New York bans cashless stores
WEF global consortium on digital currencies
BIS on fintech regulation
Germans converting to contactless
PSR seeks views on UK payments
WEX makes M&A move
Commonwealth Bank of Australia adds to Klarna investment
New York is placing a ban on cashless stores.
The ban is designed to prevent what some see as discrimination against low income shoppers with limited or no access to bank accounts, aimed at tackling “the excesses of the digital economy”.
The initiative will bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, NGOs and members of the Forum’s communities on a global level and will focus on solutions for a fragmented regulatory system.
Based on survey responses from around 30 jurisdictions, this paper provides a cross-country overview of policy responses to fintech developments. In addition, the paper proposes a conceptual framework through which to analyse policy responses to fintech, referred to as the “fintech tree”.
Deutsche Bundesbank – Contactless payment has become the norm in Germany Infographic (in German)
A survey indicates that 32% of debit card holders and 39% of credit card holders are now making contactless payments. Uptake is being slowed by the fact that only 49% of debit card have the functionality. Smartphones are being used at POS by 11% of respondents with 5% claiming to use Google Pay and 4% Apple Pay
The regulator is seeking to gather feedback on the likelihood of competition issues materialising in the NPA and how harmful or significant they could prove to be. The overall aim is to provide greater clarity and more detail on the PSR’s expectations, concerns and regulatory approach.
WEX is acquiring eNett, a provider of B2B payments solutions to the travel industry, from Travelport and its owners and acquiring Optal, a specialist in optimizing B2B transactions, from private shareholders. The two companies, which are already highly integrated, will be fully integrated under WEX’s ownership. The move is seen as strengthening WEX’s position in the global travel marketplace.
The Commonwealth Bank of Australia has invested a further US$200m in Klarna as it launches in Australia.
The new investment adds to the $100m CBA invested last year, bringing its shareholding in Klarna Group to 5.5%. CBA and Klarna will jointly fund and have 50:50 ownership rights to Klarna’s Australian and New Zealand business. CBA also retains a right to partner with Klarna in Indonesia.
Users gain access by scanning their debit card, with cameras and ‘smart shelves’ tracking purchases and automatic payment on exit. Similar to Amazon Go but does not require an app.