Weekly Headlines 28 February 2020

28th February 2020

ECB launches cybersecurity threat initiative

UK APP scam compensation funding to continue

eBay to begin UK managed payments

Mastercard partnership with myPOS

Tesco cashierless store opens

Amazon extends ‘Go’ concept

Neobanks rapid growth in UK

Ituit to acquire Credit Karma

Shopify joins Libra

Currencea enables spending abroad from bank account

 

 

 

 

The ECB has launched an initiative to share cybersecurity threat information to help protect EU citizens’ savings against cybercriminals.

The core objectives of the initiative, known as Cyber Information and Intelligence Sharing Initiative (CIISI-EU), are to protect the financial system by preventing, detecting and responding to cyberattacks; to facilitate the sharing of information and good practices between financial infrastructures; and to raise awareness of cybersecurity threats.

 

UK Finance has announced that interim funding for APP scam victim compensation is to continue to 31 December 2020.

PSPs, who have provided the interim funding since a voluntary Code was launched on 28 May 2019, have agreed to continue doing so until the end of 2020 to allow more time for regulators, government and industry to deliver a long-term, sustainable funding arrangement. UKF is pushing for all third-party organisations whose data and platforms are used by criminals to facilitate fraud to be included in any scheme, preferably via legislation.

 

eBay is to begin Managed Payments in the UK.

The UK will be the third market to introduce eBay’s managed payments experience, continuing the program’s global expansion. By taking control of the payments process on its platform, eBay says it will be able to offer buyers flexibility and choice in payment methods and give sellers an easier way to manage their businesses.

 

Mastercard and myPOS have signed a strategic partnership agreement to promote card payment solutions to SMEs across Europe.

myPOS is unique in establishing stores in key European cities where retailers can try out the range of myPOS products and services. They will now be complemented by multi-market campaigns to promote awareness of the myPOS payments proposition.

 

Tesco has opened its first high street cashless store in London.

The Tesco Express store in central London enables shoppers to pay at self-service tills using a range of electronic payment methods, including debit cards, credit cards and Apple Pay on their phones. They cannot use cash.

 

Amazon has opened its first ‘Go Grocery’ format that is five times larger than its usual Go stores.

The new store will use the same technology as its convenience store counterparts but will now accommodate shopping carts and feature around 5,000 goods, compared to the 500 to 700 stocked in the original format. The store uses an up-rated version of its cashierless technology that can identify produce such as fruit without the need for a wrapper.

 

Accenture’s Digital Banking Tracker indicates UK Neobanks gained more than 6m new customers in H2/19.

UK neobanks are estimated to have had 19.6m global customers at the year end.  Neobanks are now launching business banking offers and expanding internationally to find new growth areas.

 

Intuit is to acquire Credit Karma for c$7.1bn.

The combination is aimed at creating a consumer finance platform that operates like a personalised financial assistant.  “By joining forces with Credit Karma, we can ‘that will help consumers find the right financial products, put more money in their pockets and provide insights and advice’.

 

Shopify has announced it has joined the Libra Association.

Shopify says that as a member of the Libra Association, it will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere.

 

Currensea and Currencycloud have partnered to enable travellers to use their your own bank account when spending abroad.

Currensea’s Mastercard branded travel money card is linked directly to the holder’s bank account. The partnership gives access to Currencycloud’s best FX rates while eliminating the need to hold cards in different currencies.

 

Industry Videos

Pay.UK short video covering the way it is working to develop  common standards for UK payments.

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