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.

While many Americans and Europeans are comfortable using biometric authentication to access their smartphones and bank accounts, the real leader in biometric adoption for payments is actually the government of India.

Mobile technology provider Mahindra Comviva developed a software integration for issuing banks and third-party digital wallet providers to add contactless payment capabilities to their mobile products in India.

Mastercard Inc. is concerned that India’s strict data localization rules could compromise its ability to detect frauds and money laundering in the domestic payments system.

Small-business projects in India and Latin America will provide a test of how well an open source blockchain can reduce the fraud that can occur when businesses try to free up capital from outstanding payments.

The State Bank of India and Hitachi Payment Services plan to bring their heft to a joint merchant acquiring venture to expand digital payments in India.

Mobile payments adoption is patchy, but it's getting a higher profile in social media.

Walmart India will partner with the PhonePe network to offer a mobile payment option at Walmart's B2B cash-and-carry stores.

Global politics are dividing the world of e-commerce, forcing companies to make tough decisions about their strategies for the U.S., India and other regions.

India’s ICICI Bank is rolling out a loyalty program for consumers who regularly send remittances to India via the bank’s Money2India online platform and app.

As the payment industry continues to innovate and expand across borders, it increasingly will need to be mindful of data regulations requiring data localization that multiply the complexities and cost of creating a seamless data flow and user experience, Alston & Bird’s Richard Willis and Laura K. Song write.