Today in payments around the world: TerraPay and Network International promote digital payments in the United Arab Emirates (UAE). Plus, China’s President Xi Jinping wants wealth redistribution amid an economic slowdown and eCommerce surge.
Dutch payments infrastructure company TerraPay and UAE-based Network International have signed a Memorandum of Understanding (MoU) to promote mobile wallet acceptance and digital currency use for digital payments across the UAE.
TerraPay will gain a foothold in the UAE and the booming payments market in the Middle East, expanding its clientele to include Network’s extensive regional network of merchants and acquirer processing clients.
With a new surge of COVID-19, China has seen its economy slowing. Consumer buying has seen a particularly sharp downturn despite the authorities’ efforts to drive economic growth. Consumers have been cutting back on spending on everything from cars to cosmetics.
Online sales of physical consumer goods increased by 4.4 percent in July, which was below an average of about 21 percent for the past five years.
China’s President Xi Jinping is urging wealth redistribution that includes a framework for “common prosperity,” curbing excessive incomes and working to avert financial risks. Xi made the remarks during the 10th meeting of the Central Committee for Financial and Economic Affairs.
Xi is also general secretary of the Communist Party of China Central Committee and chair of the Central Military Commission.