Payments News

On The Web

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Global

“Why are there no European companies competing in the battle for global payment solutions?”

“Europe is largely dependent on non-European systems, such as PayPal, for cross-border (card) payments. The reason for this is that there is still no European payment system for the whole continent, partly because European banks mainly focus on serving their national markets. In the development of new payment services, this must change, says Yves Mersch, member […]
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Global

OPEN BANKING AND THE POST-CARD WORLD

“Open Banking will be the biggest change to financial services since the introduction of electronic payments. However, to date Open Banking has fallen short of the expectations set throughout Europe. Why? Consumers aren’t aware of the initiative—92 percent of them are not, according to Which?—let alone educated on the opportunities that it presents. Without consumer demand, there […]
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Global

Fintechs and PSD2: The Role Of Competition Enforcers In Opening Up The Bank Infrastructure

“Despite the explosive growth of Fintech companies, newcomers to financial services sector often experience barriers when entering the market. Banks are not required to share their customers’ payment account data with third parties on the basis of existing financial regulations. In various studies, the Netherlands Authority for Consumers and Markets (“ACM“) analysed the possibilities to increase […]
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Global

EC fines Mastercard €570m for anti-competitive antics

“The EC says the company’s rules obliged acquiring banks to apply the interchange fees of the country where the retailer was located. Prior to 9 December 2015, when the Interchange Fee Regulation introduced caps, interchange fees “varied considerably” from one country to another in the EEA. As a result, the EC says retailers in high-interchange fee countries […]
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Global

EU Says Card Fee Curbs Are Working, Retailers Want More

“Caps on the fees retailers pay to process debit and credit card transactions have helped push down prices, EU antitrust regulators said on Monday, but merchants called for even tighter limits. The Interchange Fee Regulation (IFR), which was triggered by a lengthy battle between retailers and payments groups including Visa and Mastercard, limits debit card […]
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Global

EU Eyes Single Space for European Bank Cards

“The European Commission will present this autumn a strategy on an integrated EU payments market, to facilitate the use of national payment services across Europe and reduce the dependency from international card operators such as Visa or Mastercard. The Single Euro Payments Area (SEPA) provides for uniform credit transfers and direct debits for over 500 […]
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On The Wires

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Global

Growing Number of European Businesses Adopt White Label Multi-Currency Prepaid Card Programs to Boost Revenue and Brand Marketing, According to Axiom Experts

“When Axiom Prepaid Holdings first launched its prepaid cards for underbanked and unbanked consumers in Europe last summer, it had not yet introduced its White Label program for businesses. Now, after about six months in operation that program, which boasts a multi-currency feature, is proving to be as in demand in the EU as its […]