Weekly Headlines 8 October 2021

8th October 2021

United Airlines to introduce PayPal QR codes as inflight payment option

Barclays will take on BNPL

Klarna launches savings products for the Dutch market

FCA is working on new regulation for BNPL products

LINK volumes and values show that there has been a fundamental change in how some consumers are using cash

Orange invests €230 million in Orange Bank

Worldline and Livescale to offer live shopping

Fintech sector receives more than double the amount of VC funding in 2021

EC is preparing an antitrust charge over Apple NFC chip access

 

United Airlines to introduce PayPal QR codes as inflight payment option

United Airlines has teamed with PayPal to introduce QR codes as inflight payment option. Starting with November, United customers on select flights can make touch-free inflight purchases while on board by just scanning a QR code, with or without Wi-Fi.

 

Barclays will take on BNPL

According to its chief executive Jes Staley, Barclays will take on ‘buy now, pay later’ loans and will invest heavily in technology to challenge current BNPL leaders.

 

Klarna launches savings products for the Dutch market

Klarna announced launching new savings products for the Dutch market. The 2 new products concern a freely withdrawable savings account and deposit accounts that become available through the Raisin savings platform.

 

FCA is working on new regulation for BNPL products

During her speech at the Westminster Business Forum, Nisha Arora, Director of Consumer and Retail Policy said the FCA is consulting on a new Consumer Duty and working on new regulation for buy-now-pay-later products.

 

LINK volumes and values show that there has been a fundamental change in how some consumers are using cash

LINK volumes and values remain significantly below pre-pandemic levels and it seems almost certain that there has been a fundamental change in how some consumers are using cash, although even with this overall reduction in usage, August still saw 140m LINK transactions and over £7 billion withdrawn.

 

Orange invests €230 million in Orange Bank

Orange makes massive €230 million investment in Orange Bank. The company also said it has reached an agreement with its historic partner, Groupama, to buy its 21.7% stake. Groupama will however remain a major commercial partner with the extension of the exclusivity granted to Orange Bank for everyday banking and consumer credit until 2028.

 

Worldline and Livescale to offer live shopping

Worldline has announced a partnership with Livescale to offer live shopping, a trend in which retailers, influencers, or celebrities promote and discuss products and services with shoppers via livestreaming video. Together Worldline and Livescale will offer an embedded commerce solution with in-video checkout capabilities across social media and websites, which will support 150 online payment methods.

 

The fintech sector received more than double the amount of VC funding in 2021

The fintech sector has reached new heights, already receiving more than double the amount of VC funding in 2021 so far compared to 2020 as a whole ($11.4bn in January-October 2021 vs $4.57bn in the whole of 2020), and Q3 2021 hit an all-time record for quarterly VC investment in UK fintech ($4.9bn).

 

EC is preparing an antitrust charge over Apple NFC chip access

The EC is preparing an antitrust charge over Apple NFC chip access. The move puts Apple at risk of a possible hefty fine and could force it to open its mobile payment system to third parties.

 

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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