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Today In Payments: China’s Tech Regs Focus On Data; ID Fraud Delays US Tax Refunds

Today In Payments: China’s Tech Regs Focus On Data; ID Fraud Delays US Tax Refunds

June 14, 2021 at 10:41PM
by PYMNTS

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

China’s Latest Tech Regs Fixated On Data Control

New legislation passed last week and in April will make most data-related activities in China subject to government oversight. Big tech companies will soon have to make much of the data collected from social media, eCommerce and other digital activities open to the government.

Hike In ID Fraud Causes Delays In US Tax Refunds, Stimulus Checks

Tax refunds and stimulus checks have been delayed by IRS security protocols meant to thwart identity thieves. The filters flagged 5.2 million returns seeking refunds in 2020.

Debate Sharpens In US Over CBDC

The debate over CBDCs sharpened a bit last week as lawmakers discussed the advantages and dangers of both private cryptocurrencies and CBDCs. State currency projects moved along as well in the U.K. and China.

Boomers To Boost Spending On Luxury Goods, Healthcare

Senior citizens are expected to spend $14 trillion 10 years from now, up from $8.4 trillion in 2020. The increase is in part due to new comfort in online shopping across the demographic, as well as pent-up demand for medical procedures and devices after curtailing spending during the pandemic.

NEW REPORT: Open Banking Accelerates EU Merchants’ New eCommerce Plans

With more open banking payments processed in the U.K. in February than in all of 2019, account-to-account (A2A) payments between consumers and merchants are beginning to get real. In the Open eCommerce: Open Banking As The New eCommerce Accelerator In The U.K. And Europe, PYMNTS examines open banking’s potential for payments, customer engagement and verification in the eCommerce space across the eurozone.

Resolve CEO: BNPL Fixes The Net Terms Problem For Small Suppliers

The $3.1 trillion trade credit gap between mostly smaller suppliers and larger payors is only going to grow as even legacy businesses move trade online. Resolve Co-Founder and CEO Chris Tsai told Karen Webster that offering net terms and waiting to be paid doesn’t have to be a painful tradeoff.

Stablecoins May Face More Regulation In Banking

Stablecoins may face greater regulation within financial services as at least some observers are concerned about interchangeability, on a one-to-one basis, with other assets. Here’s where the Bank of England and the Bank for International Settlements come down on the matter.

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