UK to streamline payments to boost bank competition
“Britain is keen to increase competition in banking, a sector dominated by the “Big Four” lenders – Lloyds, HSBC, Barclays and RBS. Any new banks have to use existing payments systems, largely set up by the big lenders, for a fee.”
“What if you could pay your taxes with SMS? What if you could send and receive money without ever visiting a bank – or even having an account? What if biometrics could ensure that you are who you say you are, without needing an appointment or a signed letter or a proof of address?”
“President Donald Trump said he’s actively considering a breakup of giant Wall Street banks, giving a push to efforts to revive a Depression-era law separating consumer and investment banking.”
“The chief executive of RuPay parent National Payments Corporation of India (NPCI) has told the Times of India that “our credit cards will be launched soon. These would be RuPay credit cards. A pilot is going on with five banks.”.”
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