IN OTHER NEWS…

BNPL

• Klarna sells UK loan book to hedge fund Elliot Advisors in an effort to free up £30billion to fund its growth plans.
• Klarna BNPL integrates with Apple Pay. Klarna buy now, pay later credit is now available to users checking out on Apple Pay online and in apps with an iPhone and iPad. Eligible Apple Pay users in the US and UK will have access.

CORPORATE ACTIVITY

• UK acquirer Acquired.com secures GBP 4 mln to boost digital payments growth. This investment follows three years of strong revenue growth for the payments platform, which specialises in recurring commerce.
• Stripe in talks to acquire stablecoin platform Bridge, according to Bloomberg.

EMBEDDED FINANCE

• Storfund expands partnership with Mangopay for embedded wallet solution for sellers. Storfund will leverage Mangopay’s embedded wallet, local accounts, as well as its FX solutions in order to boost the support it offers on its own platform.

FRAUD & CYBERSECURITY

·       Revolut tops UK fraud leaderboard. The BBC has found that Revolut was named in more reports of fraud in the last financial year than any of the major High Street banks.

• Over 62% of UK consumers cite mobile app fraud as top concern.

ISSUING

• Barclays takes over General Motors card business from Goldman Sachs in the US. The new partnership will serve to further scale Barclays’ credit card portfolio in the US.
• MuchBetter to offer free payment rings to UK consumers. The ring requires no battery or specific bank. Users download the app, create an account, load it with £50, enter their ring size. The ring can be used to make payments anywhere that takes Mastercard. The roll out in the UK follows a similar promotional campaign in Italy

OPEN BANKING & PSD2

• Token.io and Santander UK collaborate to expand Open Banking payment options. Santander UK to use Token.io’s Open Banking technology and infrastructure to enhance Santander’s customer experiences and create real-time payment solutions. 
• Worldline launches A2A payment services across ten European countries. ‘Bank Transfer by Worldline’ has been operating in pilot mode during the last nine months and is now integrated into around 500 of Worldline’s existing merchants’ online payment services and pay-by-link services.

REGULATION (UK)

• UK Government presses ahead with new rules for BNPL products, designed to protect online shoppers. The Government has launched a consultation on its proposals, which will bring companies under the supervision of the FCA and apply the Consumer Credit Act, ensuring users receive clear information, avoid unaffordable borrowing and have strong rights when issues arise.