Weekly Headlines 22 October 2021

22nd October 2021

UK Government launches BNPL regulation consultation

Klarna now lets UK consumers to pay in full at the checkout

N26 reaches $9bn valuation but forced to cap new customers

BBVA launches digital retail bank in Italy

Banco Sabadell first to offer Mastercard Click to Pay in Spain

Marqeta launches a crypto card payment solution

Samsung Pay finds new the contactless payments limit in UK might be problematic

Brits are using the ATMs 40% less than before

 

UK Government launches BNPL regulation consultation

UK Government has launched BNPL regulation consultation. The consultation will close on 6 January 2022. Proposals publishedsuggest shoppers who use BNPL services could be given credit card-type protection for their purchases. Companies that offer the service could also be forced to carry out more stringent checks on customers and to make clear that unpaid borrowing will be passed on to debt collectors.

 

Klarna now lets UK consumers to pay in full at the checkout

Klarna is repositioning its product range in the UK introducing the ability for consumers to pay in full at the checkout. In response to sustained criticism of its business practices, Klarna is also implementing stronger credit and affordability checks, clear checkout language, simplified T&Cs, improved complaints handling and removal of last remaining late fees.

 

N26 reaches $9bn valuation but forced to cap new customers

N26 has raised more than $900 millionin a Series E funding round that values the German digital bank at over $9 billion, which is more than Commerzbank, Germany’s second-largest listed bank.
In the same week, N26 has agreed to accept between 50,000 and 70,000 new customers a month until it has addressed the AML issues raised by BaFin.

 

BBVA launches digital retail bank in Italy

BBVA launched a digital retail bank in Italy. Customers will get an online account with no fees or commissions, 24/7 call centre customer service, free transfers (including immediate transfers), free ATM withdrawals from EUR100, and a card with no printed numbers and a dynamic CVV that can be added to Apple, Google or Samsung Pay. The account will also offer instalments for purchases up to €1,500 (Pay&Plan) and salary anticipation up to €1,500 (Paycheck Advance).

 

Banco Sabadell first to offer Mastercard Click to Pay in Spain

Banco Sabadell to be the first bank in Spain to make the Mastercard Click to Pay solution available to merchants across Spainlater this year. Mastercard Click to Pay stores cards securely so that users can pay from a smartphone, tablet or PC without having to manually enter data for each transaction or remember an additional password, thanks to the assignment of a unique, encrypted virtual card number for each card.

 

Marqeta launches a crypto card payment solution

Marqeta has launched a crypto card payment solution. Marqeta’s solution will allow cryptocurrency to be spent at the point of sale and allow consumers to earn rewards in cryptocurrency from debit and credit card spending.

 

Samsung Pay finds new the contactless payments limit in UK might be problematic

Samsung Pay has made public a commissioned study that shows that the recent increase in the contactless payments limit in UK might be problematic. According to the study performed by Ketchum Research and Analytics, 36% of Brits are not aware the contactless spending limit has increased and 40% have expressed concern about the increased possibility of card fraud now that the new GBP 100 contactless limit came into effect.

 

Brits are using the ATMs 40% less than before

Brits are using the ATMs 40% less than before and withdrawing £44 a month less. However, they are taking out more money each time they visit the ATM, with the average amount climbing more than £10 to just under £80 in the last two years.

 

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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