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Regulation

PayPal Sues U.S. Regulator Over Prepaid-Card Rule

“PayPal Holdings PYPL +1.14% Inc. sued a federal banking regulator Wednesday, alleging that its new rule has hampered the company’s ability to offer credit products and has created confusion among users of its popular digital-payment services PayPal and Venmo.”
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Regulation

Apple Keeps Payments Tech for Itself and Europe Has Had Enough

“Apple Inc. ’s digital wallet is expanding in Europe just as regulators crack down on the tech giant’s move into financial services.    At issue is Apple’s role as a platform for other services. Spotify Technology SA already complained to antitrust regulators that Apple favors its own music service. Now banks and other payments providers […]
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Regulation

Malaysia to Help SMEs Go Digital by 2022

“The country is actively taking on multiple initiatives to get businesses to leverage viable solutions that could help automate operational processes and achieve digital proficiency. In particular, the government has prioritized digitalization efforts among SMEs to maintain relevance, maximize business efficiency, and increase productivity. There is also a strong focus on digital payment capabilities as […]
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Regulation

Rule Change Could Help Tech Firms Advance Into Banking

“As more of these fintech partnerships emerge, investors in both tech firms and banks will need to ask a lot of questions: Will the deposits be considered brokered? If they are, does that mean the tech company basically controls the relationship with the customer? Or, if they aren’t brokered, does the bank then pay more […]
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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

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

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 […]