Weekly Headlines 26 March 2021

26th March 2021

PayUK – The future of payments is being shaped now

The PSR has published its Annual Plan and Budget for 2021/22

ECB board member Fabio Panetta refutes misconceptions about the digital Euro

6 Trends Rising – E-Commerce players are leveraging to compete against Amazon

400% increase in UK retail clients going cashless

Criminals exploit Covid-19 pandemic with rise in scams targeting victims online

 

 

Pay UK Blog – The future of payments is being shaped now

 

The PSR has published its Annual Plan and Budget for 2021/22.
In 2021/22, the PSR will focus on work that will improve outcomes by encouraging competition and innovation, meaning that ensuring the successful renewal of the UK’s interbank payment systems by Pay.UK will be a key focus.

 

In his blog postECB board member Fabio Panetta refutes misconceptions about the digital Euro.
He states that, firstly, it is not yet decided whether a digital euro will be introduced at all. Then, central to all discussions is the fact that a digital euro would be a means of payment that would complement cash, not replace it. And, finally, there is no truth to the claim that the ECB is planning to impose significantly more negative interest rates via a digital euro.

 

CB Insights  6 Trends Rising E-Commerce Players Are Leveraging To Compete Against Amazon
Amazon is the most formidable force in e-commerce and the report looks at how emerging e-commerce players are protecting their businesses from being disrupted by the retail giant. 

 

According to Square’s Cash and the Pandemic 2.0 report, there was a 400% increase in UK retail clients going cashless.
This time last year only 1 in 10 UK businesses using Square were cashless, whereas now nearly 5 in 10 are cashless.

 

The UK Finance, in their report Criminals exploit Covid-19 pandemic with rise in scams targeting victims online, highlight that in 2020, Authorised Push Payments fraud losses amounted to £479 million, up 5% on the previous year, and is calling for new legislation to make online platforms responsible for taking down fraudulent content and better protect consumers from these scams.

 

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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