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US EMV migration will take years

Its October the 1st. The deadline for US merchants to accept secure chip-enabled credit and debit cards,the US EMV migration, may take years for the conversion to be fully implemented. “Realistically, we should expect the adoption of chip cards in the US to take a few years,” says Gartner analyst Avivah Litan.  Banks are issuing chip cards to millions of customers… Continue reading >>

Date set for vote on new PSD2 laws

The European Parliament has set the 6 October as the date to vote on plans for a revised Payment Services Directive (PSD2) during its plenary session. PSD2 is set to replace the existing Payment Services Directive which has been in place since 2007. The new Directive would need to be implemented into national laws across the EU within two years of it coming into… Continue reading >>

Equity continues fight with M-Pesa

As the gloves come off in the battle between Equity and Safaricom, Equity Bank has written to the financial sector regulator protesting Safaricom’s increase of M-Pesa tariffs on transfers made from bank accounts to the money transfer platform. In a letter dated August 28 and addressed to Central Bank Governor Patrick Njoroge, the lender asked for intervention on the tariff… Continue reading >>

Australia court fines Visa $12.6m for anti-competitive conduct

Visa has been penalised $18 million for attempting to block the expansion of its rivals in Australia. Justice Michael Wigney of the Federal Court handed down the penalty plus $2 million in legal costs against Visa saying it should send a clarion call to multinationals operating in Australia that it would not tolerate conduct that contravened its competition laws and was… Continue reading >>

Real-time cross-border payments – ISO 20022

Real-time cross-border payments might soon be a reality, thanks to the efforts of a new payments industry group. But is there a business case for adopting the ISO 20022 standard? With multiple countries implementing real-time payments initiatives around the globe, interoperability between systems is key. Therefore, the ISO Real Time Payments Group (RTPG), a collection of payments experts brought together… Continue reading >>

Payments UK issues code of conduct

Trade association Payments UK has published an initial code of conduct covering ‘indirect access’ to the UK’s payment systems. The principal aim of the code is to improve the experience of indirect payment service providers by clearly setting out the responsibilities of indirect access providers that have subscribed to the voluntary standard. The code has been developed by Payments UK… Continue reading >>

Durbin effect on debit card costs mixed

The Durbin Amendment may not be reducing merchants’ debit card acceptance costs to the degree its supporters had hoped, and it has not encouraged many retailers to pass savings on to consumers, according to a new Economic Quarterly study. Since the Federal Reserve’s enactment of Durbin in 2011, only 8% of the polled merchants said their debit card acceptance costs… Continue reading >>

Australian Senate: treat digital currency as regular currency

The Australian Senate has stated that digital currency transactions should be treated in the same way as regular currency for the purposes of taxation. An earlier judgment from Australia’s Taxation Office that labelled bitcoin holdings as “intangible assets” was protested by Australia’s bitcoin community, which viewed an additional 10% tax as punitive. This judgment has now been overturned. The Australian… Continue reading >>

MasterCard pays out $61 million to settle Tesco interchange suit

MasterCard has paid out $61 million to UK supermarket retailer Tesco in what is expected to be the first of several settlements by card schemes over interchange fee lawsuits lodged by UK retailers. MasterCard chief financial officer Martina Hund-Mejean announced the settlement during the company’s earnings call, saying: “We have been settling with Tesco, which is the largest merchant claimant… Continue reading >>

Update on changes to the new Payment Services Directive (PSD2)

The arrival of the new Payment Services Directive (PSD2) in the internal market repealing the current Payment Services Directive 2007/64/EC (PSD1) has been a closely monitored development since the publication of the European Commission’s (the Commission) Green Paper on Card, Internet and Mobile Payments (COM (2011) 941) in January 2012. On 2 June 2015 the final compromise text of PSD2… Continue reading >>