Tech in Asia’s Post

How do payment apps interact with banks in India and China? . . The diagram below shows a comparison between UPI (Unified Payments Interface) in India and NUCC (NetsUnion Clearing Corporation) in China. Both are nationwide efforts to streamline third-party payments, which means payment apps don’t need to handle the complexity of connecting to banks. Some differences are: 🔹 UPI = payment markup language + standard for interoperable payments, while NUCC (NetsUnion Clearing Corporation) is a clearing system among banks. So UPI covers the whole workflow, but NUCC handles transaction clearing and settlements. 🔹 UPI builds a digital payments ecosystem with payment apps, banks, and NPCI (National Payments Corporation of India). NUCC saves each payment app the effort of connecting to each bank separately. 🔹 UPI adopts a mobile-first design, each account is given a VPA (Virtual Payment Address), while NUCC doesn’t have such a setup. 👉 Over to you: Any similar setup in other countries? — 👉 If you like my FinTech posts, please follow Hua Li and click the 🔔 on my profile to receive updates. #systemdesign #payments #fintech . —

How do payment apps interact with banks in India and China? . . The diagram below shows a comparison between UPI (Unified Payments Interface) in India and NUCC (NetsUnion Clearing Corporation) in China. Both are nationwide efforts to streamline third-party payments, which means payment apps don’t need to handle the complexity of connecting to banks. Some differences are: 🔹 UPI = payment markup language + standard for interoperable payments, while NUCC (NetsUnion Clearing Corporation) is a clearing system among banks. So UPI covers the whole workflow, but NUCC handles transaction clearing and settlements. 🔹 UPI builds a digital payments ecosystem with payment apps, banks, and NPCI (National Payments Corporation of India). NUCC saves each payment app the effort of connecting to each bank separately. 🔹 UPI adopts a mobile-first design, each account is given a VPA (Virtual Payment Address), while NUCC doesn’t have such a setup. 👉 Over to you: Any similar setup in other countries? — 👉 If you like my FinTech posts, please follow Hua Li and click the 🔔 on my profile to receive updates. #systemdesign #payments #fintech #isapexchange #isapwallet www.isap.exchange www.wallet.isap.exchange iSAP Exchange FZCO Tino Herold credit: Hua Li

How do payment apps interact with banks in India and China? . . The diagram below shows a comparison between UPI (Unified Payments Interface) in India and NUCC (NetsUnion Clearing Corporation) in China. Both are nationwide efforts to streamline third-party payments, which means payment apps don’t need to handle the complexity of connecting to banks. Some differences are: 🔹 UPI = payment markup language + standard for interoperable payments, while NUCC (NetsUnion Clearing Corporation) is a clearing system among banks. So UPI covers the whole workflow, but NUCC handles transaction clearing and settlements. 🔹 UPI builds a digital payments ecosystem with payment apps, banks, and NPCI (National Payments Corporation of India). NUCC saves each payment app the effort of connecting to each bank separately. 🔹 UPI adopts a mobile-first design, each account is given a VPA (Virtual Payment Address), while NUCC doesn’t have such a setup. 👉 Over to you: Any similar setup in other countries? — 👉 If you like my FinTech posts, please follow Hua Li and click the 🔔 on my profile to receive updates. #systemdesign #payments #fintech #isapexchange #isapwallet www.isap.exchange www.wallet.isap.exchange iSAP Exchange FZCO Tino Herold credit: Hua Li

How do payment apps interact with banks in India and China? . . The diagram below shows a comparison between UPI (Unified Payments Interface) in India and NUCC (NetsUnion Clearing Corporation) in China. Both are nationwide efforts to streamline third-party payments, which means payment apps don’t need to handle the complexity of connecting to banks. Some differences are: 🔹 UPI = payment markup language + standard for interoperable payments, while NUCC (NetsUnion Clearing Corporation) is a clearing system among banks. So UPI covers the whole workflow, but NUCC handles transaction clearing and settlements. 🔹 UPI builds a digital payments ecosystem with payment apps, banks, and NPCI (National Payments Corporation of India). NUCC saves each payment app the effort of connecting to each bank separately. 🔹 UPI adopts a mobile-first design, each account is given a VPA (Virtual Payment Address), while NUCC doesn’t have such a setup. 👉 Over to you: Any similar setup in other countries? — 👉 If you like my FinTech posts, please follow Hua Li and click the 🔔 on my profile to receive updates. #systemdesign #payments #fintech #isapexchange #isapwallet www.isap.exchange www.wallet.isap.exchange iSAP Exchange FZCO Tino Herold credit: Hua Li

Thailand's financial sector has transformed with the rise of fintech, especially electronic payments. The 2017 Payment Systems Act (PSA) regulates this sector, ensuring stability and consumer protection. The Bank of Thailand and the SEC balance innovation with safety. Businesses must comply with the PSA to thrive. #Fintech #ElectronicPayments #ConsumerProtection

Fintech Rising: Can They Disrupt Traditional Payment Giants? The battle for payment supremacy is heating up! Fintech companies are charging onto the scene, challenging established players like credit/debit cards and Western Union-type money transfer services. But can they dethrone the giants? Let's explore the competition: Fintech's Weapons: Speed & Convenience: Seamless mobile payments, instant transfers, and frictionless user experiences. Example: Venmo boasts over 83 million users drawn to its quick and social money transfers. Lower Fees: Cutting out intermediaries often translates to cost-effective transactions, especially for international transfers. Example: Wise offers transparent and low-cost international money transfers, challenging Western Union's high fees. Innovation & Security: Utilizing cutting-edge technologies like biometrics and blockchain to enhance security and offer unique features. Example: N26, a mobile-first bank, integrates fingerprint and facial recognition for secure logins. Traditional Players Fight Back: Established Networks & Trust: Years of brand recognition and extensive infrastructure provide a strong foundation. (Visa and Mastercard boast global acceptance and widespread adoption.) Regulation & Security: Existing compliance and security measures provide reassurance to some users. (PCI-DSS certification ensures data security for card transactions.) Integration & Convenience: Partnerships and integrations with various retailers and platforms offer convenience. (Apple Pay and Google Pay offer contactless payments through smartphones.) The Future of Payments: Collaboration is Key: Partnerships between fintechs and traditional players can leverage strengths and drive innovation. Example: PayPal integrates with various banks and platforms, expanding its reach. Focus on Customer Needs: Tailored solutions addressing specific needs and preferences will win the race. (Fintechs can target niche markets while traditional players offer broader services.) Regulation & Security Remain Paramount: Building trust and ensuring compliance will be crucial for all players. It's still early days, but the competition is fierce! While dethroning established giants might be an uphill battle, fintech is undoubtedly pushing the boundaries and shaping the future of payments. What's your take? Can fintech truly disrupt the traditional payment landscape? Which factors will decide the winner? Share your thoughts in the comments! #fintech #payments #competition #innovation #convenience #security #futureofpayments

In a chat with Ramkumar Venkatesan, CTO of Cashfree Payments and our Senior Technology Journalist Vandana Nair delves into India’s leadership in digital payments and fintech. He sheds light on the robust tech infrastructure at Cashfree, their rigorous merchant vetting process, and how AI is seamlessly integrated into their operations. Plus, Venkatesan discusses common online frauds and how they're tackled. Want to dive deeper into India's fintech scene? Watch the complete video, link in the comments below!

The Emerging Payments Ecosystem: Is it Possible to Improve? The payments ecosystem is currently in a phase of disruption, whereby new technologies and market entrants keep emerging. This poses challenges and opportunities for #businesses as well as consumers. On the other side, new #payment systems are as convenient and effective as always were. For instance, mobile wallets enable us to purchase goods and services when we swipe a finger on our phone; while digital currencies have the possibility of providing quicker and #costless #crossborderpayments. Contrastingly, the payment system as a whole is quite complicated. The process of following up with every new invention that comes up dates along the regulatory laws becomes tedious and costly. Further, the breakage of the market can lead to difficulties when all its potential customers are not reached. Hence, can the payment ecosystem emerge from being enhanced? I think it does, but only if all the stakeholders, businesses regulators, and governments work together towards creating such a balance. Here are a few ideas for how we can improve the payments ecosystem: This is because the company was languishing below the threshold profitability in which case it needs to do a lot about its situation. - Standardization: To collaborate efficiently we need to touch on common standards for things such as payment messaging, security operations and interoperability. This would ease the process of adopting new #technologies and tapping into a wide pool of customers. - Regulation: We should have uniform regulations to apply across the payments ecosystem. This would even the odds and defend consumers. - Innovation: We have to keep the initiative with innovating in payments. This involves creating innovations in technology and payment systems that can help to make payments more streamlined, efficient as well convenient hence making them secure. Together, we can develop a mutually beneficial payment system. #payments #fintech #innovation #regulation

All things said and done, the most important portion of this, I believe, is Security. Without it, consumers will be hesitant to use the payments ecosystem due to fraud, attacks, ID Theft, Synthetic Fraud and Scam Fraud (A2A Scam fraud is running rampant with no real end in sight). If we innovate under this heading and make the ecosystem safer to use, the sky is the limit. (Just my thoughts anyway) 😁 .

New LTA Regulations to Empower Fintech | News | liberianobserver.com: Liberian authorities are shaking up the country's telecommunications landscape with a new set of regulations designed to empower fintech companies ...