Included in this issue: PSR finalises competition concurrency guidance | PSR launch survey of indirect PSPs | Payments UK welcomes new members | New opinion paper sets out a view on the future of payments | India shakes up financial sector with payments bank licences | First Tech Federal Credit Union announce biometric pilot program with MasterCard | Samsung Pay set to launch | M-payments predicted to reach $1 trillion by 2017 | Four in five Apple Watch owners use Apple Pay | ATMIA report: Mobile payments unlikely to dent demand for cash

REGULATORY

PSR finalises competition concurrency guidance

The PSR has published the following:

  • Enforcement of the Competition Act 1998: A guide to the PSR's powers and procedures (PSR PS15/2.1). The PSR has powers to enforce the prohibitions under UK and EU competition law on anti-competitive agreements and conduct in relation to participation in payment systems. The PSR's competition law functions are 'concurrent' – the CMA and other regulators such as the FCA may also exercise them in this sector.
  • Market reviews, market studies and market investigation references: A guide to the PSR's powers and procedures (PSR PS15/2.2). The PSR may carry out market reviews under the Financial Services (Banking Reform) Act 2013 or market studies under their concurrent competition law functions under the provisions of the Enterprise Act 2002.

PSR, 13 August 2015

UK 

PSR launch survey of indirect PSPs

The Payment Systems Regulator has published a survey for payment service providers (PSPs) that access payment systems indirectly.

The Payment Systems Regulator, 19 August 2015

Payments UK welcomes new members

Payments UK has announced new members including Yorkshire Building Society, Earthport and Volante Technologies. As a result, they now have 38 full members and 23 associate members. 

Payments UK, 19 August 2015

New opinion paper sets out a view on the future of payments

Payments UK has published a new report authored by Consult Hyperion on the future of payments and how payments will evolve in the coming years. 

Payments UK, 18 August 2015

WORLDWIDE 

India shakes up financial sector with payments bank licences

India is set to grant licences to 11 businesses to launch new so-called payments banks, including UK-based telecoms group Vodafone and billionaire Mukesh Ambani’s Reliance Industries, marking a significant shake-up of the country’s financial sector.

Financial Times, 19 August 2015

First Tech Federal Credit Union announce biometric pilot program with MasterCard

First Tech Federal Credit Union have announced a pilot program with MasterCard that will enable their employees to authenticate and verify transactions using facial recognition and fingerprint biometrics.

Mastercard, 18 August 2015

Samsung Pay set to launch

Samsung is set to introduce its mobile payments system in South Korea and the US, with the UK also poised to get the new system when it arrives in Europe.

The Daily Telegraph, 13 August 2015 

RESEARCH

M-payments predicted to reach $1 trillion by 2017

International Data Corporation (IDC) have predicted that worldwide mobile payments will account for $1 trillion in value in 2017, up 124% from the less than $500 billion expected in 2015. 

Finextra, 19 August 2015

Four in five Apple Watch owners use Apple Pay

Independent research by Wristly has found that the vast majority of Apple Watch owners in the UK and US are using Apple Pay. 

The Daily Telegraph, 19 August 2015

ATMIA report: Mobile payments unlikely to dent demand for cash

A report from the ATM Industry Association (ATMIA) has found that mobile payments are unlikely to make a dent in consumer demand for cash over the next five years but will rather take market share from other non-cash alternatives. 

Finextra, 17 August 2015