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Do we need a new EU network for EU payments interoperability?

Suddenly the key EU’s stakeholders (ECB/EC) are talking again about technical payments interoperability and new payments networks.  Many may ask why, for they have struggled over 10 years to fully understand EU market dynamics.  Surely, the regulators simplistically ask, we can make our 28 domestic networks more efficient and create a common infrastructure to enable any scheme and any payment… Continue reading >>

EU agrees caps on debit and credit card interchange fees

Interchange fees to process debit and credit card transactions are to be capped under an EU law that attempts to wrap-up a protracted battle with payment groups such as Visa Europe and MasterCard. Negotiators for EU member states and the European Parliament on Wednesday night agreed draft terms to introduce maximum fees to handle card transactions, scaling back a multi… Continue reading >>

Global ATM market expected to hit $22 billion in 2020

A new report by Allied Market Research predicts that the global ATM market will expand at a compound annual growth rate of 7.6% between 2014 and 2020, to a total of $21.9 billion. The report, “Global ATM Market — Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013-2020,” correlates the integration of wireless communicating devices (i.e., smart phones) with ATMs globally… Continue reading >>

Russian banks begin testing national payment system

According to local sources, Russia’s Rossiya and SMP banks, which fell under Western sanctions, are among the eight lenders that will start testing the country’s new national payment system on December 15. “The pilot project involves SMP Bank and Rossiya Bank, those for which the story is very critical and important. These are quite large banks,” the head of the… Continue reading >>

Noncash transactions: global trends and forecasts

In a new report, Celent summarizes payment statistics and noncash transactions it tracks from over 120 countries, by both payment type and region. Celent estimates that there were 345.7 billion noncash transactions in 2013, and the number is expected to rise to 411.2 billion by 2017. Checks continue their downward cycle, and debit cards are consolidating their position as second… Continue reading >>

Retailers concerned about 3 party scheme interchange fee loophole

Proving that politicians should stay out of industries they do not understand and further backing up the law of unintended consequences, Europe’s politicians are currently considering final changes in the proposed Interchange Fee Regulation. One of these changes could allow three-party cards to gain a greater share of Europe’s market. This risks making the most expensive types of payment card into ‘must-take’ cards… Continue reading >>

GlobalCollect and UnionPay announce worldwide acquiring partnership

GlobalCollect, an Ingenico Group company, and UnionPay International, a subsidiary of the global payment network China UnionPay,have unveiled a worldwide partnership that sees GlobalCollect become a worldwide acquirer for the UnionPay network. UnionPay is the number one international card brand in the world measured by the number of cards issued. With the agreement, GlobalCollect can now connect its client base… Continue reading >>

Discover Financial sues Visa over anti-competitive PIN practices

Discover Financial Services is suing Visa Inc , alleging the largest cards company has been using anti-competitive practices in its debit card business, and sought compensation for lost profit, court documents showed. Discover, through its Pulse Network LLC unit, alleges that “in order to maintain its monopoly, Visa has undertaken a series of illegal actions that undermine competition – harming rival debit networks,… Continue reading >>

The current Bitcoin acceptance market

Bitcoin has a long road ahead before merchants widely accept the currency, but bitcoin acceptance is expanding and accelerating. Silk Road, the illicit online black market, was an infamous early adopter of bitcoin, taking advantage of the currency’s anonymity. The U.S. FBI forced Silk Road to shut down in October 2013. Since then, many legitimate online retailers began to accept… Continue reading >>

Bitcoin ATMs paying off initial investments in months

An industry that was non existent a mere 12 months ago is flourishing and profitable, according to Bitcoin ATM pioneers, Lamassu. Internal Lamassu surveys show that standard cash-to-Bitcoin ATM locations are averaging $20,000 worth of transactions per month, whereas prime locations are averaging $40,000 – $60,000 per month. With an average commission of 5.5%, operators are looking at $1,000-$3,000 in… Continue reading >>