"The UK’s Payment Systems Regulator (PSR) has committed to working closely with the Financial Conduct Authority (FCA) to take forward work on the overall framework for commercial Open Banking payments, focusing on the initial phase of Variable Recurring Payments...
Alipay Bears Cost of System Error That Applied Discounts to User Transactions
"Alipay, China’s leading mobile payments platform, will bear the expense from unexpected losses that it incurred on Thursday, when a system error gave a 20 per cent discount to an undisclosed number of user transactions."
Mastercard Move and the BCP Group Join Forces to Enhance Cross-Border Payments [Africa]
"In collaboration with Mastercard, the BCP Group will leverage Mastercard Move’s money movement capabilities to enhance cross-border payments for their corporate and individual clients. The collaboration aims to enable near instant, traceable, secure and...
Beijing Introduces Dedicated Mobile Payments Devices for Foreign Visitors
"Travellers arriving at Beijing Capital Airport are now able to rent a dedicated mobile payments and local communications device from a service desk in the Terminal 3 arrivals hall, making it quick and easy to access local mobile payments services during their visit...
Digitalizing the Public Purse: The Next Generation of G2P Payments
"Mastercard for Government’s new two-part white paper, “Digitalizing the public purse,” explores how payment flows to and from government can harness digital payments."
Tech Groups Sue US CFPB to Block Rule on Payment Apps, Digital Wallets
"Two technology trade groups {NetChoice and TechNet } sued the U.S. Consumer Financial Protection Bureau on Thursday to block a new rule giving the regulator supervisory authority over payment apps and digital wallets from large non-banks."
Safaricom, Kenyan Banks Claim Central Bank’s New Payment System Could Cost $200M
"Safaricom and Kenyan commercial banks claim the Central Bank’s (CBK) plan to build a fast payment system (FPS) could cost at least $200 million (KES25.9 billion) and take up to four years to complete."
CFPB Orders Operator of Cash App to Pay $175 Million and Fix Its Failures on Fraud
"The Consumer Financial Protection Bureau (CFPB) ordered Block, the operator of the peer-to-peer payments app Cash App, to refund and pay other redress to consumers up to $120 million and pay a penalty of $55 million into the CFPB’s victims relief fund."
American Express Agrees to Pay More Than $138 Million to Resolve Wire Fraud Investigation In Connection With The Sales And Marketing Of Wire Products
"American Express Company has entered into a non-prosecution agreement with the U.S. Attorney’s Office for the Eastern District of New York (the Office), and has agreed to pay more than $138 million for engaging in sales practices that provided inaccurate tax advice...
Unicaja, Fiserv partner to enhance omnichannel payments in Spain
"Unicaja, a leading bank in Spain, has partnered with Fiserv, Inc. to develop advanced payments and eCommerce solutions. Both companies will work together to create new tools that enhance the omnichannel processing of all payment methods, including POS systems,...