Weekly Headlines 26 June 2020

26th June 2020

BIS Annual Economic Report

EC evaluation of GDPR

EPIF and EuroCommerce on SCA deadline

Visa support for SMEs

Mastercard acquisition of Finicity

Instagram expands access to Shopping

Curve partners on Samsung Pay

Wirecard saga approaches endgame

 

 

BIS Annual Economic Report – Central banks and payments in the digital eraReport

The Report analyses the implications of the radical transformation of payment systems over recent years and looks at the impact of Covid-19 on payment behaviour. It encourages central banks to continue adapting to the challenge of digital payments

 

The EC has published an evaluation report on the GDPR.

Implementation report  See also links in PR

The report concludes the GDPR has met most of its objectives, has proved flexible during the Covid-19 crisis, that harmonisation across the Member States is increasing, albeit approach is still fragmented, and that businesses are developing a compliance culture and increasingly use strong data protection as a competitive advantage.

 

The European Payment Institutions Federation is calling for a six-month extension to the PSD2 SCA deadline.   Letter

EPIF has published a second joint industry letter on SCA Implementation and the need for an additional testing period of at least six months.

 

EuroCommerce has made a similar move- Consumers likely to face payments problems after EBA decision on SCA.

The EuroCommerce Director-General has warned of the consequences of the decision by the EBA and EC to maintain mandatory SCA by December 2020.

 

Visa has announced an initiative to digitally enable eight million small businesses in Europe.

The aim is to both support businesses and support the communities they serve in the Covid-19 recovery process. The initiative will help SMEs to build an online presence, allow small firms to take advantage of digital payments and encourage consumers to support small businesses.

The development is linked to Visa’s launch of Small Business Hubs.

 

Mastercard is to acquire Finicity for US$825 million plus potential earn-out of up to $160 million.

Finicity provides real-time access to financial data and insights and the move helps to strengthen the existing Mastercard open banking platform. Mastercard says it will enhance partnering and co-creation efforts with fintechs and FIs and furthers its commitment to consumer-centric data protection and practices.

 

Instagram has announced new commerce eligibility requirements that expand access to Instagram Shopping to more types of businesses.

Any eligible business or creator account with at least one eligible product can use shopping tags to drive people to their website to make a purchase.  The updated requirements go into effect on 9 July in all countries where Instagram Shopping is supported

 

Curve is partnering with Samsung in the UK to power its forthcoming debit cardWeb page

The Mastercard branded “Samsung Pay Card” is scheduled to launch later this year. The partnership with Curve is the first of its kind in Europe for Samsung Pay.

 

The Wirecard saga has culminated in the company making an Application for opening of insolvency proceedings, the arrest of its CEO and a move by the FCA in the UK to impose requirements on Wirecard’s authorisation.

 

Industry Videos

Dutch cashierless store trial

ING is working with supermarket chain Albert Heijn and US AiFi on a cashierless store trial.

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.

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