UPI 2.0 launches in India
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- The Reserve Bank of India launched the second phase of the Unified Payments Interface (UPI), known as UPI 2.0, last week, following its development by the National Payments Corporation of India (NCPI).
- For context, the UPI is a government-based interface that initially launched in India in April 2016, enabling users to send and receive bank-based payments via smartphones.
- UPI 2.0 — which will be extended to the UPI's 11 partner banks — follows reports anticipating the launch of the platform's updated version.
Costco now supports Apple Pay across all of its US stores
- Apple has landed a big new partner for Apple Pay in the U.S. after Costco began accepting the mobile payment service across 750 stores.
- The deal with CVS is particularly notable since the retailer had held off on supporting the Apple service, to the point that it even developed its own alternative that is based on barcodes.
- Apple also secured a deal this summer to add Apple Pay support to eBay which gives it more breath among online retailers, too.
- The service is operational in 30 international markets and, in the U.S., it is tipped to account for half of all contactless payments operated by an OEM by 2020, according to a recent analyst report.
- The market for such services — which includes Samsung Pay, Google Pay and others — is tipped to reach 450 million consumers.
Alipay has provided new insights into its mobile payment adoption
- Chinese mobile wallet giant Alipay has indicated that its overseas transaction volume grew in several markets this summer, according to a report on China Daily.
- As the Chinese mobile wallet market in China grows, Alipay should focus on growth opportunities abroad.
- Continuing to build on these global expansion efforts will be crucial for Chinese mobile wallet providers looking to add revenue and market share as mobile wallet usage and tourism grow.
- For Alipay, which runs a near-duopoly in China with its main rival WeChat Pay, overseas markets are a key growth area for boosting adoption and maintaining the engagement of its users while they travel.
- And as Alipay continues to face stiff competition from WeChat Pay, which is encroaching on its leading position in the market, expanding its acceptance network overseas could keep its customers loyal and open new streams of revenue.
Net worth of just $200,000 and zero retirement savings mean this Alberta couple’s options are limited
- Using that money to pay down a $15,400 trailer loan which carries a 7.98 per cent interest rate that costs them $208 per month to service would be a good start.
- If Sally and Mike raise their present $1,575 monthly payments to $3,575 with liberated cash and their monthly surplus, the outstanding balance of $265,494 will be gone in seven more years at their respective ages of 64 and 62.
- If there is money left after helping pay off student loans or buying new vehicles, for theirs will be quite old by then, it can go into tax-free savings.
- At 65, they can add CPP of $10,698 for Sally and $11,508 for Mike and two Old Age Security benefits of $7,160 each for total income of $78,790.
- The total cost for retiring at 60 would thus be about $2,858 per month, about half the income they could expect at age 65.