payments

5 Stocks in Focus as Digital Payments Become the New Normal

The coronavirus outbreak could be a game-changer for digital financial services. Low-income households and small firms can benefit at large from advances in mobile money, fintech services, and online banking. Inclusion of digital financial services is expected to boost economic growth.

Technology continues to be the single-most important factor revolutionizing the payments industry. Many countries such as Liberia, Ghana, Kenya, Kuwait, Myanmar, Paraguay and Portugal are supporting this shift with measures such as lowering fee and increasing limits on mobile money transactions.

Although data security and privacy concerns and additional charges on making digital payment have limited the demand for digital payment solutions, the pandemic has become a key catalyst.

Moreover, digital financial services are enabling governments to provide quick and secure financial support to remotely located people and businesses as demonstrated in Namibia, Peru, Zambia, and Uganda amid lockdown. This will help mitigate the economic fallout and potentially strengthen

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Financial watchdog lifts restrictions on payments

The UK’s financial watchdog has lifted restrictions on German payments company Wirecard, allowing it to resume payment activities.

The Financial Conduct Authority (FCA) imposed restrictions on the company’s UK arm after its collapse last week.

Thousands of people could not access their money or make payments through apps as a result.

“Our primary objective all along has been to protect the interests and money of consumers,” the FCA said.

Customers should now, or very shortly, be able to use their cards as usual.

“We have been working closely with Wirecard UK and other authorities over the last few days to ensure that the firm was able to meet certain conditions required to lift the restrictions we imposed on it,” the FCA said in a statement.

“We are now in a position to allow Wirecard to resume operational activity.”

Several British technology companies were forced to suspend services due to the

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