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A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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January 20, 2025
On the web
Safaricom’s M-Pesa to Join Pesalink as Central Bank Plans New Payment System
TechCabal
"Safaricom’s M-Pesa is set to join the Pesalink network, which could significantly reshape Kenya’s digital payments landscape. In a proposal submitted jointly with the Kenya Bankers Association (KBA) to the Central Bank of Kenya (CBK), Safaricom wants to integrate M-Pesa, Kenya’s largest mobile money platform, into the national interbank payment system, Pesalink, which already connects 39 banks across the country."
Banking Circle Signs Deal to Buy Australian Settlements Limited
MSN
"Luxembourg-based payment bank Banking Circle has agreed to acquire Australian Settlements Limited (ASL) for an undisclosed sum. The move is aimed at supporting Banking Circle’s vision to set up a global hub for real-time clearing and settlement, expediting its Australian expansion."
January 17, 2025
On the web
ISO 20022 in Bytes for Payments: Maintaining the Momentum in 2025
Swift
Adopting the new global standard for payments is more important than ever. As the financial industry moves closer to the CBPR+ November 2025 deadline, see what’s new.
TENCENT Verifying Suspicion of WeChat Pay Users Being Charged for Face Scan Payment in Different Location
AASTOCKS.COM
"TENCENT's WeChat Pay has been found to have a vulnerability, according to Hong Kong China News Agency, with a user recently being charged for a successful “face scan payment from a different location”."
Amazon to Acquire Indian BNPL Firm Axio
Tech In Asia
"Amazon has reached an agreement to acquire the Indian buy-now, pay-later company Axio as part of its expansion into financial services in India. Finalized in December 2024, the deal awaits approval from the Reserve Bank of India."
UK’s Payment Systems Regulator Commits to Work on VRPS in Strategy Review
Open Banking Expo
"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 (VRPs), over the next two years."
Alipay Bears Cost of System Error That Applied Discounts to User Transactions
South China Morning Post
"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."
January 16, 2025
On the web
Mastercard Move and the BCP Group Join Forces to Enhance Cross-Border Payments [Africa]
Business Insider 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 cost-effective cross-border payments to and from the multiple markets where the BCP Group operates in Africa."
Beijing Introduces Dedicated Mobile Payments Devices for Foreign Visitors
NFCW
"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 to China."
Digitalizing the Public Purse: The Next Generation of G2P Payments
Mastercard
"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."
Safaricom, Kenyan Banks Claim Central Bank’s New Payment System Could Cost $200M
TechCabal
"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
Consumer Financial Protection Bureau
"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
Justice
"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 to customers and potential customers of AMEX for two wire products, Payroll Rewards and Premium Wire (PR/PW)."
Unicaja, Fiserv partner to enhance omnichannel payments in Spain
IBS Intelligence
"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, eCommerce solutions and multi-currency sales."
Apple in Talks With Barclays, Synchrony to Replace Goldman in Credit Card Deal, Sources Say
Reuters
"Apple is in talks with Barclays to replace Goldman Sachs as the tech giant's credit card partner, said two sources familiar with the matter, as the Wall Street giant steps back from its consumer finance ambitions."
Cross-Border QR Payment Service Launched Between Vietnam and Laos
Vietnam Investment Review
"A cross-border QR payment service between Vietnam and Laos was launched on January 9 to bolster tourism and economic exchanges between the two countries"
Mastercard and FreedomPay Unlock Global Commerce With New Payment Gateway Partnership
FreedomPay
"FreedomPay announced a strategic alliance with Mastercard. This collaboration will provide businesses worldwide with a global payment gateway solution, streamlining their ability to connect with acquirers and accept a wider range of payment methods."
CBA Urges Reserve Bank to Scrap all Card Surcharges [Australia]
Australian Financial Review
"Commonwealth Bank has urged the Reserve Bank to scrap surcharges on debit and credit card payments, amid mounting consumer anger over the ubiquitous practice. This would bring Australia into line with overseas economies in Europe and the UK where the practice is banned."
On the wires
Tech Groups Sue US CFPB to Block Rule on Payment Apps, Digital Wallets
Reuters
"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."
January 15, 2025
On the web
U.S State Regulators Fine Block Inc $80 Million for Insufficient Money Laundering Controls
Yahoo Finance
"Block Inc has agreed to pay a fine of $80 million to a group of 48 state financial regulators after the agencies determined the company had insufficient policies for policing money laundering through its mobile payment service, Cash App."
Federal Reserve Reminder: Fees and Payment System Enhancements for 2025
FRB Services
"The recently announced pricing changes for 2025, which took effect Jan. 1, 2025, support Federal Reserve Financial Services’ (FRFS) plans for the new year and reflect our continued strategic focus on providing customers with a fully integrated product suite that offers speed, resilience and choice."
Chinese Organized Crime’s Latest U.S. Target: Gift Cards
ProPublica
"Chinese crime rings already dominate the illegal marijuana trade in the U.S. and launder cocaine and heroin profits. Now a federal task force is investigating their role in a burgeoning form of gift card fraud."
Does SEPA Instant Payments Mark a New Chapter for European Finance?
The Global Treasurer
"The SEPA Instant Payments regulation, which took effect on January 9, 2025, has ushered in a new era for Europe’s financial ecosystem with the immediate requirement for all banks and payment service providers (PSPs) in the eurozone to receive instant payments. The defining feature of SEPA Instant Payments is the 10-second rule: transactions must settle within this timeframe, 24/7, across participating countries."
U.S. Faster Payments Council Unveils Comprehensive Guideline for Instant Payment Sending Capabilities
Faster Payments Council
"The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, released the latest guideline from the FPC Operational Considerations Work Group: Operational Considerations for Instant Payments Send-Side Primer."
The Instant Payments Experience — What Does It Look Like?
Matera
"Star One Credit Union, one of Silicon Valley’s largest member-owned financial institutions has over 123,000 members worldwide and over $10 billion in assets. Within just several months after launching the instant payment service, Star One members transferred over $1.1 million and conducted over 900 FedNow transactions."
MagTek's Magensa Cloud Services Debuts Robust eCommerce Solution with PAAY Partnership
MagTek
"MagTek unveiled Magensa Cloud Service eCommerce solutions with PAAY, a leader in consumer transaction authentication. Magensa's payment expertise expands beyond card-present into card-not-present online transactions."
January 14, 2025
Top Post
Many Small Businesses Add Card Payment Surcharges to Customer Purchases as Point-of-Sale Payment Methods Proliferate, J.D. Power Finds
Business Wire
"Small business owners are less optimistic than they were a year ago and, as they accept a wider variety of payment methods such as debit and credit cards, digital wallets, Buy Now, Pay Later (BNPL) and even cryptocurrency, many are applying surcharges to customer purchases. According to the J.D. Power 2025 U.S. Merchant Services Satisfaction Study,℠ released today, 34% of merchants are adding surcharges for customer purchases made using credit cards."
On the web
Klarna Is Now Available to Millions of New Businesses, in Strengthened Partnership With Stripe
Klarna
"Klarna has strengthened its global partnership with Stripe, a financial infrastructure platform for businesses. Stripe-powered businesses in 25 countries can now instantly offer Klarna to their customers."
CFPB Proposes to Include Virtual Currency Transactions Under the EFTA
Goodwin Law
"The Consumer Financial Protection Bureau (CFPB) issued a proposed interpretive rule that, if finalized as written, would bring certain virtual currency products and services, such as stablecoins and digital wallets, within the scope of the Electronic Funds Transfer Act (EFTA) and Regulation E."
On the wires
Sezzle Unveils Money IQ: An Interactive Rewards Program Promoting Financial Education
GlobeNewswire News Room
"Sezzle leads the industry as the first BNPL to launch an in-app financial education product, designed to reward users for learning"
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