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PSD2: A ‘bull by the horns’ approach to open access

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As the European Commission moves closer towards its ambitions of creating a single European payments market, one proposal put forward in Article 58 of the upcoming Payment Services Directive (PSD2) could have a far-reaching effect on the way payments are transacted across the 28-member bloc. The article includes a provision to regulate third party (so-called “third party payment service providers”)… Continue reading >>

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UK banks face competition probe

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The UK Competition and Markets Authority (CMA) is planning to launch an investigation into the UK retail banking sector in a move which could see high-street giants being broken up. The CMA has made a provisional decision to go ahead with a full-scale, 18-month long inquiry into the industry, although it will first carry out a consultation before making a… Continue reading >>

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Visa confirms eight new markets for digital wallet V.me

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Visa Europe confirmed that its digital wallet service, V.me by Visa, will expand to Germany, Ireland, Norway, Sweden and Italy by the end of the year. Pilots will also launch in Greece, the Czech Republic and Slovakia in 2015, taking the total number of markets offering the service to 12. Visa Europe is also announcing a further €200m investment to… Continue reading >>

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US issuers push EMV issuance after turbulent year

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2014 Debit Issuer Study reveals increased usage, a renewed focus on fraud prevention and EMV issuance, and a resurgence of debit rewards linking merchant offers. Financial institutions weathered the Target data breach and are looking for solutions to enhance security, with many issuers now planning to implement EMV debit, the study shows. Debit program performance continues to improve, as active… Continue reading >>

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Card Networks plan for post plastic era

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Card networks are taking aggressive action not to lag behind the expected replacement of plastic products with new digital payment methods. For example, Discover Financial Services has signed onto the cloud-based Google Wallet and the Isis mobile wallet venture, and partnered with PayPal to bring the latter’s digital wallet to the point of sale. Visa’s rollout of its V.me wallet,… Continue reading >>

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US embraces EMV in wake of Target breach

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Spurred by major data breaches at Target and other stores, the US banking and retail sectors are turning to more secure microchip-based EMV payment cards, causing US shipments of these cards to rise by more than a factor of fifteen seven by 2019. US shipments of microchip-enabled payment cards that comply with the Europay, MasterCard and Visa (EMV) standard will… Continue reading >>

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Cartes Bancaire plans biometric payments

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The French domestic card scheme, Groupement des Cartes Bancaires (CB), is planning to introduce biometric payment based on fingerprints before the end of 2014. CB is working with the National Security Alliance industry body in order to introduce chip-based biometric functionality embedded into a keyfob, and has also outlined plans to integrate chips into micro-SD cards of mobile phones at… Continue reading >>

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Interchange – A level playing field?

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While much of the debate around European card regulation and interchange focuses on Visa and MasterCard, how will three-party schemes fare under proposed legislation? The July 2013 publication of European Commission (EC) draft legislation concerning card payments and interchange has had many ongoing ramifications for payment networks in Europe. Joel van Arsdale, a partner at consultancy First Annapolis, explained at… Continue reading >>

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70% of US credit cards to be EMV enabled by the end of 2015

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By the end of 2015, 70% of US credit cards and 41% of US debit cards will be EMV enabled, says Aite Group. In a new research report, EMV: Lessons Learned and the US Outlook, takes a look at the migratory experiences of five countries that preceded the United States in adopting the EMV standard: the United Kingdom, Australia, Brazil,… Continue reading >>

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Cash still comprises half of UK payments

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The UK Payments Council has published figures showing that 19.9 billion cash payments worth a total of £260 billion were made during 2013, comprising 52% of all payments. The Council’s figures stand in stark contrast to data published earlier this week from the British Retail Consortium and the UK Cards Association, which both reported a decline in cash usage and… Continue reading >>

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