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Tag: payments

  • Apple Pay coming to China in 2016

    Apple Pay coming to China in 2016

    Apple and China UnionPay Thursday announced a partnership to bring Apple Pay to China in 2016. UnionPay cardholders will be able to add their bank cards to Apple Pay on iPhone, Apple Watch and iPad, according to a press release.

    Apple Pay will roll out to UnionPay cardholders as soon as early 2016 following relevant tests and certification required by Chinese regulators, with the service itself in compliance with the applicable national mobile payment and financial industry standards in China, according to the announcement.

    “China UnionPay is dedicated to promoting payment innovations and providing secure, convenient mobile payment experiences for its hundreds of millions of cardholders, aligning multiple parties in the industry,” said Chai Hongfeng, executive vice president of China UnionPay. “We’re very excited to offer Apple Pay among a diverse set of innovative payment options that work with China UnionPay QuickPass.”

    “Apple Pay has revolutionized the way millions of people pay every day with their iPhone, Apple Watch and iPad,” said Eddy Cue, Apple’s senior vice president of Internet software and services. “China is an extremely important market for Apple and with China UnionPay and support from 15 of China’s leading banks, users will soon have a convenient, private and secure payment experience.

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  • Central Bank of Myanmar plans first real-time payments system

    Central Bank of Myanmar plans first real-time payments system

    The Central Bank of Myanmar (CBM) plans to introduce a real-time gross settlement (RTGS) system by the end of 2015.

    Deputy governor Winston Set Aung says the country’s first ever RTGS will help to reduce the size of the cash economy, as the system will allow transfers between banks to be settled immediately.

    An unnamed CBM official adds that RTGS will also support capital market development, making it easier and safer to trade stocks and bonds.

    Last year, CBM worked with NTT Data to develop a new core banking system for the settlement of government bonds, funds and collateral management. The project was funded by the Japanese government, and was part of CBM’s plans to establish a fully modernised financial sector.

    At that time, Asako Toyoda, senior manager for the Myanmar core banking project team at NTT Data, said: ‘The team suggested that the IT vendor that established the Bank of Japan’s BOJ Net [an RTGS system in Japan], which was NTT Data, should develop the CBM Net application too, and CBM agreed on it.’

    In Myanmar’s move to modernisation, CBM has the backing of the Japan International Cooperation Agency (JICA) and the World Bank. CBM is also assisting local banks and foreign banks’ branch offices in preparation of the new system.

    According to the Myanmar Times, only about 5-10% of Myanmar’s population has access to any form of banking services.

    In addition to CBM’s work, the Yangon Stock Exchange, Myanmar’s first modern bourse, is set to open in the first week of December. At present, the government issues treasury bonds, but these are illiquid, and the nation has no corporate bond market yet.

    Also, the Myanmar Payment Union (MPU) is upgrading its retail payment and settlement system, to help promote card payments. The organisation’s 21 member banks first offered debit card services in 2012 and introduced credit cards earlier this year.

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