Visa Token Service and changes to Checkout
UK Finance Card spend
UK SMEs Open Banking survey
Visa to acquire Plaid
Visa invests in Very Good Security
Google to acquire Pointy
UK Ban on credit card gambling
EBA on Big Data
Global Blue gets Ant Financial investment
The announcement also advises that from 21 January active Visa Checkout merchants in the US will transition to a new secure online shopping experience for card payments across web and mobile sites, mobile apps and connected devices, replacing Visa Checkout. The new functionality will be expanded globally throughout 2020 to cover additional markets.
UK Finance – Card Spending Update
The figures indicate 33% of UK credit card transactions and 48% of debit card transactions were made using contactless cards in October 2019. The total value of contactless transactions was £7.1bn, up 11.4% yoy.
The UK Federation of Small Businesses has released a survey on take up of open banking.
The FSB says the survey indicates that SMBs continue to distrust lenders, with only 15% currently sharing their business bank account data electronically with third parties. c65% would not consider sharing their banking data with other financial services providers electronically with 43% of these believing that sharing banking data in this way is unsafe and 37% ‘unsure about the benefits’ of such activity.
Plaid’s APIs products enable consumers to share their financial information with apps and services by providing connectivity between financial institutions and developers. Visa says its acquisition represents both an entry into new businesses and complementary enhancements to its existing business. A market report indicates a deal price of €147m/$163m
In another deal Very Good Security has announced that it has received a strategic investment from Visa Inc. to expand access to VGS’ infrastructure-as-a-service.
VGS provides data security and custodianship services that enables customers to derive value from data without needing to hold the data itself by storing their data on VGS’ platform. With Visa, VGS grows these abilities to include network tokenization, push payments with Visa Direct, and fast-tracked card issuance.
Pointy enables local retailers to bring their product inventory online by connecting a small box into their barcode scanner or installing the Pointy app on their point of sale system. The box’s functionality then places the product range directly into the “See what’s in store” section of their business profile on Google Search.
The UK Gambling Commission has announced a ban on gambling on credit cards from April 2020.
The ban, which will apply to all online and offline gambling products except for non-remote lotteries, follows a review of online gambling and the Government’s Review of Gaming Machines and Social Responsibility Measures. UK Finance estimate that 800,000 consumers use credit cards to gamble with research showing 22% of online gamblers using credit cards are problem gamblers.
The report also examines key considerations in the development, implementation and adoption of BD&AA and suggests key safeguards in an effort to support ongoing technological neutrality across regulatory and supervisory approaches. The EBA has identified four key pillars necessary to support the rollout of Advanced Analytics, along with a set of ‘elements of trust’.
The deal will see Global Blue list on the New York Stock Exchange at the close of the transaction and includes a $125m investment from Ant Financial. Ant Financial will accelerate its strategic collaboration with the company.
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.