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UK: PSR Consults on Proposed Approach to Merchant Survey
22nd May 2019 | Written by:
On May 22, 2019, the Payment Systems Regulator (PSR) released a consultation paper setting out its proposals on its approach to the merchant survey, as part of its initiative to conduct a market...
Payment Initiators On Notice As Lithuania Acts On Data Overreach
22nd May 2019 | Written by:
A firm in Lithuania has become the first to be fined by the fintech hub for reaping too much customer data while carrying out payment initiation, highlighting the risk of collision between data...
Aussie Banks Warned Over Debit Card Competition, Instant Payments
17th May 2019 | Written by:
Australian acquiring banks have been put on notice by the country’s central bank over least-cost transaction routing as payment methods evolve, insisting that progress must not be stalled.
India: Reserve Bank Publishes Payment Systems Vision 2021
16th May 2019 | Written by:
On May 16, 2019, the Reserve Bank of India (RBI) published "The Payment Systems Vision 2021", with the aim of providing the Indian population with access to e-payment options that are not only safe...
U.S. Senators Demand Answers From Facebook On Mystery Payments Project
14th May 2019 | Written by:
U.S. senators have attempted to penetrate the secrecy surrounding Facebook’s global payments plans, demanding the digital behemoth spell out how the cryptocurrency-based project will work.
United Kingdom Country Report
3rd May 2019 | Written by:
The payments landscape is transforming in the UK, presenting new opportunities and compliance obligations to market entrants and new services, such as the new process and services offered by open...
UK Regulator Resists Calls For Intervention Over ATM Interchange Cuts
2nd May 2019 | Written by:
The Payment Systems Regulator has resisted calls for early intervention over ATM interchange fees, after politicians raised concerns about an apparent rapid decline in free-to-use machines.
Cross-Border Interchange Rules Legally Binding, Commission Rules
30th Apr 2019 | Written by:
The European Commission has decided to make interchange fee cuts on certain cross-border card payments legally binding for Visa and Mastercard, the first restriction of its kind anywhere in the...
Industry Group Criticises EU Interchange Reforms, Takes Aim At Visa, Mastercard
18th Apr 2019 | Written by:
An influential industry group has said EU-wide controls on interchange fees have failed to inject competition into the payments sector, urging the European Commission to narrow its focus to card...
UK Court Brings £14bn Mastercard Class Action Back From The Dead
17th Apr 2019 | Written by:
Mastercard’s short-lived relief from the prospect of a record £14bn class action lawsuit against it was shattered on Tuesday after the UK’s Court of Appeal set aside a previous decision to dismiss...
High Card Abandonment Rates Spark Concerns Over EU Security Reforms
11th Apr 2019 | Written by:
Nearly a quarter of online card payments subject to 3D Secure checks are abandoned during checkout, researchers have claimed, prompting concerns about the impact of incoming strong authentication...
Mastercard Granted Part-Appeal Of UK Interchange Ruling
10th Apr 2019 | Written by:
A tribunal in London has granted Mastercard permission to appeal part of a judgment made against it in February in one of several suits the payments giant is fending off over historic interchange...
Commission Nudges Banks Towards Instant Payments As TIPS Rejig Takes Shape
5th Apr 2019 | Written by:
The European Commission’s top official for financial services has again urged banks to sign up to the union’s instant payments systems, as the European Central Bank begins work on updates to its...
China Fintech Regulation Vow Met With Cool Reaction
4th Apr 2019 | Written by:
The prospect of sweeping new regulations on China’s fintech sector has been downplayed despite the People’s Bank of China foreshadowing its desire to create new rules to govern the sprawling sector.
Russia Country Report
1st Apr 2019 | Written by:
The National Payment System 2017 in Russia ensures uninterrupted money service transfers, and the development and implementation of high-tech remote payment services and products continues to...
Four Months In, Just A Handful Of Banks Using TIPS
29th Mar 2019 | Written by:
Just 30 banks have joined the eurozone’s new instant payments scheme, touted as the portent of a revolution in retail payments, analysis of a European Central Bank document shows.
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