European Payments Acceptance | Weekly News 27 September
European Payments Acceptance | Weekly News 27 September
- Klarna partners with Adyen in Europe, Australia and North America. The new agreement will see retailers offered the chance to add Klarna instalment payments to 450,000 Adyen terminals round the world.
- The European Investment Bank EIB is lending Italian paytech giant Nexi Group €220 million to support digital payment innovation. Nexi will use the EIB funds to develop and manage projects aimed at modernising digital payments in Europe, and to finance specific initiatives that tap Nexi Digital, a European innovation hub created in collaboration with Reply.
- UK-based point-of-sale (POS) solution Lopay has entered into a strategic agreement with YouLend to provide SMEs in the UK with financing.
- Airwallex partners with McLaren. The partnership began in February 2024 to assist McLaren’s worldwide financial operations via its treasury management and cross-border pay-outs, launching a digital merchandise platform and settlement product suite.
- Visa have signed agreement to acquire Featurespace for undisclosed sum.
IN OTHER NEWS…
BNPL
- Klarna and Xero bring BNPL to small businesses to help small businesses accept payments from consumers wanting a ‘buy now, pay later’ option.
CORPORATE ACTIVITY
- TrueLayer reports growth despite losses. The company reported a pre-tax £55.6 million loss for 2023, compared to the £40.3 million loss reported in 2022. Despite losses piling up, the UK-based fintech reported that 2023 was the company’s “strongest year-on-year growth to date”.
CROSS-BORDER
- Wise launches invoicing tool for SMEs. The new tool is designed to simplify the payments process for SMEs by enabling users to issue invoices and to automate their reconciliations.
CRYPTOASSETS/BLOCKCHAIN/DLT
- Societe Generale has announced a collaboration with Bitpanda to accelerate the adoption of digital assets. The first phase of the partnership will be focused on the stablecoin created by the bank’s digital assets unit SG-FORGE.
FRAUD & CYBERSECURITY
- Mastercard updates AI solution to fight real-time payment scams. Mastercard has updated its Consumer Fraud Risk (CFR) solution to improve protection against real-time payment scams.
ISSUING
- J.P. Morgan tests UK credit cards as part of its UK expansion plans. The new credit card will join investment products from J.P. Morgan’s digital wealth-manager Nutmeg on its UK retail app
MOBILE MONEY
- Vipps MobilePay has announced its expansion in Sweden, aiming to provide customers in the region with the possibility to send money to each other quickly and securely.
OPEN BANKING & PSD2
- Farfetch has partnered with Volt for open banking. Across the UK, Germany, and the Netherlands Farfetch customers will be able to pay via their bank account.
REGULATION (UK)
- A new Fair Payment Code has been announced by the UK government to manage late payments that cost SMEs. SMEs lose £22,000 a year on average due to late payments, leading to 50,000 business closures per year. The new legislation from Labour will hold larger companies accountable for maintaining cashflow and require them to include payment reporting in their annual reports to mitigate mistreatment of smaller businesses.
- FCA proposes rules to protect customers when payment firms go bust. It is planning new rules that would see the existing e-money safeguarding regime replaced with a client assets (Cass) style system where relevant funds and assets are held on trust for consumers.
