"The European Union Council on Monday adopted rules to make instant payments in the euro currency fully available round-the-clock in a move it expected to help European payments companies compete against U.S. firms Visa and Mastercard. The new regulation will allow customers to transfer euro-denominated money within 10 seconds at any time, including outside business hours, not only within the same country but also to another EU member state, the EU Council said."
The Economic Times
"A payment aggregator licence by the RBI will enable Amazon to increase its merchant payments business, a major opportunity for the ecommerce giant given its large online shopping business in India."
Consumer Financial Protection Bureau
"In 2022 alone, major credit card companies charged over $105 billion in interest, the primary cost of credit cards to consumers. While the effects of increases to the target federal funds rate have received considerable attention, the average APR margin (the difference between the average APR and the prime rate) has reached an all-time high."
"Massachusetts-based OV Loop Inc filed the lawsuit in Boston federal court on Tuesday, seeking more than $75 million in damages under U.S. antitrust law from Mastercard for allegedly denying it access to an essential digital payments technology."
"Google has announced that Google Pay is shutting down in the United States in June, as the standalone app has largely been replaced by Google Wallet. The company says the move is designed to simplify its payment apps."
"Today, Visa and the GSMA Mobile for Development Foundation announced the launch of the Digital Finance for All Initiative. This five-year initiative aims to advance digital financial inclusion for 20 million individuals, including women, small holder farmers, and nano, micro and small enterprise owners across low- and middle-income countries in Africa, Asia and Latin America."
"The digital yuan, China’s central bank digital currency (CBDC), is being used as a security element in car prepurchase payment settlements."
"Reserve Bank of India on Friday said NPCI has been asked to examine the possibility of it becoming a third party application provider for continued UPI operations of the Paytm app."
"Total credit card debt in the U.S. has reached a record high — but people are putting less money toward paying it down."
"Credit card fraud is spiking in Japan, with a 30 percent year-over-year increase, leading to greater interest from banks in biometric cards as well as metal cards, according to the announcement."
"TD Bank is among the first large U.S. banks to debut Tap to Pay on iPhone, a secure mobile-based payment acceptance option that offers greater flexibility and convenience to small and micro businesses. Business owners can accept all types of in-person, contactless payments using only their iPhone – from contactless credit and debit card to digital wallet or wearable; Tap to Pay eliminates the need for additional POS hardware."
"Since 2019, buy now, pay later (BNPL) lending products have experienced rapid growth in transaction volume and garnered significant attention from consumers, researchers, and regulators."
"New research from the Paze Pulse Report, by Early Warning Services, LLC, revealed that over the past year, 71% of online shoppers have abandoned their online shopping carts."
"Klarna, the AI-powered global payments provider and shopping assistant, has revealed UK consumers paid off 97.4% of Black Friday orders on time or early, an increase of 2% compared with last year."
"PhonePe, announced the consumer launch of its Indus Appstore. In a global first move, Indus Appstore allows app and game developers to choose any 3rd-party payment gateway for in-app billing, and they will not be charged any commission if they use an external payment gateway."
"The annual budget of South Africa revealed its treasury’s plan to promote the adoption of digital payments, which includes analyzing stablecoins and blockchain to “improve the lives and livelihoods of marginalized groups.”"
"The Monetary Authority of Singapore (MAS) has cautioned financial institutions on the cybersecurity vulnerabilities introduced by the advent of quantum computing."
"Visa announced the opening of its transformed Singapore Innovation Center, a dedicated space for partners, clients and businesses in Asia Pacific."
"Zilch announced the launch of a new credit payment product, allowing its customers to spread interest-free repayments for larger purchases over three months."
"A leading payment orchestration provider, BR-DGE, has announced its integration with PayPal to offer merchants greater payment choice and flexibility at online checkout."
"Boom, a blockchain-based ecosystem for digital payments and an e-commerce platform for the unbanked, has launched Boom Pay. Boom Pay enables online merchants to accept digital payments from KYC-verified consumers across Africa."
"U.S. Supreme Court justices on Tuesday grappled with a North Dakota convenience store's challenge to a government regulation on debit card "swipe fees" - a case that could make it easier for businesses to try to undo longstanding federal rules."
Glenbrook Partners, LLC
"In this Payments Views post, Cici Northup focuses on one of eight primary healthcare payment flows identified by Glenbrook - the Consumer-to-Business (C2B) flow, which represents a $400B payments value opportunity (Glenbrook 2023 estimates)."
"Warren Buffett-backed U.S. consumer bank Capital One plans to acquire U.S. credit card issuer Discover Financial Services in an all-stock transaction valued at $35.3 billion to create a global payments giant, the companies said on Monday."
"Payments giant Mastercard is working with Swoo Pay, an emerging markets-focused mobile payments app, to offer loyalty rewards in cryptocurrency and plug the gaps left by the likes of Google in the global payments landscape."
"In a move poised to transform the landscape of B2B commerce, Adyen, has forged a strategic partnership with Billie, a frontrunner in the Buy Now, Pay Later (BNPL) arena offer businesses across Europe a novel, cost-efficient payment alternative"
"Capital One Financial is set to acquire Discover Financial Services, according to a report from The Wall Street Journal. The deal could be announced Tuesday, the outlet said, citing sources."
"BBVA’s Turkish unit is launching another pioneering solution, the Bonus Platinum Biometric Card, allowing users to make payments in a secure manner by simply scanning their fingerprint."
"Visa has partnered with Checkout.com and Stake, MENA’s leading digital real estate investment platform, to introduce an innovative cross-border account funding solution."
"Federal financial regulators are exploring allegations by two whistleblowers that Cash App, the popular mobile payment platform, and entities providing transaction services to its users performed inadequate due diligence on customers, potentially opening the door to money laundering, terrorism financing and other illegal activities."