Top Headlines from this Week

29th November 2019

PayPal Credit has recently reached £2bn of lending and 1.5m PayPal Credit accounts in the UK.

PayPal data indicates that UK retailers incorporating the feature into their online checkout have seen an average 15% incremental increase in sales.

 

MasterCard’s latest data indicates the use of passive wearable devices for payments is continuing to increase in Europe.

This year’s wearable transaction figures, in comparison to 2018, show an eightfold increase with payment-enabled wearables available in 26 EU countries, offering over 30 different devices.

Klarna update on its current growth and progress.

Klarna claims it is now supporting 190,000 merchants with 60,000 new ones so far this year. New consumers are said to number 16m with its app seeing 25,000 downloads taking place every day in October. 10,000 stores are now live with Klarna’s in-store solutions.

 

Russia is to support transactions over the MIR payment network in Europe.

Russia is partnering with PayXpert to test its national payment system MIR in London. The UK will be the first country where PayXpert will act as acquirer, opening up access to the Russian consumer market and facilitating tourist purchases.

American Express and Vitality are launching a new Cashback card in the UK.

The Card has a unique health and wellbeing focus, with the total amount of cashback available to members dependant on how physically active they are in any given month. To earn points, Vitality members track their activity on a compatible device, which then syncs with their Vitality app.

 

Finablr and Alipay have announced a global cross-border remittance partnership.

The Finablr platform has been integrated with Ant Financial’s remittance system, facilitating remittances through Finablr’s global network including Xpress Money, Travelex, Unimoni and UAE Exchange.  The partnership is exploring the extension of the remittance service to Ant Financial’s ecosystem remittance network, including Alipay’s global e-wallet partners.

RBS has posted that its digital bank Bó is now available.

Built entirely on a separate cloud-based platform, Bó has been specifically designed to help people manage their everyday spending by allowing them to budget, set goals and track their progress. It sets itself against the likes of Monzo and Starling.

 

Curve active user numbers may be far less than claimed customers.

Internal data leaked to Business Insider suggests only 72,000 – 80,000 of the card provider’s 500,000 customers are active and use the card at least once a month. This means only 14-16% of its customers are monthly active users, pointing to the difficulty in keeping users engaged in its proposition.

UK Finance has announced that Interim funding for the ‘no-blame’ scenario under the APP Code is to be extended to 31 March 2020.

Following the rejection of the request and proposal of suggested next steps from Pay.UK, the seven PSPs who have provided cover under the Code will continue interim funding to allow more time to consider Pay.UK’s alternative recommendations on long-term funding arrangements.

OBIE Open Banking October Highlights.

There are now 188 regulated providers made up of 123 third party providers and 65 account providers, with 58 regulated entities that have at least one proposition live with customers.

MoneyGram has announced that Ripple has made the final $20m investment in MoneyGram.

The investment follows Ripple’s original $50m equity investment commitment made earlier this year. The funding will support MoneyGram’s operations as it continues to increase volume and use of On-Demand Liquidity, Ripple’s product that leverages the digital asset XRP to send money globally.

Speech by the ECB’s Benoît Cœuré: Towards the retail payments of tomorrow: a European strategy

Sets out the usual story of overly relying on ICS and blaming national schemes. Sets out the Eurosystem’s retail payments strategy based on pan-European POI market initiatives that meet five objectives, providing a conceptual vision that should be fleshed out by the private sector.

Industry Videos

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

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