What MEPs want on AI
LINK on Covid-19 impact on Cash usage
BRC Payments Survey accuses ICS
Visa sees huge contactless growth
Tap on Phone availability expansion
Monese becomes principal Mastercard issuer
PayPal goes for crypto
Klarna expands in Italy
BBVA card with no printed PAN
Nets DACH move
European Parliament – AI rules: what MEPs want.
Ahead of a Commission proposal on AI, expected in early 2021, the Parliament has set up a special committee to analyse the impact of artificial intelligence on the EU economy. On 20 October 2020, Parliament adopted three reports outlining how the EU can best regulate AI while boosting innovation, ethical standards and trust in technology.
An analysis and view on the impact of Covid-19 on the use of cash.
The 2020 report headlines cover Excessive card costs; protection against market failure; PSP switching; SCA and Access to cash. The data for the survey was gathered in 2020 and covers the 2019 calendar year. The survey accuses Visa and Mastercard of imposing excessive Scheme fees.
BBC Article covering the Report.
Since contactless limits were increased in more than 29 countries across Europe contactless has become a must-have rather than a nice-to-have for both merchants and consumers. Across Europe over 75% of in-store Visa payments are now contactless.
Visa plans to expand availability to the US in 2021 and to accelerate global product growth through a network of more than 35 new partners. A launch is promised for the UK and Italy in the near future.
Mastercard and Monese have announced the launch of a strategic European partnership.
The partnership sees Monese becoming a principal Mastercard issuer, giving its customers access to Mastercard’s global acceptance network through the Monese app. The mobile money provider now has one of the largest ranges of local IBANs and cash loading capabilities in Europe and intends to launch additional IBANs in Europe in the coming months.
The service will enable customers to buy, hold and sell cryptocurrency directly from their PayPal account with initial support for Bitcoin, Ethereum, Bitcoin Cash and Litecoin. PayPal, which has received a conditional Bitlicense from New York State Department of Financial Services, has also announced plans to significantly increase cryptocurrency’s utility by making it available as a funding source for purchases at its 26 million merchants worldwide.
Italian consumers will be able to use Klarna’s new shopping solution with H&M, Michael Kors and with several other well-known merchants to follow. With the acquisition of BNPL startup Moneymour and the launch of a product development hub earlier this year in Milan, Klarna is launching in Italy as online shopping increasingly gains momentum.
Users when making a purchase must access the related app on their phone and check the card number, CVV and expiration date. The card has debit, credit and prepaid modes. (Similar to the Garanti BBVA card announced earlier in the month.)
The acquisition fits the Nets Group’s European growth and expansion strategy and will broaden its presence across the Swiss (and DACH) value chain. CCV Schweiz, which has a portfolio of around 34,000 payment terminals, will be combined with the Concardis Schweiz business with the two companies jointly continuing under the Nets brand.
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.