Facebook Messenger adds custom QR codes for Facebook Pay transactions
Facebook’s Messenger app now supports Venmo-like QR codes and personalized links for P2P payments with Facebook Pay for US users. With the update, users can access their QR code and link in Messenger’s settings in order to request a payment. The features will work between any Messenger users in the US, and won’t require a separate payment app, any sort of contact entry, or upload process to get started. Facebook said the feature would be rolling out soon to more apps in countries around the world.
CBDCs beyond borders: results from a survey of central banks
This Bank for International Settlements (BIS) paper explores initial thinking on the cross-border use of central bank digital currency (CBDC) based on a survey of 50 central banks in the first quarter of 2021. While most central banks have yet to take a firm decision on issuing a CBDC, the survey responses show a tentative inclination towards allowing use of a future CBDC by tourists and other non-residents domestically. They have a cautious approach to allowing use of a CBDC beyond their own jurisdiction. Concerns about the economic and monetary implications of cross-border CBDC use and about private sector global stablecoins are taken seriously. At the wholesale level, 28% of surveyed central banks are considering options to make CBDCs interoperable by forming multi-CBDC arrangements. This involves arrangements that enhance compatibility, interlink or even integrate multiple CBDCs into a single payments system. Finally, almost 14% of respondents are considering an active role for the central bank in FX conversion.
Nigeria reportedly to launch a CBDC by year end
The Central Bank of Nigeria (CBN) is reportedly planning to launch a CBDC by the end of 2021. According to Rakiya Mohammed, the central bank’s IT specialist, the CBN has been exploring the technology for the last two years and has made tremendous progress. One of the reasons the CBN is exploring CBDC is to make remittances travel easier from abroad to Nigeria.
Bank for International Settlements and Bank of England launch Innovation Hub London Centre
The BIS and the Bank of England today launched the BIS Innovation Hub London Centre. The Hub’s work program is currently focused on the use of technological innovation in supervision and regulation (suptech and regtech); next-generation financial market infrastructures; CBDC; open finance; cyber security; and green finance.
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