Payments News

On The Web

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Regulation

New Sales Tax Rules Take Effect This Week In More Than A Dozen States

October 7 2019

“If you made a purchase on the internet yesterday, you might have noticed something different: sales tax. Changes in sales tax compliance laws for remote sellers and marketplace facilitators in more than a dozen states kicked in beginning October 1, 2019. More than 40 states have tweaked their sales tax laws since a 2018 Supreme Court […]
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Regulation

European Payments Industry Group Seeks Additional Extension on PSD2-SCA

October 4 2019

“he European Association of Payment Service Providers for Merchants, which represents industry members in 16 countries, is urging regulators to provide a longer extension to the PSD2-SCA deadline amid concerns that many sectors will face significant disruption without additional time.  The group sent an open letter to regulators on Wednesday asking regulators to push for […]
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Regulation

Visa, Mastercard, Others Reconsider Involvement in Facebook’s Libra Network

October 2 2019

“Cracks are forming in the coalition Facebook Inc. FB -1.13% assembled to build a global cryptocurrency-based payments network. Visa Inc., Mastercard Inc. MA -0.91% and other financial partners that signed on to help build and maintain the Libra payments network are reconsidering their involvement following a backlash from U.S. and European government officials, according to people familiar […]
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Regulation

New York Vs. Grubhub

September 30 2019

“In June, during a four-hour hearing of the New York City Council’s small-business committee, restaurant owners complained about the high commissions charged by Grubhub and other third-party delivery apps, which usually range from 15 to 30 percent. The service also faced criticism for its recently discontinued practice of creating web domains for the restaurants on […]
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Regulation

Virtual Currency: IRS Issues Additional Guidance on Tax Treatment and Reminds Taxpayers of Reporting Obligations | Internal Revenue Service

October 11 2019

“The IRS is aware that some taxpayers with virtual currency transactions may have failed to report income and pay the resulting tax or did not report their transactions properly. The IRS is actively addressing potential non-compliance in this area through a variety of efforts, ranging from taxpayer education to audits to criminal investigations. For example, […]
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Global

Nigeria Is Finally Turning to Telcos to Drive Financial Inclusion Through Mobile Money

October 10 2019

“The regulatory caution and conservatism often blamed for holding Nigeria back finally looks set to change with the central bank reversing a longstanding stance on declining to issue mobile money licenses to telecoms operators. In the wake of the central bank’s change in tack, MTN, Nigeria’s largest telecoms operator, with more than 60 million customers, […]
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Global

No MDR on Digital Payments to Companies With Rs 50 Crore Turnover – ETtech

October 21 2019

“Keen to promote digital payments , the government on Friday said banks or other payment system providers will not impose charges, or merchant discount rate ( MDR ), on customers as well as merchants on digital payments made to establishments with turnover in excess of Rs 50 crore from November 1.The Central Board of Direct […]

On The Wires

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Regulation

Pushed Back – EBA Publishes Opinion on the Deadline and Process for Completing the Migration to Strong Customer Authentication (SCA) for E-commerce Card-based Payment Transactions

October 18 2019

“The European Banking Authority (EBA) published today an Opinion on the deadline for the migration to SCA under the revised Payment Services Directive (PSD2) for e-commerce card-based payment transactions. The Opinion sets the deadline to 31 December 2020 and prescribes the expected actions to be taken during the migration period.”