Weekly Headlines 19 February 2021

19th February 2021

Swiss COMCO investigates Mastercard

Vocalink Open Banking Tracker

UK Post Office moves on Digital Identity

FCA Insight article on Digital Identity

Which? approaches banks on Access to cash

Google Maps integrates Google Pay

Marqueta makes IPO application and expands into credit cards

 

The Swiss Competition Agency has opened an investigation into Mastercard

The investigation centres on MasterCard’s possible obstruction of SIX’s National Cash Scheme. COMCO says Mastercard is refusing to co-badge the NCS on the new debit Mastercard and is abusing its position as a dominant company.

 

VocalinkQ4 2020 Open Banking tracker.

At the end of december 2020, 450 third-party providers were registered with a National Competent Authority in Europe with Q4 seeing a 10% increase in the number of registrations — the slowest growth since the tracker started. 94%t of TPPs were registered to provide account information services of which 50% were also authorised to provide payment initiation services.

 

The UK Post Office is expanding its Digital Identity services offering through a new partnership with Yoti.

The partnership will enable the roll-out of a suite of online and in-branch products including a free-to use app that will combine customers’ personal data and biometrics to create a secure, reusable ID on their phone.  There will also be in-branch services for those customers who do not have access to a smartphone or who prefer face-to-face contact when asked to confirm their identity.  The service will be available to online businesses to support their fraud detection and identity needs. A pilot is scheduled for the Spring.

 

FCA Insight on the potential for digital identity.

In the online age, establishing reliable, secure and portable systems of digital ID could unlock significant gains for both consumers and firms. It has huge potential for improving choice and competition and streamlining processes. But the growth of digital ID is not without risks and challenges. To unlock that potential, industry, regulators and government need to work together to get it right.

 

Which?All eight banks respond to call from Which? on cash access.

It appears that everybody is waiting for the UK Government to legislate while undertaking , in the short term at least, to stay in the existing Post Office Banking Framework and the Link scheme.

 

Google Maps is integrating Google Pay to enable payment for street parking and transit fares.

An integration with parking solutions provider Passport and ParkMobile enables parking meter payment within the driving navigation feature in Maps using a “Pay for Parking” button that appears as drivers near their destination (US only). Maps is also expanding the ability to pay for transit fares for over 80 transit systems around the world. When users request transit directions, the option to pay with their phone with the credit or debit cards linked to their Google Pay account appears. (Available globally on Android in the coming weeks).

 

Marqeta Inc is reported as filing for an IPO.

Marqeta will now await feedback from the SEC on its filing and hopes to complete its IPO as early as April at a valuation of around $10 billion.

and also is expanding into the consumer credit card space.

A partnership will use Deserve’s technology and open API platform to power Marqeta’s program management services, including origination, underwriting, bank and bureau Integration, customer service, compliance and risk management. The new initiative aims to to help customers launch new customized credit card products “in a fraction of the time, with more flexible controls and features.

 

Revolut is rolling out QR codes for its business customers.

The new feature will allow Revolut’s business customers across 25 countries to take in-person, socially-distanced payments via a QR code. Business customers can generate a QR code in the revolut app, which the customer can then scan on their mobile phone. The function will be rolled out to customers across Europe, including Croatia, Greece, Luxembourg, Slovakia, Slovenia and the UK.

PSE Innovation Videos

Codat – Opportunities for Open Finance

In this full length conversation with Yasamin Karimi from Codat we discuss the benefits of Open Finance to acquirers as they seek to onboard new customers and carry out credit checks. Yasmin highlights the emerging opportunities of combining accounting, Open Banking, and commerce platform data to create a rounded view of where a business has been, its current cash position and its order pipeline.

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