ONS Retail sales, Great Britain: January 2018. http://tinyurl.com/yaxcr28s
Internet sales saw a decrease in its proportion of all seasonally adjusted retailing in January 2018 when compared with December 2017; accounting for 16.5%. (But graph confirms overall strong upward trend.)
BRC Comment http://tinyurl.com/y9s5cl57
Visa and iZettle are partnering to sponsor European snow and music festival, Snowboxx. http://tinyurl.com/y8e7vbjt
A plug for the use of contactless cards, mobile phones and wearables.
MeaWallet is to deliver its technology to a major bank in the Nordics. http://tinyurl.com/yazmlya5
The Mea Token Platform and Mea Masterpass solutions will be delivered as a managed service, integrating MeaWallet´s platform with the bank´s mobile banking app.
ECB’s Yves Mersch on ‘The role of euro banknotes as legal tender’. http://tinyurl.com/yawbejyx
He defends the use of cash saying it is scapegoated for its use by criminals – ‘No particular link can be established statistically between cash and criminal activities’ and there are strong reasons for upholding its status. He concludes by saying that alternative payment methods cannot replace euro cash; they can only complement it.
DNB Report ‘From Cash to Cards – How debit card payments overtook cash in the Netherlands’. http://tinyurl.com/yc6zjzxe
The results reveal a gradual substitution of cash by debit card payments between 2010 and 2016. In 2015 Dutch consumers for the first time made more payments with debit cards than with cash.
A Bundesbank Survey has shown that cash remains Germany’s most favoured method of payment. http://tinyurl.com/y9v2rqae
The “Payment behaviour in Germany” survey indicates that, in 2017, consumers settled 74% of transactions using banknotes and coins (up 5% on the 2014 survey data). 19% of transactions below €50 were paid for using cards such as girocard.
Starling Bank has integrated the first fintech startups to its Marketplace offer. http://tinyurl.com/yaghtblf
The four new ‘partners’ are digital pension provider PensionBee, robo-advisor Wealthsimple, mortgage broker Habito and Kasko travel insurance. The Digital Bank intends to bring on board at least 25 third party providers in 2018 on the back of Open Banking.
HMT has been consulting on new Cheque processing legislation. http://tinyurl.com/ycl3btya
HM Treasury’s consultation proposed secondary legislation to support the introduction of ICS, and followed amendments made by the Small Business, Enterprise and Employment Act 2015 to the Bills of Exchange Act 1882 (the 1882 Act).
Certify has announced it is integrating with Western Union. http://tinyurl.com/yd9o7zuz
The move will provide mass international business payment capabilities for Certify’s expense and invoice customers with operations outside the United States. It will enable Certify customers to remit employee expense reimbursements and vendor payments directly to employees’ bank accounts.
The CPMI (BIS) has issued a report on Cross-border retail payments. http://tinyurl.com/ybs5zk8t
The report says there is room to improve the infrastructure for payments made by individuals, firms and government agencies that cross borders. Innovations such as mobile or e-banking have made cross-border payments more convenient but the key to making these payments faster and cheaper is better choice and diversity of clearing and settlement arrangements.
Israeli/American PSP BlueSnap says its platform provides the most extensive built-in fraud & risk management of any offer. http://tinyurl.com/yb842l9w
The platform comes with a full-stack fraud solution built-in from Kount, Chargebacks 911, Verifi, Ethoca, and CardinalCommerce for 3-D Secure.
Ingenico Group has obtained certification for its Lane/5000 terminal and the centralized payment services gateway Axis. http://tinyurl.com/ya3nkcns
The solution is based on the latest nexo specifications available with Ingenico claiming it remains the only provider of payment solutions certified according to nexo standards.
nexo standards meanwhile claims to be the first industry body to be compliant with the ECSG SEPA Cards Standardization Volume Version 8.0. http://tinyurl.com/ybpcn7mj
The nexo messaging specifications and protocols Acquirer v6.0, FAST 3.1 and IS v4.0. have received Conformance labels.
Paysafe Group has joined Saxo Payments Banking Circle. http://tinyurl.com/y7lxkg4j
The integration enables Paysafe to offer its clients settlement accounts from Saxo Payments for both local and cross border payments.
Ingenico Group has partnered with Alfa Bank in Russia to enable international merchants to process card payments locally rather than as a cross-border payment. http://tinyurl.com/y8toqq5y
The partnership sees Alfa Bank join Ingenico’s global network of acquiring partners.
UnionPay International claims a further 20m UnionPay cards were issued outside the Chinese Mainland in 2017. http://tinyurl.com/yajndfsb
This brings the total number of UnionPay cards issued outside mainland China to about 90m. The transaction volume of these overseas-issued UnionPay cards grew by about 40% year-on-year.
ESAs are warning consumers of the risks in buying virtual currencies. http://tinyurl.com/yckn4wtv
The Warning follows the publication of two statements by ESMA on ICOs in November 2017.
The main UK cryptocurrency players have set up self-regulatory body CryptoUK. http://tinyurl.com/y796kx94
Established to promote higher standards of conduct, the new body seeks to educate politicians and regulators and work with them in developing an appropriate operating framework for the UK.
Payworks has completed a $14.5m Series B Financing round that includes Visa among the investors. http://tinyurl.com/y8v4y7dn
The German HQed SaaS POS gateway provider says it will use the funds to drive global growth and scale, focusing on increasing its R&D and Product teams.
YapStone, a payments platform for large marketplaces, has announced the first closing in a Series C $71m funding round. http://tinyurl.com/yby3ns3z
Mastercard is one of the investors supporting the round alongside existing ones. The funds will be used to expand Yapstones product offering, broaden its geographic footprint and facilitate mergers and acquisitions to accelerate growth.
Ant Financial Services Group is reported by Reuters as planning to raise up to $5bn (£3.59bn) in fresh equity. http://tinyurl.com/ya36w9tu
This would put a value of c$100bn on the Chinese player and is seen as being another step towards an IPO.
Temenos has said it has not been approached by anyone seeking to buy the Swiss banking software group following speculation by analysts a deal might be in the offing. http://tinyurl.com/y8mudz9j
Lydia, the French mobile payments fintech, has raised €13m in a funding round. http://tinyurl.com/y9wtvxyh
The funds will be used for the development of new services and planned growth in France, Ireland, Portugal, Spain and the UK. Lydia now claims 1m+ users.
The FCA is consulting on the setting up of a Global Sandbox. http://tinyurl.com/ycp2x457
Following the success of its UK Sandbox and as a result of regular contacts with other Regulators the FCA seeks to explore the merits of creating a global sandbox. Such an initiative could potentially allow firms to conduct tests in different jurisdictions at the same time. A further update is scheduled for next month.
The EU Court of Justice, regarding a question of interpretation of EU Law submitted by the UK High Court under a preliminary reference procedure, has confirmed the Interchange Fee Regulation (EU) 2015/751 applies to three party payment card schemes that issue cards with a co-branding partner or an agent. http://tinyurl.com/y77ekw25 Judgement http://tinyurl.com/ycab5nxq
However, the ECJ also says that the mere fact that a three party payment card scheme uses a co-branding partner does not necessarily mean that it is subject to the access obligation.
The EC has welcomed this Judgement saying that the ECJ interpretation guarantees a level playing field between three- and four-party payment card schemes and prevents circumvention of the caps on interchange fees when equivalent fees are charged.
The Case is linked to a request by American Express for a judicial review of PSD2 related regulation
DNB is working on technology that makes it possible to identify clients with just a mobile phone and a passport. The bank combines technology in the phone and data stored in the biometrical passport with its own systems. An important focus of the project is the customer experience and to resolve challenges related to international identification.