U.K. payment firms want the government to pressure Big Tech; Hong Kong joins a European CBDC project and more in our global payments roundup.
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CIO | Digital Transformation Specialist | FinTech | Banking | Product/Project Manager | Product Design Mentor | Blockchain Enthusiast
The EU Payments Landscape: A Diverse Market in Transformation The European payments panorama is a captivating blend of culture and innovation. While #debitcards remain king across maximum-age businesses, there is a surge in digital wallets and a push for actual-time transactions. Here are a few key tendencies shaping the EU bills scene: - Fragmentation: Unlike #Asia with dominant gamers like UnionPay International, Europe boasts a fragmented marketplace with local and national variations. - Regulation: Strict EU regulations ensure a secure and obvious atmosphere, fostering trust among clients and businesses. - Digital Shift: The pandemic increased the move closer to contactless payments and digital wallets, particularly among more youthful demographics. - Open Banking: #PSD2 policies pressure innovation by opening financial data to third-party providers, creating a more competitive landscape. What are the challenges? - Interoperability: Ensuring seamless go-border #transactions among these various national and regional systems is a work in progress. - Data Security: Balancing the want for innovation with sturdy #data safety features is critical for keeping consumers trust. The future of #EU #payments is vivid. With continued regulatory support and a focus on #innovation, we can expect to see a more integrated, efficient, and secure payments ecosystem emerge in #Europe. Resource: https://lnkd.in/du8U6GfV Maximilian Salomon Sam Boboev Arthur Bedel 💳 ♻️ Arjun Vir Singh Zvonimir Filjak Marcel van Oost #EUpayments #fintech #digitalwallets #paymentsregulation #digitaleuro
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Chief Compliance Officer at ZEN.COM | Bridging Sellers and Buyers | Peaceful Selling, Mindful Finance | Fast, Secure Payments and Transfers | Decade of Risk and Compliance Management Experience
Digital wallets are becoming more popular in the Asia-Pacific region and increasing their share of e-commerce and payment transaction values at the point of sale. That’s what the recent LexisNexis Risk 2023 report on the True Cost of Financial Crime Compliance disclosed. They drew from a survey of over 1,100 decision-makers, highlighting the impact of digitalisation on consumer trends, as well as financial crime and compliance. This rise in digital payments has been a significant driver of growth in the payments industry, which reached record highs in 2022, and it’s also why more financial institutions are aiming to tap into this emerging market in APAC. It’s also important for APAC to be connected to the rest of the global payments systems, which is where we can act as a bridge to Europe. Reach out to me, or click here if you’d like to find out more about how ZEN will give you instant access to the European market: https://lnkd.in/gz54rAdG #Technology #FinTech #Innovation #APAC #FinancialIndustry
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Exciting developments in the EU as they approve new payments regulations to challenge Visa and Mastercard dominance. https://lnkd.in/enUAsvwu 💳 How do you think this shift will reshape the fintech landscape?? Curious to hear what my network think! #Fintech #Payments #Regulations"
EU Approves New Payments Regulations
financemagnates.com
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The event is now available in full as a recording even if it would confuse you into believing this is streaming. For me the most important takeaway is one of deep concern. Analysis: We have a failure in creating a pan-European payment solution at POI (20 years and counting). International schemes carry 2/3 and rising of the transaction volume. Net charge to merchants has doubled between 2018 and 2022. There is an increased risk from the big tech players. There is an improved need for increased resilience. Remedies: (Strengthening the European retail payments landscape: Public and private sectors join forces). This is where all the concern kicks in. For me the biggest problem is the total lack of understanding of the importance of the European Digital Identity Wallet. The private sector is all about fragmentation and minor lip service to cooperation. I can understand the sentiment of ECB, wait and while nothing happens move un with TIPS, wait for a pan european payment solution and when nothing happens move in with the digital euro. So this does not look promising... Now the digital euro is a completely different problem and not cooperating and relying on key public initiatives like the European Digital Identity Wallet is close to strange and certainly wasteful. "In particular, thanks to the use of European technology and infrastructure, such as the synergies that could be created with the future European digital identity wallets, the digital euro would guarantee that financial transactions data stay within the EU's jurisdiction, complying with the highest standards of innovation and privacy." Much more than a Market, Enrico Letta I understand the next report will be by super Mario and maybe that will be listended to... #digitalidentities #wallets #interoperability #EU #WalletAdoption #GroundbreakingLegislation #DigitalIdentityFramework #eidas #digitalidentity #digitalverification #digitaltransformation #digitization #payments #cbdc #openfinance #ecb #eidas2 #digitaleuro https://lnkd.in/dQJuPX6T
An innovative and integrated European retail payments market
https://www.youtube.com/
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CIO Advisory Partner | CTO | Technology Strategy | Corporate Strategy Innovation Selection Committee Member |AI & ML | Senior/Principal Quantum Computing Team Leader
Mastercard NetsUnion Information Technology (Beijing) Co., Ltd. (Mastercard NetsUnion) has announced the commencement of payment processing for transactions made in China using Mastercard cards issued by local banks. This joint venture has also confirmed the acceptance of Mastercard-branded cards for both domestic and international purchases. This marks a significant moment for Mastercard, which has bolstered its foothold and visibility in the world’s second most populous country and second largest economy. According to data gathering platform Statista, the total value of digital payments transactions in China is projected to reach $3,744.00bn in 2024.
Mastercard NetsUnion begins processing domestic payments in China | bobsguide
bobsguide.com
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The European Central Bank (ECB) is working on introducing a digital euro to complement cash, addressing the need for a cash-like option in digital transactions. The digital euro aims to provide the convenience of online payments while preserving the privacy and inclusiveness of cash. Unlike national payment solutions that often lack pan-European reach, the digital euro would offer a universally accepted, single public means of payment for both online and offline transactions across the euro area. This new payment method is expected to strengthen competition, lower costs, and enhance Europe's strategic autonomy and resilience by reducing dependence on non-European payment solutions. At Fire, we believe in inclusivity, which fosters competition, ultimately benefiting the economy and customers alike. A digital euro could serve as a platform for intermediaries to drive further innovation and competition in digital payment markets across the euro area. This would open new opportunities for businesses to accept payments in a new and innovative way. #DigitalEuro #Fintech #DigitalPayments #PaymentSolutions #FutureOfPayments #DigitalTransformation #ECB #paytech #paymentsinnovation #financialresilience
A digital euro would combine the convenience of online payments with cash-like features
irishtimes.com
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Access to payment systems under PSD3 needs to be inclusive, fair and unambiguous. As part of its PSD2 review, the EU is updating its payments legislation to better promote competition and innovation. However, concerns remain about discriminatory practices when it comes to access to payment systems for services such as direct currency conversion. Read the full article by Euractiv via the link in the comments section ⬇️ #OpenBanking #PSD3 #Fintech
Access to payment systems under PSD3 needs to be inclusive, fair and unambiguous
https://www.euractiv.com
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🔁 Transacting easily, at reasonable rates, is the lifeblood of all business. This is especially true for Small and Medium Businesses (SMBs) who are impacted by high transaction fees. This is one of the reasons why the card machine is never working, or why minimum spend limits are imposed on us. 🥔 So...#crypto for potatoes (and onions) anyone? Transaction fees may be near zero but it fails on every consumer acceptance criteria : ease of use, convenience and universality, as this brilliant new campaign by SMARTY Mobile highlights. 💶 However, it doesn't follow that cash is therefore the best solution for the consumer or the merchant, even if many German merchants would vehemently disagree. 🇪🇺 In Norway this c̶r̶y̶p̶t̶o̶ farmer would seamlessly accept Vipps, in Poland BLIK, in Spain Bizum, in Switzerland TWINT and so on. Local Account-to-Account (#A2A) payment methods point to a third way, even if they are currently limited by national borders. 🧅 We are starting to peel back the onion of possibilities. The next step in the evolution of European payments could be purely digital (i.e. the digital euro), but this won't exclude cashless, borderless payments from a funding source over 400Mn Europeans possess, namely a bank account. For what it's worth, I think the digital euro, when it arrives, will be a parallel or alternative source of funding, not a universal payment method that sweeps aside everything before it. 💛 Brite, amongst others, are on a mission to enable Pay by Bank for a range of merchants, from the small to the very large, and the good news is that pan-European coverage is increasing quarter by quarter. I will let you know once its possible to buy potatoes instantly, directly from your bank account.
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Start of #financeevolution? Two news caught my attention last week: 1. Retail customers will not be allowed to use local credit cards to buy cryptocurrencies: MAS https://lnkd.in/dKrwJA24 2. MAS Lays Foundation for Safe and Innovative Use of Digital Money in Singapore https://lnkd.in/deH6Cg8g As Mr Ravi Menon, Managing Director of Monetary Authority of Singapore (MAS), said at the recent Singapore FinTech Festival: “The “live” issuance of central bank digital money for use as a common settlement asset in payments is a significant milestone in MAS’ digital money journey that began in 2016. The issuance of wholesale CBDC reinforces the role that central bank money plays in facilitating safe and efficient payments.” Do you remember calls for #fintechrevolution? After Mr. Menon's announcement, it looks like a part of a bigger 𝐟𝐢𝐧𝐚𝐧𝐜𝐞 𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧 plan where wheat is separated from the chaff. The best practices are being adopted by pre-existed financial system, while the doubtful practices are being kept from widespread expansion. Revolution is a one-off event, while evolution is a perpetual process. Hopefully, global finance will become more efficient, strong and consistent, thanks to financial evolution. And I am proud that the financial evolution started from #Singapore. 🇸🇬
Retail customers will not be allowed to use local credit cards to buy cryptocurrencies: MAS
straitstimes.com
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