Some Top Headlines from the week

6th December 2019

UNCTAD’s B2C E-commerce Index shows Europe remains by far the most prepared region for e-commerceIndex. 

European countries hold eight of the top 10 spots with the 10 developing countries with the highest scores all from Asia.

 

PayPal’s recent mCommerce Study confirms consumers are buying on mobile at a rate greater than ever before.

Across all age groups, nearly 80% of the consumers surveyed have shopped via smartphone but only 63% of merchant sites are optimised to accept mobile payments. Security and trust issues remain significant barriers for adoption in nearly all geographies. Social commerce is taking off with a third of both consumers and merchants saying they engage in it.

 

Payments Europe has published a report ‘Cards in the evolving European payments landscape’Report.

Perhaps not surprisingly, the lobby group’s report concludes that cards are the preferred payment method for both consumers and merchants and that Europeans believe that card payments provide more added value compared to any other payment method. Furthermore, Merchants believe that the value brought by card payments outweighs the cost.

 

The UnionPay International and Ctrip 2019 Chinese Outbound Travel Consumption Report indicates increasing levels of spend.

The report indicates that travel spend by Chinese outbound tourists in H1/19 reached US$127.5bn. Chinese travellers went to over 150 countries and regions.

 

Apple is introducing Apple Pay Express Mode for TfL journeys in London.

The feature allows users to select their preferred card for TfL journeys and does away with the need to authenticate their payment with either Face ID or Touch ID. All other payments still need Face ID or Touch ID authentication.

 

FICO has published its latest European Fraud map showing trends across 19 countriesInteractive Map.

Total fraud losses in Europe in 2018 increased for the first time since 2015 across the 19 countries studied with UK fraud losses up 19%. CNP) and social engineering fraud continued to rise and drove losses in the vast majority of countries.  SEPA CT Inst also driving real-time APP fraud.

 

ABN AMRO has temporarily shut down 470 cash dispensers with immediate effect.

The bank says the emergency measure is needed in view of the growing number of violent ATM explosive attacks. All cash has been removed from the machine with the attacks particularly targeting a certain type of cash dispenser it uses. At another 400 locations, ABN AMRO has different types of cash dispensers. These will remain open for use.

 

The Council and the EC have published a Joint statement on “stablecoins”.

The view expressed is that stablecoins” may present opportunities in terms of cheap and fast payments, especially cross-border payments, but they also pose multifaceted challenges and risks related, for example, to consumer protection, privacy, taxation, cybersecurity and legal certainty. As a consequence, no global “stablecoin” arrangement should begin operation in the EU until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed.

 

The EU Council has adopted conclusions on strategic priorities on AML .

Not only has the Council adopted the various regulations strengthening the AML framework but it is also supporting the concept of an all-EU body.

Concluding that there is fragmentation in both AML rules and supervision the Council has asked the Commission to explore possible further actions to enhance the existing AML rules, including the concept of an all-EU Regulatory body.

 

The PRA, FCA and the BoE have published a shared policy summary and co-ordinated consultation papers on new requirements to strengthen operational resilience in the financial services sector.  For docs see links in Notes to Editors.

The policy proposals make it clear that firms and FMIs are expected to take ownership of their operational resilience and that they will need to prioritise plans and investment choices based on their impacts on the public interest.

FCA Speech that focuses on the outcomes the Regulators are seeking from the consultation exercise and the warning that ‘This is not a box ticking exercise’ as IT outages continue to affect UK customers.

 

Industry Videos

Pay.UK short video covering the way it is working to develop  common standards for UK payments.

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