Payments News

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Regulation

Visa and Mastercard Say No to Delaying Deadline for Gas Pump Chip Card Upgrades

“Gas stations around the U.S. are rushing to upgrade fuel pumps to accept credit and debit cards with chips after Visa and Mastercard rejected a request to delay a looming deadline to complete the work. Beginning in October, station operators that haven’t modernized their pumps will face liability for any card fraud that happens at […]
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Regulation

America Express Application Accepted by China Central Bank: Filing

“China’s central bank said Wednesday that it had accepted an application from a unit of American Express Co ( AXP.N ) (AmEx) regarding starting operations in China. The application status was revealed in an official social media post from the People’s Bank of China (PBOC). It did not elaborate on when it will approve the […]
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Regulation

EU Rules Set to Make Cross Border Payments Cheaper

“The new rules, which affect member states of the bloc which do not use the euro as their currency, will specify that the cost of cross border payments made using the single currency will not cost any more than domestic payments would. The development will be followed up by a move in April of next […]
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Regulation

Nigerian Central Bank Tightens Payments System Supervision – Central Banking

“The Central Bank of Nigeria is imposing a new risk management framework on users of the country’s payments systems, it announced on January 6. The CBN is ordering payments firms to set up their own boards to create proper risk-management frameworks, which it will oversee. Its move follows its recent decision to encourage more mobile […]
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Regulation

Britain Bans UK Consumers From Using Credit Cards to Gamble

“Britain’s 24 million adult gamblers will not be able to use credit cards to gamble under a new rule designed to prevent consumers from building up too much debt. The Gambling Commission said on Tuesday the ban, which comes into effect on April 14 2020, will apply to all online and offline gambling products apart […]
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Regulation

India Orders Antitrust Probe of Amazon, Walmart’s Flipkart

“India ordered an investigation of Amazon.com Inc and Walmart’s Flipkart on Monday over alleged violations of competition law in the latest setback for U.S. e-commerce giants operating in the country.  The Competition Commission of India (CCI) said it was ordering a wider probe following a review of allegations that Amazon and Flipkart were promoting some […]
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Companies

Lawmakers Call for Investigation of Fintech Firm Yodlee’s Data Selling

“Financial-data firm Yodlee might be selling consumers’ personal financial data without proper consent, three lawmakers said in a Friday letter calling on the Federal Trade Commission to investigate the matter. The letter opened a new area of potential risk for the company, which is one of many firms that make money by selling information about consumers.”