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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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Daily mobile transactions rise to $71m in Kenya

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Kenyans are transacting Sh6.2 billion ($70.49m) daily through mobile phones, Central Bank of Kenya has said. This is a rise from an average of Sh5.2 billion last year, underlining growing confidence in mobile money and cashless transactions. “The growth has been phenomenal.  It has become an important platform for financial services,” said CBK governor Njuguna Ndung’u in a recent presentation… Continue reading >>

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Global Mobile Payments Index Q2 2014: UK Ahead of Rest of World

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Adyen announced findings from its latest global Mobile Payments Index covering the period of April through June 2014.  During this period, on average mobile web payments accounted for almost 22% of all transactions on Adyen’s network worldwide. This represents a 9% increase over Q1 and a 33% increase over June 2013.  Looking specifically at the UK, mobile payments stand at… 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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Latin American bank BCI goes live with Open Payment Framework

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Banco de Crédito e Inversiones’ (BCI) payment hub has gone live based on Clear2Pay’s Open Payment Framework. The first phase, which focuses on domestic payments, has successfully delivered a unified payment experience for over 60,000 business customers. Business customers to date have reacted positively to improved levels of service, improved cash management, more relevant payments data and a higher degree… Continue reading >>

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Merchants which opt out of $7.2 billion credit card fee settlement face risks

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Believing they will fare better independently, some large US retailers have withdrawn from a proposed $7.2 billion credit card fee settlement class-action over a reported conspiracy to inflate credit card fees. In 2012, a class of merchants reached a settlement deal with Visa and MasterCard, which some members of the class and their attorneys said was excessively small. They also criticized… Continue reading >>

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MasterCard RFP for Russian processor

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MasterCard has sent out an RFP for Russian companies to bid for on a contract to process its Russian domestic payments as the US card company seeks to overcome  recent legislation by Vladimir Putin. Among a series of requirements Russia placed on MasterCard and Visa under a new law signed by Putin last month, is that all transaction data be… Continue reading >>

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Worldline plans €610 million IPO

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French payment processor Worldline is set to be spun off by its parent Atos in an initial public offering (IPO) valued at €610 million. Worldline will issue around €255 million of new shares and 355 million of existing shares for a price between €16.40 and €20 per share. Atos will retain a stake of around 70%, valuing the business at… Continue reading >>

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Russia frees ex-con to build national payment system

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In the latest twist concerning the Russia/Ukraine/Crimea situation, it has been reported that the head of a Russian payments company, who was imprisoned in 2013 for organising a cyberattack on a rival’s website, has been released early in exchange for helping to build Russia’s new national payments system. ChronoPay co-founder Pavel Vrublevsky was sentenced to prison after being convicted of hiring… Continue reading >>

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Visa and MasterCard will continue to operate in Russia

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Visa and MasterCard plan to continue to operate in Russia, following compromise agreements with the Russian government in the wake of the sanctions imposed on the country due to the ongoing Ukraine/Crimea tensions in the region. Following the imposition of economic sanctions against Russia in March this year, Visa and MasterCard both stopped processing card transactions for certain Russian banks…. Continue reading >>

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