Payments UK sets out four point focus for ‘world’ class services
The UK payments industry and regulators should focus on four main priorities to ensure the country has a ‘world class’ payments framework, according to Payments UK.
Payments
Blackhawk Research: Speed, Convenience Drive E-Gifting
Digital gifting continues to make inroads, with more than half of consumers surveyed by Blackhawk Network reporting the purchase of an e-gift over the previous year.
Report: Wirecard Bids $9.4B for Worldpay (Aug. 27, 2015)
Paybefore Award-winning Wirecard, an independent global provider of outsourcing and white-label solutions for electronic payments, reportedly has thrown its hat into the ring to acquire Worldpay Ltd. for £6 billion (US$9.4 billion).
Court Upholds FTC’s Authority to Protect Consumer Data (Aug. 27, 2015)
A U.S. appeals court this week determined that the FTC has authority to regulate corporate cybersecurity and can pursue a lawsuit against hotel operator Wyndham Worldwide Corp. for allegedly failing to properly safeguard consumers’ information.
Execs Need Hands on Approach to Data Security, Says Report (Aug. 27, 2015)
Amid the threat of increasingly sophisticated cybercrime and heightened scrutiny by regulators, a new report urges retail and financial services CEOs and board members to take an active, involved role in improving their firms’ safeguards.
Commercial lending and supply chain finance under pressure from non-bank players
Digitally enabled supplier finance networks and alternative lenders now pose a significant threat to every part of the commercial lending business, with 84% of banks seeing pressure on the pricing of loan products as a challenge.
Texas Merchants Continue to Fight State’s Surcharge Law
Surcharges vs. discounts.
One-Sided Gift Card Arbitration Clause May Be Unconscionable in California
Changing terms of an agreement.
Judge Denies Bid by Citi, First Data to Reconsider Liability Cap in Data Breach Case
Three-party agreements causes problems.
N.Y. and Texas AGs Request RadioShack to Notify Gift Card Holders
Rights of gift card holders.
Dave & Buster’s Faces Class Action over Gift Card Practices
Redeeming for dollars.
Viewpoint: A Regulatory Snapshot for Payment Services and E-Money in Europe
Payment opportunities in the EU come with complex requirements, which is why it’s important to understand the ever-changing legislative issues.
Brazil’s Elo Goes Global with Discover Partnership (Aug. 25, 2015)
Elo, the largest Brazilian credit card brand, is accepted in more than 1.65 million domestic locations.
Rumors Swirl as Countdown to Android Pay, Samsung Pay Launches Near (Aug. 25, 2015)
Google Inc. in May said Android Pay would launch “soon,” and this week notifications surfaced at some McDonald’s stores suggesting the rollout could come as early as this week.
PayPal Kicks off First Post-Spinoff Buy with Modest (Aug. 24, 2015)
PayPal’s purchase last week of Chicago-based Modest—its first acquisition since its spinoff from eBay—could be the beginning of a major shopping spree.
NYDFS: BitLicense Applications Show ‘Substantial Interest’ (Aug. 24, 2015)
Less than three months after New York State’s Department of Financial Services finalized the U.S.’s first state-level framework for licensing digital currency companies, nearly two dozen firms have applied for the so-called BitLicense, the agency said.
The Clearing House Calls for Level Playing Field for Banks, Alternative Payment Providers (Aug. 24, 2015)
The Clearing House (TCH) is calling on regulators to increase data security oversight for alternative payment providers, such as Apple, Google, Square and Venmo, which the bank-owned TCH says are not being held to the same regulatory standards as major banks, according to a new white paper.
Reserve Bank of India Grants Payments Bank Approval to Create Access for Citizens (Aug. 24, 2015)
The Reserve Bank of India has granted approval to 11 companies to set up payments banks in an effort to grant millions of Indian citizens access to basic banking features. Companies receiving approval included telecoms, tech firms and the post office.
A different banking landscape
Historically, the large banks have been Lords of the Manor, between them owning every scrap of land as far as the eye can see. However, times are changing: invaders offering services the banks cannot provide as competitively have begun to disrupt the peace and take small pockets of land for themselves. Likening the march of the fintech new entrants to a land-grab by an invading force, the disruptors began with a neglected allotment here and there, then moved to take a meadow and now some are on the verge of swallowing up villages and small towns …
Viewpoint: Emerging Payments Vs. Legacy—It’s Not Either/Or
We recently surveyed more than 1,000 Americans about their payment preferences. The key trend that emerged: Traditional and emerging payments tools are being used together, not cannibalizing each other.
Viewpoint: Bitcoin: Take Charge of Your Destiny
Like it or not, the bitcoin craze is here to stay. Over time, bitcoin will be a major disruptor in payments—with broad implications for governments, businesses and consumers. Burying your head in the sand is not an option.
Amex’s Serve Introduces Cash-Back Rewards for Everyday Spending on GPR Card (Aug. 19, 2015)
American Express Co. today introduced the option for Serve GPR cardholders to earn 1 percent cash back on all purchases, a move analysts say is likely to intensify competition in the GPR category.
QIWI Integrates payWave into Visa QIWI Wallet (Aug. 19, 2015)
Building on a contactless payments boom in Russia, Visa and Russian payment services provider QIWI have integrated Visa’s payWave contactless technology into the Visa QIWI Wallet, providing millions of users with a new mobile payment option at contactless terminals.
High Price Tag for Mobile Shopping Cart Abandonment (Aug. 19, 2015)
Mobile commerce providers and retailers left a potential $24.5 billion in revenue on the table because of user experience issues, according to a new report from Jumio Inc.
Mobile to take lead in payments over the next five years
Mobile phones will take an increasingly leading role in the payments space over the next five years as a result of technologies that allow safe storage of payment details in smartphones, according to a report prepared by the Consult Hyperion on behalf of Payments UK.
Company on the Move: Rakuten Inc., New Tech Research Centers in Boston, Singapore
Tokyo-based Internet service company Rakuten Inc. has announced the opening of two international branches of the Rakuten Institute of Technology in Singapore and Boston.
Target and Visa Finalize Deal to Settle Data Breach Costs (Aug. 18, 2015)
Target Corp. has reached a deal with Visa Inc. to reimburse credit and debit card issuers for costs incurred following a massive data breach disclosed during the 2013 holiday shopping season that exposed personal data of more than 100 million consumers.
Apple Pay’s Australian Rollout Stalls on Bank Negotiations (Aug. 18, 2015)
Apple Inc.’s plan to roll out Apple Pay soon in Australia—which has a high penetration of contactless cards and NFC terminals—has hit a snag as the country’s largest banks balk at paying the toll Apple requires, according to reports.
PHH Granted Stay in CFPB Decision, Questions Bureau’s Power (Aug. 18, 2015)
In a blow to the CFPB, mortgage servicer PHH Corp. earlier this month was granted a stay pending appeal of a $109 million enforcement action issued by Director Richard Cordray and the bureau in June.
Earthport’s Ripple Integration Takes the Blockchain to Banks (Aug. 18, 2015)
Global payments network Earthport has teamed up with Ripple Labs to offer real-time cross-border payments via Ripple’s blockchain-based transaction ledger protocol.
Instinet to offer cash management and payment services to research clients
Nomura’s equities execution unit, Instinet Europe, is to offer cash management and payment services to purchasers of its investment research products following authorisation from the UK’s Financial Conduct Authority to operate as a payment institution.
Commerce, PayPal Join for New Data Insights (Aug. 17, 2015)
The U.S. Department of Commerce and PayPal are teaming up to help guide international strategy for small and midsize U.S.-based businesses by combining data generated by PayPal’s global payments networks with government-sourced economic data.
State Bank of India Poised to Launch ‘SBI Buddy’ M-Wallet (Aug. 17, 2015)
The State Bank of India this week enters India’s increasingly competitive mobile wallet field with “SBI Buddy,” an m-wallet enabling consumers to make purchases directly from participating merchants’ e-commerce offerings.
Samsung Pay Launching Sept. 28 in U.S., Reaching ‘Nearly Everywhere’ (Aug. 13, 2015)
Samsung Electronics Co. Ltd. today announced that Samsung Pay will launch next week in Korea and on Sept. 28 will get in the m-wallet ring with Apple Pay in the U.S., enabling consumers with the latest generation of Samsung’s handsets to tap their devices and pay contactlessly “nearly everywhere” cards are accepted, including NFC-ready locations and those that are not yet NFC-ready, the company said.
Debit Caps: Fed Explains Transaction-Monitoring Rationale (Aug. 13, 2015)
The last lingering issue in the long-running legal dispute between merchants and the Federal Reserve Board of Governors over debit interchange fee caps took a step toward resolution this week, with the Fed detailing how it calculated a controversial aspect of the fee limit.
Perk.com Launches Rewards Prepaid Card with Discover, Marqeta (Aug. 13, 2015)
Perk.com Inc. has tapped One to Watch Paybefore Award-winning Marqeta to launch Perk Plastik, a Discover prepaid card that enables its rewards members to redeem points online and at the POS.
Fintech Acquisitions Roundup: FIS, Yodlee, SVB Deals (Aug. 12, 2015)
Financial technology investment remains hot, with several fintech providers involved in major acquisitions announced over the past week.
MasterCard, TD Bank Test Payments Wristband That Uses Consumer’s Heartbeat (Aug. 12, 2015)
MasterCard, Canada’s TD Bank Group and technology provider Nymi, formerly Bionym, are getting to the heart of payments security.
Rite Aid Reconnects NFC at its Stores Nationwide, Welcoming All NFC Payments (Aug. 12, 2015)
Pharmacy retailer Rite Aid this week said it will resume NFC acceptance at its 4,600 stores nationwide beginning Aug. 15, following months disabling contactless payments acceptance in the wake of Apple Pay’s rollout.
Global Move to Real-Time Payments Speeds up with New Standards (Aug. 11, 2015)
Global payments stakeholders, including regulators, are getting behind ISO 20022 as the standard that eventually could enable interoperable real-time, cross-border payments.
