Digesting the Digits – China increases focus on CBDCs

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Number crunching is a key component of the payment industry, with digits scattered across the sector’s key stories. 

Each week, Payment Expert digests these digits and brings an overview of the past payments week in numbers. This edition looks at China’s latest steps in its strategy for a country-wide digital yuan adoption. 

Businesses offered up to 50m yuan to develop China’s CBDC 

China has opened a new industrial park in Shenzhen that will focus on developing CBDC technologies. 

Individual banks and startups are being offered between 20 and 50myuan respectively to move into the new location.

With nine companies having already established operations there, the park will build up China’s digital yuan ecosystem so that it can compete with other CBDCs produced by other global superpowers.

Nationwide Building Society increases support for physical branches 

Nationwide Building Society has remained committed to its physical branch division after a study revealed that the majority of its customers see it as important. 

Almost two-thirds of people (63%) have responded that they value their local branch due to the face-to-face interactions it provides – something that appears to be even more important in the current economic climate. 

Debbie Crosbie, Nationwide CEO, spoke: “Nationwide provides the face-to-face service that people value and need. We’re the large-scale alternative to shareholder owned banks and now we have the biggest branch network too. Our branches are busy and we’re an important part of local communities.” 

Nuapay: 51% of UK PSPs to turn on Open Banking in the next three years

Nuapay has confirmed in a study that over half of Payment Service Providers (PSPs) are prepared to fully integrate Open Banking payment flows within three years time. 

A total of 51% of PSPs in the UK are looking forward to this change, while a further one in ten surveyed Independent Software Vendors (ISVs) are also expecting to make the transition to Open Banking in the same time frame. 

Brian Hanrahan, CEO of Nuapay, said: “It’s fantastic to see so much optimism from PSPs and ISVs regarding the growth of Open Banking, with our findings highlighting that they expect even faster growth in the coming three years.” 

Currencycloud tapped by xpate for new markets strategy 

Cross-border transactions firm Currencycloud has teamed up with e-commerce payments platform xpate to expand the latter’s global exposure. 

Through the new partnership, Currencycloud will help xpate enter new markets with a multi-currency solution that supports the use of over 30 different currencies.

Mihails Safro, CEO at xpate, said: “We can give seamless support for merchants who want to transact globally, from efficient payment processing to competitive FX rates, ensuring our customers can optimise their international transactions and maximise their profitability.”

YouTuber’s use of a £20 coin rewards him with £4,000

A man has been awarded £4,000 after taking the Chief Constable to court over his unfair arrest in Cleveland, Yorkshire, after trying to use a £20 coin to pay for petrol. 

The coin was in fact a legal tender, brought into circulation in 2014 by the Royal Mint. However, the man got the cashier confused when he tried to pay with it for a YouTube video, which ended with the YouTuber being arrested.