularly smaller firms," a spokesperson said. "Getting the balance right means having rules that are practical, proportionate, and internationally competitive." Sign in to access your portfolio
CNA
6 days ago
- Business
- CNA
UK watchdog to tighten rules for payment firms from May 2026
LONDON :Britain's Financial Conduct Authority (FCA) said on Thursday it would roll out stricter rules for electronic payment firms from May 2026 to better safeguard customers' money. The regulator, which first laid out proposed reforms for payment firms in September, said companies would be required to keep customer money separate from their own funds, so that it could be returned if the firm fails. The payments sector has come under greater scrutiny as more consumers have become exposed to the risk of poor safeguarding. Between 2017 and 2022, the use of current accounts with online money and payment institutions - rather than traditional banks - has surged five-fold, a FCA survey shows. Under the tighter rules, larger payment firms will be subject to monthly reporting and annual audits, and they will be required to conduct daily checks to ensure the right amount of money is being safeguarded to protect customers. The rules will apply to payment institutions, e-money institutions (EMIs) and credit unions that issue e-money, the regulator said. EMIs flooded London over the last decade, benefiting from a lighter regulatory burden compared to banks. Last month foreign exchange broker Argentex, an e-money institution (EMI) since 2018, fell into special administration after succumbing to market volatility following a decline in the company's liquidity position. Failed payment firms had average shortfalls of 65 per cent of their customers' funds over a five-year period to mid-2023, the FCA said. "People rely on payment firms to help manage their financial lives. But too often, when those firms fail, their customers are left out of pocket," said Matthew Long, director of payments and digital assets at the FCA. "We'll be watching closely to see if firms seize the opportunity and make effective improvements that their customers rightly deserve – this will help us to determine whether any further tightening of rules is necessary." UK Finance, a lobby group for the finance industry, said it was important that the new safeguarding rules were assessed for their impact and effectiveness before any further changes were made. "We support a robust and effective safeguarding regime that protects customers without placing unrealistic demands on businesses, particularly smaller firms," a spokesperson said.
CNET
18-07-2025
- Business
- CNET
Paper Social Security Checks Phasing Out in September 2025, but Exceptions Are Possible
If you get your Social Security payment in the form of a paper check, you'll need to switch to an electronic payment option instead soon. If you're used to receiving your Social Security or other federal payments in the form of paper checks, you're in for a change soon. Starting in September, all federal disbursements, including Social Security, SSDI, SSI and tax refunds will be sent electronically, ending the era of paper payments. The vast majority of Social Security, SSDI, Supplemental Security Income and tax refunds are sent electronically already, so the transition will affect only a small portion of Americans -- but that's still tens or even hundreds of thousands of individuals. As of July 2025, 521,644 households are still receiving paper checks out of the 68 million total Social Security recipients. These peoples may have a harder time moving forward to a digital form of payment, whether they don't have access to banking services or doing so would create more of a hardship. Luckily, exceptions can be made in certain circumstances. Below, we'll go over why the move to digital is happening, how to prepare if you or someone you care for are still receiving paper checks and the exceptions to the order. For more, check out the Social Security payment schedule for this month. Why is the US transitioning to digital payments? The move to a digital payment system for federal payments, like Social Security, was announced in an executive order by the Trump administration on March 25, 2025. The title of the order sums it up pretty clearly: Modernizing Payments To and From America's Bank Account. The order says that using paper checks for federal disbursements imposes unnecessary costs and risks, including fraud, lost payments and theft. It also notes that mail theft complaints have substantially increased since the COVID-19 pandemic and that checks are 16 times more likely to be reported as lost, stolen or returned as undeliverable compared to an electronic funds transfer payment. The executive order says the goal of this transition is to defend against fraud, reduce costs, improve efficiency and increase the overall security of federal payments. What federal payments are going digital? According to the executive order, all federal payments will go digital by Sept. 30, 2025. That's well ahead of the next tax season. However, those who still rely on monthly paper checks for programs like Social Security will need to prepare sooner. Here are all of the forms of federal disbursements transitioning to digital: Intragovernmental payments Benefits payments (Social Security, SSDI, SSI) Vendor payments Tax refunds Digital payment methods include direct deposit, debit and prepaid cards that can be mailed to you, digital wallets and real-time payment systems. What are the exceptions to this order? The order acknowledges that the transition to digital payments may not necessarily be feasible for all people, so there are exceptions that will be made for the following situations: People who do not have access to banking services of electronic payments. Certain emergency payments where an electronic payment would cause undue hardship. Certain national security or law enforcement activities where non-EFT transactions are necessary or desirable. Specific circumstances as determined by the Secretary of the Treasury People or entities that qualify for an exception will be provided with alternative payment options. Social Security recipient? Here's how to prepare For payments such as tax returns, all you need to do is opt for the direct deposit option while filing taxes. It's that easy. However, if you receive Social Security benefits or Supplemental Security Income in the form of a monthly check, you'll need to make preparations for the upcoming transition. This can be done in one of two ways: Signing up for electronic payments via the Treasury's Go Direct website. You can also call the Treasury's Electronic Payment Solution Center at 1-800-333-1795. Signing in or signing up for a My Social Security account to start or update your direct deposit information. For more, check out our Social Security and SSDI cheat sheet.
South China Morning Post
29-06-2025
- Business
- South China Morning Post
Payment Connect can boost Hong Kong as a hub for international finance
Connections are crucial to business success and a core mission for superconnector Hong Kong. So it is quite significant that a new electronic payment service linking the city and mainland China is being well received by people on both sides of the border. The Payment Connect system enjoyed a smooth launch on June 22, handling 6,900 northbound and 19,000 southbound transactions. A Hong Kong Monetary Authority (HKMA) spokesperson said average transaction sizes were around 800 yuan (US$111) heading to the mainland and 3,100 yuan to the city. The People's Bank of China and the HKMA arranged for the linkage between Hong Kong's Faster Payment System (FPS) and the mainland's Internet Banking Payment System (IBPS). It has opened doors for 315 million users to transfer money across the border to pay for travel, meals, education, medical services, salaries and other daily activities. The 17 million FPS registered users are now able to remit up to HK$10,000 (US$1,300) per day for each linked bank account to 298 million users of the IBPS.
