Credit cards
Businesses less willing to accept cash payments – Atlanta Fed
Increasing number of businesses are becoming reluctant to accept low-value cash payments
UK lawmakers ‘satisfied’ with Visa response to outage
Visa has promised an independent inquiry into the incident that saw 5.2 million payments fail; firm reveals details of its recovery efforts
UK card transactions surpass cash for first time
Report shows card transaction volume was marginally higher than cash in 2017
Cash usage unlikely to disappear – Atlanta Fed
Universal access, in-person shopping and preference among low-income groups support cash
Visa outage highlights fragility of electronic payments
European network experiences outage for several hours on June 1, due to hardware failure; consumers forced to withdraw cash to make payments
Cash usage in Switzerland below eurozone average – SNB survey
SNB’s first payments study finds 70% of transactions processed in cash in 2017
UK’s FCA to act on banks using overdrafts as revenue source
Regulator proposes rules to improve transparency around the cost of credit, with plans to ban fixed fees if necessary
Lack of demand reducing cash use in Sweden – analysts
Riksbank paper says technological change is rapidly changing payment patterns in the country
Growth of US remote payments outpaces in-person transactions
Remote transactions grew faster in volume and value than in-person payments in 2016
Official inquiry finds ‘evidence of misconduct’ by Australia’s largest banks
Four largest banks may have continuously breached credit issuance legislation
Thailand set to approve banking agents amid inclusion push
Financial inclusion effort means people can take deposits, transfer money and pay bills at banking agents, such as small merchants and post offices
Macao turns to facial recognition to fight money laundering
Chinese tourists now have to verify their identities in order to withdraw cash at most ATMs in the casino hub
National Payment Gateway launched in Indonesia
New national platform to consolidate fragmented infrastructure, reducing costs and improving efficiency
Riksbank simulates a payments crisis scenario
Central bank deems offline payments and withdrawals a suitable alternative to credit cards
Bank Indonesia targets fintech firms with new anti-money laundering rules
The new regulation is applicable to non-bank financial services, money changers and fintech firms
Philadelphia Fed launches new research institute
Research body is tasked with better understanding consumer behaviour, particularly in relation to financial markets
BIS payment stats to embrace non-banks and faster payments
New methodology acknowledges role fintech has played in reshaping payments landscape; contactless payment data to be included
RBA payments board backs ‘digital identity’ for Australians
Board encourages payments industry to work on a framework that could make online transactions more convenient and secure
BoE’s Brazier warns lenders of ‘spiral of complacency’
UK lenders may be starting to let standards slip as memories of the crisis fade, Alex Brazier says
BSP piles pressure on banks to adopt new chip technology
Philippines central bank imposes “hard deadline” for banks to migrate to EMV technology, as initial target has been missed
Danes claim top spot for EU card payments
Danish people use cards more than any other European Union nation, central bank report says, with electronic payments widespread
US card fraud higher than in countries with chip technology – Fed study
Study finds card transactions are on the rise but cheques still important; limited adoption of chip technology seems to be contributing to fraud
Flug points to risks as banking competition work proceeds
Government approves banking competition bill and central bank moves ahead with payments competition work, though Karnit Flug says new risks stemming from the reforms must be dealt with
Bank of Israel opens payment protocol to smaller players
Central bank removes obstacle to new firms looking to enter payments market; also working on ‘payment systems directive’ based on European model and new access standards