Weekly Headlines 21 May 2021

21st May 2021

Amex moves into BNPL in the US

FCA extends SCA implementation deadline

FCA warns fintechs against comparing themselves to banks

European policymakers have called on Lithuania to tighten its financial oversight

ECB warns that charges levied by banks for instant payments are proving a barrier to uptake

Bottlepay facilitates sterling or bitcoin payments via Twitter

CriptanCard allows users to pay with cryptocurrencies in any physical and online establishment

Square officially launches in Ireland and sees Europe expansion

German supermarket Rewe trials anonymous checkout-free shopping

Planet launches an integrated digital payments platform to bring online payments to the high street

 

 

Amex moves into BNPL in the US

In the US, American Express is moving into BNPL by offering card members the option to pay for their flights in instalments. Card members can book flights at AmexTravel.com and pay later using Plan It at checkout for flight purchases of $100 or more, giving them the option to pay in monthly instalments with a fixed monthly fee. Plan It will be added to the checkout experience for prepaid hotel bookings on AmexTravel.com later this year.

 

FCA extends SCA implementation deadline

In light of the ongoing challenges facing the industry to be ready by the previous 14 September 2021 deadline, the FCA has extended the deadline for implementing SCA for eCommerce transactions to 14 March 2022. This further 6-month extension seeks to ensure minimal disruption to merchants and consumers.

 

FCA warns fintechs against comparing themselves to banks

The FCA has warned fintechs against comparing themselves to banks as it is concerned some companies are misleading customers about the risks of e-money accounts.
The FCA ordered more than 300 companies to write to their customers within six weeks to remind them of the risks of storing their cash in accounts that are not covered by the Financial Services Compensation Scheme.

 

European policymakers have called on Lithuania to tighten its financial oversight

European policymakers have called on Lithuania to tighten its financial oversight after it was revealed that prosecutors suspect a regulated fintech based in the country was used to steal more than €100m from Wirecard, only weeks before the German payments firm collapsed.

 

ECB warns that the charges levied by banks for instant payments are proving a barrier to uptake

Speaking at a payments forum hosted by Finland’s central bank, ECB board member Fabio Panetta has warned that the charges levied by banks for instant payments are proving a barrier to uptake and “must change”. Panetta pointed out that the cost for service providers of using TIPS is €0.002 per instant payment transaction, however instant payments are sometimes offered to consumers for €1 per transaction.

 

Bottlepay facilitates sterling or bitcoin payments via Twitter

Bottlepay is facilitating sterling or bitcoin payments via Twitter. A single tweet — for example ‘@bottlepay send @recipient £10’ — will instantly send the command to move the specified quantity of sterling from one user’s account to another. With the new social media payment feature users can send as many or as few pounds as they like to any individual with a Twitter account, without transaction fees. Recipients of funds via Twitter will receive 100% of the payment.

 

CriptanCard allows users to pay with cryptocurrencies in any physical and online establishment

The cryptocurrency trading platform Criptan has launched CriptanCard, the card that will allow users to pay with cryptocurrencies in any physical and online establishment that accepts Mastercard, as well as to withdraw cash from any ATM globally. Criptan will convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world. Currency will enter Mastercard’s network as traditional fiat currency.

 

Square officially launches in Ireland and sees Europe expansion

Square has officially launched operations in Ireland. With its e-money license from the Central Bank of Ireland it can now use Ireland as a springboard to operate throughout Europe.

 

German supermarket Rewe trials anonymous checkout-free shopping

German supermarket chain Rewe will trial anonymous checkout-free shopping. Customers in Cologne will soon be able to enter the store by scanning a QR code, selecting the items they wish to buy and paying for them from their mobile phone without needing to scan their purchases or use a checkout. The supermarket chain is trialling a system that links each customer anonymously to a unique ID number on entry, tracks the items they take from the shelves using a combination of ceiling-mounted cameras and shelf sensors, and automatically charges them for their purchases as they exit the store.

A short video of how it works.

 

Planet launches an integrated digital payments platform to bring online payments to the high street

Planet has launched an integrated digital payments platform to bring online payments to the high street across Europe. The new payments service includes acquiring, processing, currency conversion and VAT refunds all from a single payments partnership, through one device. Planet’s Retail offers the acceptance of all major card schemes and digital wallets such as Alipay and WeChatPay.

 

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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