EC investigates App Store rules and Apple Pay
CMA investigating Visa/Plaid deal
UK Supreme Court rules against Visa and Mastercard
European FinTech Association launched
PayID solution launched by blockchain consortium
FCA and PSR on Access to Cash
UK Finance model for Open Banking
The investigations cover the mandatory use of Apple’s own proprietary in-app purchase system and restrictions on the ability of developers to inform iPhone and iPad users of alternative cheaper purchasing possibilities outside of apps.
The investigation covers Apple’s terms, conditions and other measures for integrating Apple Pay in merchant apps and websites on iPhones and iPads, Apple’s limitation of access to the NFC functionality on iPhones for payments in stores, and alleged refusals of access to Apple Pay.
To assist it with its assessment of whether the merger might result in a substantial lessening of competition in the UK, the CMA has invited comments on the transaction from any interested party by 10 July.
The UK Supreme Court has ruled against Visa and Mastercard in favour of Sainbury’s. Full Judgement
The Supreme Court has unanimously upheld the conclusion of the Court of Appeal that the MIFs infringed article 101(1) and its legal rulings on article 101(3), dismissing the appeal on all grounds except the ‘broad axe’ issue. It is now up to the CAT to decide on the level of interchange reparation for merchants.
The European FinTech Association (EFA) has been launched by leading European FinTechs.
EFA is the first not-for-profit Brussels-based organisation representing over twenty leading FinTech companies of all sizes, from across Europe. The Association brings together the previously established EFAlliance and FinTechs4Europe to give one voice to European FinTech players.
PayID is a universal payment ID that creates a common protocol that allows for interoperability between payment networks. GoPay, Ripple, BitPay, Brave, Flutterwave and others (i.e. primarily blockchain operators) have collaborated on the development of PayID through the Open Payments Coalition, a multinational alliance of industry leaders.
The FCA and PSR have set out their joint approach to Access to Cash.
A summary of what actions have been taken during the pandemic and planned approach going forward.
The proposed model for the way forward post the end of the OBIE implementation phase is set out in a new report, Open Banking – Future State.
The report sets out how the transition could be achieved and proposes that at the end of the current roadmap, the OB functions are maintained and moved into a service company that is governed and funded by the wider banking and finance industry. A separate monitoring function would be established to review ongoing compliance with the CMA’s Order.
The proportion spent online soared to the highest level on record at 33.4%, which compares with the 30.8% reported in April 2020.
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.