India

Facebook Inc has no plans to offer its Calibra digital wallet services in its largest market, India, the social giant said, just as a top government official expressed skepticism about its newly-announced cryptocurrency Libra.

The U.S. card brands are already pushing Indian regulators to relax their data storage rules, and a new quirk in the country’s tax code creates a battle on an entirely different front.

The latest skepticism to Facebook Inc.’s plans for its new cryptocurrency called Libra comes from India as Asia’s third-largest economy is not keen on allowing the digital currency in the country.

India’s soaring digital payments market has prompted Mastercard and Visa to increase their investments in India, targeting one of the world’s largest cash displacement opportunities while complying with local regulations such as expensive data store requirements.

Facebook grabbed the spotlight this week with the announcement of its Libra cryptocurrency initiative, and its list of high-profile supporters suggests that it's the only game in town. But banks have their own projects in the works.

India’s government has taken drastic steps to encourage and standardize digital transactions, and those moves appear to be paying off.

The new initiative could help expose American credit unions to best practices in biometrics, payments and monitoring collateral from their counterparts in Africa, Asia and beyond.

Visa and Mastercard are driving digital transactions by financially empowering women in emerging markets who are unbanked but manage their families’ spending. The card networks are particularly targeting women in gig economy jobs and women-owned businesses.

PayU is expanding its umbrella of payment companies in developing markets in a $70 million deal to buy Wibmo, a Cupertino, Calif.-based digital payments company that integrates with banks in 20 countries for payment authentication and security.

Today’s global citizens face risks that extend far beyond crumbling highways. Although reliable physical infrastructure is necessary for economic growth, immature and anemic payment infrastructures may present another serious threat to the global economy, writes Tomas Likar, head of business development and strategy at Hyperwallet.