HIGHLIGHTS

Worldpay partners with Yabie to power Worldpay 360: an all-in-one payment and business management solution for UK SMBs. The collaboration offers streamlined tools like inventory and table management, simplifying operations and enhancing customer experience.

New UK rules will regulate Buy Now, Pay Later (BNPL). Affordability checks, faster refunds and Financial Ombudsman access will bring structure to borrowing, aligning BNPL with other credit products and fostering responsible growth.

Klarna reports steep losses and IPO plan remains uncertain. Klarna has reported a net loss of USD 99 million for the first quarter of 2025, more than double the USD 47 million it posted during the same period last year.

Google launches agentic shopping experience in Search’s AI Mode. Users can set a desired price, and the AI agent will track it and autonomously complete purchases via Google Pay when the price is met, offering more personalized and budget-friendly shopping.

In other news…

ACCEPTANCE & PROCESSING

Spotify is reporting a significant increase in iOS Premium subscriptions after integrating external payment links, on the back of the opening of external payments on the App Store. According to Spotify the conversion rate among iOS users has increased substantially since the implementation of its revised “Premium Destination Page” that tells free users how to upgrade to a paid subscription by offering information about prices and a link to a checkout page.

CORPORATE ACTIVITY

Capital One completes acquisition of Discover for $35 billion. For now, Capital One and Discover customer accounts and banking relationships remain unchanged.

CROSS-BORDER

The European Commission launches its shared biometric matching service. The solution is capable of performing fingerprint matching and allows facial recognition for the first time. The product will also contain approximately 400 million biometric templates, as it aims to optimise the precision of identifying and verifying individuals, strengthening the EU’s border security and controls.

DIGITAL, RETAIL & ‘Neo’ BANKING

Revolut announces application for a French banking license and a new Western Europe HQ based in Paris They have also announced a €1 billion investment into France over the next three years.

FRAUD & CYBERSECURITY

UK retailers are facing a growing threat from first party fraud chargebacks, where legitimate customers dispute transactions without cause. This surge, driven by financial stress and economic uncertainty, is seen as a significant structural risk, costing businesses revenue and increasing workloads. According to the latest LexisNexis Cybercrime Report, first party fraud now constitutes 36% of global fraud cases – more than doubling in a single year.

MOBILE MONEY/WALLETS

London-based digital wallet Curve now offers an alternative to Apple Pay on iOS – Curve Pay, which leverages Apple’s opened NFC interface.

Nuvei has joined the European Payments Initiative (EPI) as one of the first providers to offer merchants the Wero digital mobile wallet as an option in their online checkouts.

OPEN BANKING & PSD

UK government seeks Open Banking supplier for Universal Credit. This aims to allow claimants to securely share bank data for verification, potentially expanding to other open banking services, following a successful trial last year.

REALTIME/INSTANT PAYMENTS

Banking Circle teams up with Visa Direct for global payments. Visa Direct aims to benefit from access to Banking Circle’s extensive local clearing rails worldwide, which will further strengthen the business’s payment reach for its customers.