Payments
Malaysian deputy targets 'distortions’ in payments market
Muhammad bin Ibrahim says ‘more needs to be done’ to correct price distortions that he believes are holding back electronic payments in the country
Credit cards account for more than half of all payment cards in the US, report shows
Credit cards accounted for 334 million of the 776 million ‘general purpose cards' used in 2012; Over 250 million mobile payments made using mobile wallet application, Fed study finds
People: Emefiele to chair key WAMZ committee; BIS appoints chief rep for Americas
Godwin Emefiele elected as chairman of the West African Monetary Zone’s committee of governors; Spanish economist Enrique Alberola Ila takes BIS post; more
Effective oversight needed to consolidate gains from mobile payments infrastructure
Increased diffusion of mobile payments in developing countries calls for better oversight, IMF paper says - recommending that central banks cooperate with other regulators
Fed official reiterates forex options clearing guidelines
Lawrence Sweet highlights industry discussions around forex options clearing as key component of a private sector solution
RBA's Debelle doesn't fear digital disruption to payments and currencies
RBA assistant governor Guy Debelle tells London conference digital disruption is a micro, not macro story - saying central banks can deal with a change in the transmission mechanism
Bank of Canada may ‘expand’ payments oversight
Deputy governor Lawrence Schembri says the central bank might be charged with the oversight of ‘prominent’ payment systems as well as those that pose systemic risks
Riksbank brief: Virtual currencies 'essentially positive'
Digital money can make payments 'cheaper and more secure', argues staffer in economic commentary; risks mean virtual currencies should be assessed on a case-by-case basis
Economists worldwide find cash still used ‘extensively’
Economists from Australia, Austria, Canada, France, Germany, the Netherlands and the United States compare survey data on payments; find cash ‘has not disappeared’
Danish faster payments system sees limited uptake
Danish central bank annual report on payments systems finds disappointing uptake of an offer to settle customer payments faster; says CPSS/Iosco compliance should be ensured
Euro Retail Payments Board sets out work plan in wake of Sepa migration
The board creates two working groups in its first meeting; one on post-migration issues, the other on finding Europe-wide solutions for securing electronic mandates for direct debits
New Zealand securities settlement system could go private
Reserve Bank of New Zealand issues public consultation on future of two major settlement systems; NZClear could be separated from Esas and moved into private sector
Riksbank appoints two senior managers
Appointments to human resources and cash and payment systems sections follow establishment of three new departments on March 1
Richmond Fed study shows 'dramatic crossover' in payment methods of US citizens
Study evaluates Fed data tracking 2,500 participants making close to 13,000 payments during three days in October 2012, shows many seniors sticking to mail as main payment method
Target2 'filled in' balance of payments gaps during euro crisis, NY Fed paper finds
Federal Reserve Bank of New York study finds adjustment to the pullback of private capital during the euro crisis made less harsh by Target2
RBA takes next step in opening up payments market
Shake-up of access regimes aims to give more room for competition in the Australian payments market; proposed changes still need amendments to legislation to go ahead
Europe card fraud up after five-year decline, ECB data show
Growth in online shopping blamed for increase in card payments fraud, which totalled €1.33 billion within the Single Euro Payments Area in 2012 - up 21% on the previous year
Singapore unveils faster payments service
The Association of Banks in Singapore says ‘almost immediate’ payments service for interbank transfers will launch in the middle of the year
Nigerian RTGS joins Swift
The country's adoption of the global payment platform yesterday is expected to improve settlement security and discourage the use of cash payments in the longer term
Central Bank of Oman's Hamood Sangour Al Zadjali on the dollar, financial stability and Islamic finance
The Central Bank of Oman remains committed to the dollar as it moves to improve governance, liquidity management and Islamic finance in the sultanate, its executive president tells Chris Jeffery
Rajan looks to mobile banking for financial inclusion
Reserve Bank of India governor says that India is not ‘where it should be’ on mobile payments and calls on telecom firms to help drive the proliferation of cheap and safe payments
ECB ‘strongly supports’ new payments directive
The European Central Bank gives its backing to a new payments directive that aims to create a more integrated European market for electronic payments
Riksbank unveils organisational shake-up
Three new units streamlining asset management and payment operations will come into being on March 1; also announces transfer of Skr3.3 billion to Treasury
Fed proposals for updated payments system meets with mixed response
Some industry practitioners tell Fed it should move faster on payments reform, though others argue if it isn't broken, don't fix it