From the increase in contactless payment limits to the added pressure to digitalise infrastructure and tackle the growing threat of fraud, the COVID-19 pandemic has shaken up regulation for the payments industry.
Regulators and authorities are releasing daily statements and creating temporary procedures to help firms and consumers navigate this difficult period. The question on payments professionals’ minds is how they can maintain their compliance obligations in this rapidly changing, pandemic-stricken industry.
This page brings together a collection of COVID-19 related insights and analysis that VIXIO PaymentsCompliance provides to subscribers.
Timeline: Regulator Response to Pandemic
How a global pandemic has shaken up payments regulation
Coronavirus is having an immediate and dramatic impact on the way consumers use payments, which could have a lasting effect. Payment habits traditionally change very slowly, over years rather than months, but coronavirus is set to change all of that and there is every likelihood that we won’t switch back to old habits when it’s all over.
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On March 2, 2020, the Central Bank of Sri Lanka (CBSL) launched a consultation on…