Twitter founder launches mobile payments company Square in the UK
The UK joins Canada, Japan, Australia and the US in taking the Square card reader to small traders. The reader, which retails at £39, connects via Bluetooth to a phone or tablet, and comes with a companion app that accepts card payments and includes tools such as real-time sales data, invoicing and digital receipts. The feature helps small merchants and self-employed professionals complete credit card transactions without a cash register or expensive software.
Independent, 28 March 2017
Tackling financial exclusion: A country that works for everyone?
The House of Lords Select Committee on Financial Exclusion has published a report on financial exclusion that calls on the government, the FCA and the banking industry to do more to tackle financial exclusion, together with a volume of written and oral evidence and an easy read report. The report includes a recommendation for the appointment of a clearly designated Minister for Financial Inclusion to lead and co-ordinate work in this field and report annually to Parliament. The report further recommends a strong lead from the Government should be supported by proactive regulation; and that the remit of the FCA should be expanded to include a statutory duty to promote financial inclusion as part of its key objectives.
PSR publishes financial penalty scheme policy statement
The Payment Systems Regulator has published a policy statement on its financial penalty scheme. Payment Systems Regulator, 24 March 2017
PSR statement on card schemes subject to domestic interchange fee caps in UK in 2017/18
The Payment Systems Regulator (PSR) has published a statement on card schemes subject to domestic interchange fee caps in the UK 2017/18. The PSR is responsible for determining if exemptible three-party card schemes qualify for exemption. PSR, 23 March 2017
Mastercard acquires NuData Security
Mastercard has acquired NuData Security in a move to boost fraud prevention as it prepares for payments from multiple devices connected to the Internet of Things. The Internet of Things is creating a more digitally-driven and digitally-connected world, with an estimated 50 billion smart devices to be in use across the globe by 2020. However, the explosion of connected devices has provided a goldmine for hackers exploiting notoriously poor security practices to inject malware and hijack appliances. Mastercard says the acquisition will strengthen its efforts around device-level security and authentication, enabling near real-time collaboration between issuers, merchants and processors. Finextra, 29 March 2017
ECB speech on FinTechs and the future of banking
The European Central Bank (ECB) published a speech given by Sabine Lautenschläger, Vice-Chair of the ECB's Supervisory Board, on FinTechs and the future of banking. The speech outlines the possible scenarios the banking industry may take, and highlights the threats. ECB, 27 March 2017
European Commission publishes consultation paper on policy approach to FinTech
The European Commission has published a consultation paper: FinTech: a more competitive and innovative European financial sector. The paper seeks views from stakeholders to develop the Commission's policy towards technological innovation in financial services and asks what impact new technologies will have on financial services in Europe. The consultation closes on 15 June 2017. European Commission, March 2017