Today in Payments: China Tech Regs Focuses on Data

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In today’s top news, China is targeting data control in its latest Big Tech regulations, and an increase in identity fraud has delayed many tax refunds and stimulus payments in the United States . Plus, debates about central bank digital currencies (CBDCs) continue around the world.

Latest Chinese technology regulations set on data control

New legislation passed last week and in April will bring most of China’s data activity under government scrutiny. Big tech companies will soon have to make much of the data collected from social media, e-commerce, and other digital activities open to government.

Hike in Identity Fraud Causes Delays in U.S. Tax Refunds and Stimulus Checks

Tax refunds and stimulus checks have been delayed by IRS security protocols designed to thwart identity thieves. Filters reported 5.2 million returns requesting refunds in 2020.

CBDC Debate Intensifies

The debate over CBDCs escalated a bit last week as lawmakers discussed the benefits and dangers of private cryptocurrencies and CBDCs. State currency projects have also advanced in the UK and China.

Baby boomers will increase spending on luxury goods and health care

Seniors are expected to spend $ 14 trillion in 10 years, up from $ 8 trillion in 2020. This increase is in part due to the new convenience of online shopping in the general population, as well as the pent-up demand for medical procedures and devices after reduction. expenses during the pandemic.

NEW REPORT: Open Banking speeds up new e-commerce plans for EU merchants

With more open bank payments processed in the UK in February than in 2019, account-to-account (A2A) payments between consumers and merchants are starting to get real. In Open eCommerce: Open Banking as a New eCommerce Accelerator in UK and Europe, PYMNTS examines the potential of open banking for payments, customer engagement and verification in the eCommerce space through the euro zone.

Resolve CEO: BNPL solves net terms problem for small suppliers

The $ 3.1 trillion trade credit gap between primarily the smallest suppliers and the largest payers is only going to widen as even traditional businesses trade online. Resolve co-founder and CEO Chris Tsai told Karen Webster that offering clean terms and waiting to be paid doesn’t have to be a painful compromise.

Stablecoins May Face Tighter Banking Regulation

Stablecoins may face tighter regulation within financial services, as at least some observers are concerned about interchangeability, on an individual basis, with other assets. This is where the Bank of England and the Bank for International Settlements speak out on the matter.

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NEW PYMNTS DATA: FOCUS ON AI: THE BANK’S TECHNOLOGICAL ROADMAP

About the study: The AI ​​In Focus: The Bank Technology Roadmap is a research and interview report examining how banks are using artificial intelligence and other advanced IT systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing the potential of AI in finance, healthcare and others.






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