Payments News

On The Web

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Global

Amazon Will Serve as Infrastructure Provider For Digital Euro App

“Amazon is among five companies to develop a digital euro prototype for the ECB. Central bank digital currency (CBDC) development is happening now. China has tested the potential uses of the digital yuan; the U.S. has explored CBDC design options, and the European Central Bank (ECB) has recently finalized the panel of firms joining to create front-end […]
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Global

EU Digital Finance Platform Launches

“The European Commission has launched the EU Digital Finance Platform, a website designed to build dialogue between fintech players and supervisors. First announced as part of the EC’s digital finance strategy in 2020, the platform went live last week, complete with a virtual launch event attended by Commissioner Mairead McGuinness and Verena Ross, chair of […]
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Global

Wise Launches Accept My IBAN Initiative to Combat IBAN Discrimination | The Fintech Times

“Despite being illegal since 2014, IBAN discrimination – when a company, bank or institution insists you need a local IBAN to pay and your IBAN from another EU country is invalid – is still commonplace throughout Europe. This is why Wise and other financial institutions have launched the Accept My IBAN initiative, allowing consumers to report discrimination […]
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Companies

Mastercard to increase fees for UK purchases from EU

“Mastercard will increase fees more than fivefold when a British shopper uses a debit or credit card to buy from an EU-based company, sparking alarm among companies that rely on online payments and concern among MPs over higher consumer prices. Mastercard and Visa levy an “interchange” fee on behalf of banks for every debit or […]
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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 […]

On The Wires

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Global

Retail Payments: Council Supports Action to Promote Instant Payments and EU-wide Payment Solutions

“EU member states want to make it easier for consumers to pay in shops, and to make e-commerce transactions widely available, convenient and safe across the EU. The Council today adopted conclusions that respond to the retail payments strategy for the EU presented by the Commission in September 2020. Against the background of rapid innovation […]
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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 […]