Latest news with #paymentSystem
Zawya
27-05-2025
- Business
- Zawya
Qatar's payment system transactions total $3.81bln in April: QCB
Qatar's payment system transactions totalled QR13.9bn through 50.5mn transactions in April, according to the Qatar Central Bank. Majority (58%) of these were through points of sale (PoS), while e-commerce accounted for 26%, QCB data reveal. Instant payment system (Fawran) had a 15% share of the payment system transactions last month while Qatar Mobile Payment represented 1% of the total. PoS transactions totalled QR8.05bn through 40.11mn transactions while e-commerce transactions valued QR3.54bn through 8.95mn transactions in April. Fawran registered 1.3mn transactions totalling QR2.11bn in April. The total number of Fawran registered accounts is 3.03mn. The QCB introduced the National Network System for ATMs and Points of Sale (NAPS), which is the central payment system, in 1996 to facilitate the acceptance of cards transactions (debit cards and prepaid) on ATM, PoS and e-commerce terminals throughout the GCC region and Egypt. Additionally, the system accepts cards issued by the QCB, GCC and Egypt regulated banks. According to the QCB, NAPS is one of the first switches in the region to achieve full (EMV) compliance both as an acquirer and issuer. The system was upgraded in 2023 in line with the latest global standards in cards industry. It is a round-the-clock service, which supports card tokenisation and card-less payments. All banks in Qatar are members of the National Network System for ATMs and Points of Sale. Fawran is considered one of the innovative and advanced services, in line with the third strategy for the financial sector in the country and in continuation of the QCB's efforts to develop the infrastructure of payment systems and keep pace with the latest developments in payment systems and electronic transfer of funds. It is designed in accordance with a system based on the latest technologies and security standards, to maintain the security and confidentiality of the information created by the QCB to enable financial institutions to provide the service to their customers with complete reliability. One of the most prominent advantages provided by the instant payment service is enabling bank customers to send and receive money in the country immediately, and within moments. It will also be available round-the-clock without interruption. Earlier, the QCB noted that the launch of the Fawran is part of the projects it has undertaken to enhance the country's payment system. This initiative plays a significant role in strengthening the financial sector, providing diverse payment options for all segments of society, facilitating payment processes, and reducing reliance on cash, thereby lowering associated costs. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Finextra
19-05-2025
- Business
- Finextra
Sweden's central bank comes down hard in favour of cash payments
Sweden's push to become a cashless society is rapidly heading into reverse, as the central bank sdubmits proposals to introduce an obligation to accept cash in the sale of essential goods, and to strengthen the banks' responsibility for cash handling. 3 In making its submission to country's ongoing Cash Inquiry, The Riksbank emphasises that it is essential that people can continue to use cash to enable all members of society to make payments, and for the resilience of the payment system. 'People should always be able to pay for food, healthcare and medicines both digitally and with cash," says Erik Thedéen, governor of the Riksbank. "The increasingly turbulent global situation, increased cyber attacks and also the major power outages in southern Europe show the importance of being able to make payments even when the internet is down' The Riksbank is also in favour of extending and clarifying the responsibility of the major banks to offer corporate customers overnight deposits and petty cash as a matter of priority. The central bank has also come down in favour of proposals to require banks to allow private individuals to deposit banknotes in accounts. Until now, there has been no legal obligation for the major banks to provide this service. Says Thedéen: 'The cash infrastructure is currently very vulnerable and urgent legislative action is needed to protect it. It is essential that businesses can make cash deposits and receive petty cash for people to be able to use cash in society at all. The banks should take more responsibility for the cash of both their corporate and private customers.'
The Sun
13-05-2025
- Business
- The Sun
Major change to ALL checkouts across UK as key deadline passes in huge shake-up for shoppers
SHOPPERS across the UK are facing a major shift at supermarket checkouts. At the centre of the shake-up is the £100 spending cap that has quietly shaped daily purchases. 2 The Financial Conduct Authority (FCA) has closed a consultation that could lead to the removal of the current contactless cap, impacting customers at Tesco, Sainsbury's, Asda, Morrisons and other major supermarkets and retailers. The change, if approved, would affect millions of transactions each day and could make paying quicker and more convenient. At present, contactless payments are capped at £100, meaning anything over that requires chip and PIN or an alternative method. The consultation, which ended on 9 May, was part of wider work announced in January aimed at modernising the UK's payment system and supporting economic growth. It followed a letter sent to Prime Minister Sir Keir Starmer by FCA chief executive Nikhil Rathi, outlining steps to support innovation in financial services. Mr Rathi said removing the limit would offer greater flexibility to both customers and retailers, and bring the UK in line with other countries, particularly the United States, where such limits do not apply. David Geale, executive director of payments and digital assets at the FCA, said: 'Currently 85 per cent of people in the UK make contactless card payments each month. "This is the perfect opportunity to explore whether we can improve and increase trust in the UK's payments system.' The Treasury has also expressed support for the move. Economic Secretary Emma Reynolds described the review as a 'welcome step' that could give families 'more flexibility when making purchases safely.' Despite the possible changes, the FCA confirmed that consumer protections will remain in place. If a contactless card is lost or stolen and used fraudulently, banks will still be required to refund the customer under current legislation. However, there are some concerns about the impact on fraud levels. Jana Mackintosh, managing director of payments and innovation at UK Finance, said: 'Having a contactless limit is important in terms of fraud prevention, but we believe overall limits and the number of times a customer needs to enter a PIN should be determined by industry rather than the regulator.' Retailers have generally welcomed the idea, suggesting that lifting the cap could help reduce queues at busy times and make shopping even more efficient. Some shoppers, however, have raised concerns about security and spending control. The FCA has not yet confirmed whether the limit will be removed or simply raised, but a decision is expected later this year after reviewing responses to the consultation. For now, the £100 limit still applies, but shoppers should stay alert to future updates as a major change to the way we pay could be just around the corner. 2
