Payments News

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Regulation

Task Force Examines Mobile Payments

February 6 2020

“The negative impact on innovation from the dominant card brands controlling the payment system was also noted by Aaron Klein, policy director of the Center on Regulation and Markets at the Brookings Institution. He said, “China’s system is unlikely to catch on in America precisely because it is more efficient. Because it does not take […]
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Regulation

Examining the US Cashless Stores Backlash

February 6 2020

“The aim is to stop discrimination against customers who lack access to credit and debit cards, according to councilman Ritchie Torres , who led the bill. There is no federal legislation that governs this issue, leaving responsibility largely up to states. New York is following in the footsteps of Philadelphia and San Francisco, while Washington […]
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Regulation

U.K. Watchdog Warns Banks on Taking Action Against Overdraft Pricing

January 29 2020

“The FCA said it has been in regular contact with major British banks to ask for evidence of how they arrived at their pricing decisions and how they plan to deal with the most affected customers.   The watchdog said it has asked lenders to identify the internal and external factors used in setting the […]
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Global

Regulator Seeks Views on Competition Issues in UK’s Payments Architecture

January 28 2020

“The Payment Systems Regulator (PSR) has issued a call for Input on competition issues that could arise in the UK’s New Payments Architecture (NPA) The regulator is inviting all interested parties to respond to a ‘call for Input’ which seeks to gather feedback on the likelihood of competition issues materialising in the NPA and how harmful […]
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Regulation

Australia Central Bank Looks to Rid Visa, Mastercard of Debit Payments Edge

February 6 2020

“Banks must stop automatically directing debit card payments through the two global networks, and instead give retailers the cheaper option to use local network EFTPOS, Philip Lowe, the governor of the Reserve Bank of Australia (RBA), told reporters. “Regulating here is not the preferred option but it is a fallback option if we don’t see […]
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Global

‘Low KYC’ Norm to Help Mobile Wallets Retain Their Customers

February 7 2020

“In a move set to bring relief to scores of mobile wallet firms such as Paytm, PhonePe, Amazon Pay and their several million users, the Reserve Bank of India (RBI) will allow wallet service providers to continue operating their millions of non-compliant know-your- customer (KYC) accounts which earlier faced cancellation after placing certain transnational limitations.This […]
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Regulation

New German Legislation Allows Access to the IPhone’s NFC Antenna

February 12 2020

“As part of the implementation of the fifth Anti-Money Laundering Directive (AMLD5), the German Parliament has decided to require providers of technical infrastructures, such as Apple in relation to the Near Field Communication (NFC) antenna contained in iPhones, to grant access to those technical infrastructures to payment service providers (PSPs). This new legal requirement is […]
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Global

RBI Proposes Draft Rules to Set up Alternative Retail Payments System

February 11 2020

“The proposed umbrella body will set up, manage and operate new payments system, especially in the retail space, comprising of but not limited to ATMs, White Label PoS, Aadhaar-based payments and remittance services. It will develop new payment methods, standards and technologies and also operate clearing and settlement systems.”
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Providers

CDR Rules Formalise Open Banking Data Standards

February 10 2020

“Momentum is finally building for the July 1 introduction of transformative Consumer Data Right (CDR) legislation after the Australian Competition and Consumer Commission (ACCC) released detailed guidelines about the information banks will be required to give you when you ask for it.”
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