Payments News

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Regulation

New York Vs. Grubhub

“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

Barclaycard Finds That SCA Has Had No Initial Impact on Transactions

“Analysis from Barclaycard of transaction data from 14 and 15 September, the first two days following the EU deadline, shows that the SCA rollout has had no initial impact on sales.Paul Adams, director of acquiring at Barclaycard Payment Solutions, says: “Our data offers encouraging news for merchants, whose transaction volumes have been, so far, unaffected […]
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Regulation

Why Some Banks Are Ditching Their State Regulators

“OCC head Joseph Otting, a Trump appointee who calls banks “customers,” has praised national charters as a way to let banks operate more efficiently and be regulated more thoroughly. “The national bank charter continues to have great value in providing banks a flexible regulatory framework,” Mr. Otting said in an email response to questions.”
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Regulation

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

“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

European Payments Industry Group Seeks Additional Extension on PSD2-SCA

“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

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

“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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Global

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

“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, […]