A library of snippets
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The OIX recommends that the role of governments should be to create strong trust frameworks that enable the approval and trust of private sector provided wallets. This includes the tech-giants, such as Google an Apple, that may want to hold and present government credentials in their wallets. Government credentials can then be issued only into these approved private sector wallets.
From Governments not the ideal providers of digital ID wallets, says OIX – Identity Week.
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Chinese foreign exchange regulator official said “programmable features” of a central bank digital currency (CBDC) could help enhance the effectiveness of monetary policy tools, state media reported on Friday.
Programmable features in a CBDC are settings that can be changed. For example, money can be programmed to have an expiration date or be restricted for certain uses.
From China FX regulator says CBDC features could improve monetary policy | Reuters.
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Apple and Google will soon be required to comply with rules already imposed on credit cards and EFTPOS transactions in an attempt by the federal government to better protect consumers.
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The multinational technology company also argued that digital wallets were different to credit cards and therefore should not have to follow the same rules.
“Apple Pay can only operate with an existing debit, credit or prepaid card issued by a third party … Apple does not have access to a cardholder’s account to determine whether funds are available … in offering Apple Pay, Apple does not collect any transaction information.”
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Nexi remains the largest European merchant acquirer with $541 billion TPV (-20% y/y).
Worldline came in 2nd ($489 billion/+10%), which was equally balanced between in-store and online channels. Worldline is the largest in-store acquirer.
Adyen grew 60% y/y to $428 billion surpassing Barclays to become 5th largest acquirer in Europe driven by nearly threefold increase in in-store, which ranks now 9th, while Adyen‘s European e-commerce acquiring at $284 billion (1st in Europe) is now 35% larger than #2 Worldpay.
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In Switzerland, the characteristics that have made the country such a haven for the rich to safely store their money — its secrecy, its deep conservatism and its stolid, inflexible institutions — can also sometimes turn into nightmarish liabilities when things go wrong.
From How a couple lost a fortune in an alleged Swiss banking fraud | Financial Times.
The same is true for Bitcoin, of course.
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Lawmakers should propose narrow federal legislation requiring large social platforms such as Facebook, Instagram, Twitter and TikTok to implement mandatory Real ID with the sole purpose of verifying users as real people.
From Why I Changed My Mind About Online ID Verification – WSJ.
Facebook, Instagram, Twitter and TikTok do not need know your “RealID” to verify that you are a real person. What they need to know is that someone knows that you are a real person, preferably someone who is regulated and already carries out appropriate customer due diligence (CDD) , such as your bank.
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Last year, US merchants paid a record $160.70bn in processing fees to accept $10.6tn in card payments, according to the Nilson Report. The bulk of those fees — about 79 per cent — was from credit cards.
Many companies’ profits margins are narrowing as they get squeezed by higher inflation. That has prompted a growing number of businesses to attempt to pass higher costs on to their customers. They are adding a surcharge or a convenience fee on those who want to swipe their plastic.
Payment consultancy TSG reckons between 5-10 per cent of 8mn card-accepting small businesses in the US now charge fees for credit card usage. That is up from 2 per cent five years ago. Underscoring the growing trend, TSG said about 15 per cent of new merchants who accept card payments have a surcharge policy.
From Credit cards: surcharges surge as US businesses pass costs on to customers | Financial Times.
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The number of banks providing banking as a service operations has now increased to more than 50 in the U.S., according to S&P Global, and regulators such as the FDIC, the Office of the Comptroller of the Currency and the Federal Reserve have ramped up their focus on the sector.
From: Tiny Banks That Powered Cash App Grew Like Crazy. Then the Feds Came Calling — The Information.
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The phasing out of cross-website cookies that track users’ browsing make the walled garden of retailers’ sites and loyalty programmes more valuable.
From The supermarkets’ next big product is your data | Financial Times.
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This prompted Rachel Apfel Glass to establish GLOSSLAB, as she recognized these pain points and made it her mission to address them, paving the way for a new era in nail care.
In an interview with PYMNTS, Glass elaborates on the company’s mission to bring a fresh perspective to the antiquated nail salon industry by introducing an experience that emphasizes health, hygiene, customer service, and efficiency and how this approach is leading to a retail footprint expansion.
From Discover Global Network Launches Cloud-Based Network Tokenization Platform.
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