Weekly Headlines 28 May 2021

28th May 2021

Square preparing to offer current and savings accounts

TikTok working to test in-app commerce in Europe

ACI Worldwide and JP Morgan enable European merchants to deliver in-store payment acceptance capabilities

Stripe launches Payments Links, a no-code feature to accept payments

Fire launches open banking payments at the POS

Viva Wallet launches a Tap on Phone solution

ECB believes a digital euro guarantee the EU’s monetary and financial sovereignty

Consolidation in payments continues with Worldline acquiring Cardlink and Nexi showing interest in Alpha Bank’s payments business

 

Square preparing to offer current and savings accounts

Square may be quietly preparing to offer current and savings accounts to small businesses.

Evidence of the still-unannounced plan appeared in hidden code in a recent update to Square’s app for Apple Inc.’s iPhone and iPad. The code references both types of accounts and indicates that the checking version will integrate with Square’s existing debit card for businesses.

 

TikTok working to test in-app commerce in Europe

TikTok is reportedly working to test in-app commerce in Europe as apparently has begun working with merchants in the UK on ways they can sell products directly to users within the app. While TikTok has run promotional shopping campaigns in the past, the current trials are a precursor to a broader launch of a global e-commerce service.

 

ACI Worldwide and JP Morgan enable European merchants to deliver in-store payment acceptance capabilities

ACI Worldwide and JP Morgan are partnering to enable European merchants to deliver in-store payment acceptance capabilities to their customers. Through this collaboration, merchants will have a pre-certified and easy-to-onboard service combining J.P. Morgan’s European acquiring platform with the ACI Omni-Commerce solution.

 

Stripe launches Payments Links, a no-code feature to accept payments

Stripe has launched Payments Links, a no-code feature to accept payments. Users can create a full payment page in just a few clicks and share the link with their customers. Payment Links are included in Stripe’s integrated pricing and let merchants accept credit and debit cards as well as mobile wallets.

 

Fire launches open banking payments at the POS

Fire has launched open banking payments at the POS. The solution is QR code based and, as customers scan the QR code, they should choose their bank from the list provided to consent the payment and being redirected to the relevant banking app where they should authorise the payment.

 

Viva Wallet launches a Tap on Phone solution

Viva Wallet has launched a Tap on Phone solution for both contactless and pin payments, with the capability of turning any NFC enabled Android device into a card terminal.

 

ECB believes a digital euro guarantee the EU’s monetary and financial sovereignty

When questioned about the digital euro, ECB’s Board Member Fabio Panetta has said that there is the need to prevent the European retail payments market from being dominated by a handful of non-European players who could be relatively immune from the regulatory scrutiny and oversight of European authorities. This could result in insufficient competition and data protection. And in the absence of a European digital payments solution, the EU’s monetary and financial sovereignty would ultimately be at stake.

 

Consolidation in payments continues with Worldline acquiring Cardlink and Nexi showing interest in Alpha Bank’s payments business

Worldline has announced the signing of a bidding agreement for the acquisition of 92.5% of Cardlinkthe leading network service provider in Greece, to expand its Merchant Services activities to the region.

This follows the recent announcement that Nexi is in talks with Alpha Bank to take a stake in the Greek bank’s retailers payment business.

 

UK ATM use increases when compared to the same period last year but still 40% lower than two years ago

LINK Monthly Report May 2021 – Even if ATM use has increased when compared to the same period last year, it is still 40% lower than two years ago.

 

Laybuy falls foul of the ASA

BNPL firm Laybuy has fallen foul of the ASA  (Advertising Standards Authority) for running ads that claimed that its credit checks did not affect a customer’s credit score. Apparently, the probe was instigated by a user who believed their credit score had been downgraded following Laybuy’s credit check.

Laybuy says that the claim “doesn’t impact your credit score” had appeared erroneously on its website and had been removed before it was made aware of the complaint by the ASA.

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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