The IMRG Capgemini eRetail Sales Index for August saw a low online sales growth of 3% yoy.
Though typical for sales to slow at the end of summer, August’s result falls well below the 5-year average of +9.6.
Klarna says it is seeing more than 50,000 new customers a week choosing ‘Pay later’ at retailer checkouts and that in August alone, more than 100,000 UK shoppers downloaded the Klarna app.
Mastercard and its partners are piloting a hybrid digital payment solution. Participating factories will be able to deposit wages directly into workers’ accounts rather than paying them cash. Workers can then activate debit or prepaid cards – or digital wallets – through which they can pay bills or send money directly to family and friends.
The move will see the UnionPay merchant acceptance rate in Finland reach 70%. Currently 15,000 merchants accept UnionPay cards.
The collaboration will enable thousands of merchants to accept UnionPay card payments in Estonia, Latvia and Lithuania.
The platform enables businesses to avoid the administration around employment and salary payment. Businesses provide details of the payout amount and Gigapay, acting as a quasi-employer, calculates and pays all relevant taxes, insurances and social contributions before paying the employee. For employees it means they do not need their own
As an EMI the PSP will be able to issue, manage and provide payment services to European businesses from a French-regulated entity. The newly licenced French business is a member of Carte Bancaire as well as Visa and MasterCard.
The development will enable merchants to integrate their shops with Wirecard’s digital Financial Commerce Platform.
The US ‘Buy Now, Pay Later’ start up that has recently IPOed in Australia, is looking to extend its global reach with this integration. With some 5,800 merchants on board, Sezzle enables consumers to divide their purchases into four instalments and pay back interest-free for six weeks.
Paysafecard is now available as a payment option on Google Play.
Customers can now use paysafecard within the Samsung Galaxy Store in 21 European countries including Austria, Germany, France, Italy, Spain and the UK.
American Express and British Airways have launched a new business card for UK SMEs.
Amex says it is the only business credit card that enables UK SME owners to earn both accelerated On Business Points and Avios with BA. The offer provides complimentary Supplementary Cards for up to 99 employees, enabling business owners to consolidate all business expenses and manage the spend under one Business Card Account.
Through a combination of gpi and domestic real-time payments networks, SWIFT, together with gpi banks, will facilitate instant international payments with up-front fee and Foreign Exchange transparency for senders, while also ensuring ubiquitous availability of instant cross-border payments globally. The service will be available to all types of banks’ end customers, from large multi-nationals to SMEs, and from retail to e-commerce platforms.
The new service enables customers to APIs directly into their existing infrastructure, allowing them to take advantage of 24/7 instantaneous payments capabilities. NatWest says it is the first major UK bank to allow payments to be made in real time via API.
The bank will use the FIS solution to serve its corporate clients in Europe, except for France, through the SCT Inst scheme.
Splitit Payments has launched “Splitit Business Payments”, a B2B payment platform.
Splitit Business Payments enables manufacturers and suppliers to offer buyers of inventory or services an interest-free, instalment credit solution utilising their existing business credit cards. An extension of the company’s successful consumer instalment payments platform, the scheme is global in nature and can readily support cross-border transactions.
Fintechs can now access the right technologies, network and partners to grow their businesses through the portal, simplifying the process of working with Visa and helping fintechs leverage Visa’s network, resources and tools. https://partner.visa.com
Growing from 30 global trade corridors at launch in June 2019, the goal is now to expand to over 100 countries in 2020. The Infosys integration as a hub partner will bring Visa B2B Connect platform access to its participating financial institutions worldwide. B2B Connect’s expansion will help financial institutions process global corporate cross-border payments.
Under its new Cloud Connect initiative SWIFT will develop network architecture and automation templates for customers to ease deployment on ‘hyper-scale’ public cloud platforms such as Microsoft Azure and Google Cloud.
SWIFT is also developing its next generation private cloud ‘Alliance Cloud’ which will provide a robust option for institutions of all sizes that wish to host their messaging operations on SWIFT-managed infrastructure.
The new initiative is aimed at giving financial institutions servicing consumers and SMEs access to low cost payments and FX services, utilising its API technology. Through its initial partnership with PSP Ebury, Form3 will offer end customers access through their respective banks and fintech to Form3’s API-driven real-time platform.
Actual fraud losses were £615.8m, up 2% yoy
There were 57,549 cases of APP scams, significantly up yoy e.g. purchase scams rising 65% and investment scams 152%.
Nicknamed ‘The Rat’, the system uses AI biometrics, remote access identification and the presence of a ‘secret sign’ left by the fraudster to help detect scams before they happen and has already prevented over £4m of attempted fraud.
NatWest has agreed a strategic partnership with Featurespace to profile and monitor payments and account activity to prevent fraud and scams using the ARIC platform.
McKinsey Global Payments Report 2019.
McKinsey’s analysis reveals significant regional variations. Chapter 1 explores these findings in greater detail. Chapter 2 examines the rationale behind consolidation acquisitions and explains why the next wave may look different. Chapter 3 addresses the notion of “payments as a service”.
The report examines whether various age demographics of consumers differ when it comes to their attitudes and concerns relating to online payments and eCommerce. More specifically, it focusses on the payment trends and expectations of consumers aged 16-24.
The web app will enable customers to manage their Starling account on their desktop or laptop as well as direct from their smartphone. The app will be extended to personal and joint account holders at a later date.
The new product will enable OakNorth to hold its SME borrower’s funds securely in Shieldpay’s Vault facility and only release funds when all parties agree.
The packaged account has received poor reviews from many of its users and is now being taken forward by a new team within the digital bank. Meanwhile it has updated its basic core app and has started a phased migration for existing customers.
The paper concludes that, even in Switzerland, cash will remain and that calls for the regulation and restriction of payment methods should be rejected. However, if different forms of payment lead to different costs, then this should be reflected in the price paid for their use.
Prior to the introduction of RtP, Pay.UK has sought to test the market’s reaction to the service and explore potential opportunities for and barriers to implementation and market uptake. While the scheme engendered some interest amongst businesses, concerns were raised, particularly regarding initiation and ownership, that will need to be addressed for RtP to be universally adopted. Pay.UK has made a series of responses to the report’s findings.
Bank of England Speech – Payments: A platform for innovation
The speech, given at Sibos, covers the work of the BoE’s Banking, Payments and Innovation team. In particular, it looks at what they are doing in response to the recommendations of the Future of Finance Report.
The speech, again given at Sibos, focuses on the themes of innovation, competition and protecting people including Access to cash and the NPA.
Eric Ducoulombier, Head of Retail and Financial services at the Commission has commented on the current “strange” situation regarding SCA and indicated that “pretty soon” member states will agree on “a common EU-wide transition period”. In his comments the official said that “We cannot wait 18 months, that is too long”, which suggests that the final length of any transition period will be shorter.
Pay with Bank transfer will be a real-time payment option available to Current Account holders at UK banks, regardless of whether they are American Express Cardmembers. Amex intends to launch Pay with Bank transfer with its initial merchants before the end of the year, and the product will continue to roll out across additional ecommerce sites throughout 2020.
CGD can now offer its customers the benefits of aggregation, payment initiation, data enrichment and PFM via a new app – DABOX.
With DABOX, customers will be able to see their current accounts from all Portuguese banks and make payments and transfers between them. Tink has also been working with SIBS to help the country’s APIs meet PSD2 regulations.
Benoît Cœuré short address to the Deutscher Bundestag – “Digital currencies, focusing on Libra“.
While flagging the risks associated with stablecoins, he concludes by saying “The demand for fast, reliable and cheap cross-border payments is bound to grow further in coming years. Policymakers and central banks should respond to these challenges”.
The CMA states that PayPal has, without reasonable excuse, failed to comply in certain respects with the requirements imposed on PayPal by the Initial Enforcement Order issued by the CMA on 19 September 2018.
BankiFi uses open banking to provide a suite of business microservices which plug into banking infrastructures through APIs. Nationwide will use BankiFi technology when it launches its business account later this year. The investment is the latest deal from Nationwide’s £50m Venturing Fund
Fidel provides access to global real-time financial data from Visa, MasterCard and American Express through a secure and reliable API. By anonymising card numbers, Fidel ensures security compliance and avoids developers handling sensitive data. The APIs enable developers to build card-linked applications such as loyalty-based rewards very quickly.
Alibaba Group has acquired a 33% holding in Ant Financial.
First announced in February 2018, the deal cements ties between two of China’s biggest technology corporations. Ant will now stop paying 37.5% of its pre-tax profits to Alibaba as mandated under an earlier agreement.
The TTP gives the FCA flexibility in applying post-Brexit requirements, allowing firms to transition to a new UK regulatory framework.
Users gain access by scanning their debit card, with cameras and ‘smart shelves’ tracking purchases and automatic payment on exit. Similar to Amazon Go but does not require an app.