C|C Payments Blog

Payments News Update – December 3, 2021

Legal and Regulatory Developments SPOTLIGHT: 6 Ways the EU’s Digital Markets Act Will Change Big Tech PYMNTS – November 29, 2021 The European Union’s Digital Markets Act is coming, and Big Tech will never be the same. In theory. The rules will be voted on by the EU parliament this week, but are widely expected to pass. It’s important to remember that these rules apply to companies with a market cap of...

UK Regulator Raps Schemes for Raising Fees and Concludes that Card-Acquiring Services Market “Does Not Work Well”

By Richard Pike, Simon Yeung and Andreas Killi[1] A comprehensive government review has concluded that the card-acquiring services that enable merchants in the UK to accept card payments is not working well for a significant number of merchants. The UK’s Payment Systems Regulator (PSR; the economic regulator of the payment systems industry in the UK) published its final report on its market review into...

Payments News Update – November 12, 2021

Legal and Regulatory Developments SPOTLIGHT: If You Use Venmo, PayPal or Other Payment Apps This Tax Rule Change May Affect You CNN – November 9, 2021 If you're among the millions of people who use payment apps like PayPal, Venmo, Square, and other third-party electronic payment networks, you could be affected by a tax reporting change that goes into effect in January. Payment app providers will have to start...

Disrupting the Equilibrium? Why stablecoins may struggle to challenge existing payment schemes

Mastercard and Visa have dominated global markets for consumer payments for decades. A key reason for their success is the barriers to entry into the global general purpose payment card network market. It is hard to replicate Visa’s and Mastercard’s global acceptance, and those networks do everything in their power to maintain and increase those barriers. Certain cryptocurrencies, known as stablecoins, have the...

Payments News Update – October 29, 2021

Legal and Regulatory Developments SPOTLIGHT: Report: Apple ‘Very Likely’ to Face Antitrust Lawsuit From US Department of Justice 9to5Mac – October 25, 2021 A new report from The Information today indicates that Apple is “very likely” to face an antitrust lawsuit from the Department of Justice in the United States. The report explains that the US DOJ has “accelerated” the antitrust probe into...

Payments News Update – October 15, 2021

Legal and Regulatory Developments SPOTLIGHT: European Banks Debate Rival to US Payment Giants Politico EU – September 30, 2021 Europe’s biggest banks will decide if it’s in their interests to take on the U.S. payment duopoly of Mastercard and Visa as soon as next month, as political pressure grows to break American dominance in this space. Deutsche Bank, Commerzbank, BNP Paribas, ING, Santander, UniCredit...

Payments News Update – October 1, 2021

Legal and Regulatory Developments SPOTLIGHT: Alibaba Apps Start Offering WeChat Pay Option After Government Orders Reuters – September 28, 2021 China’s Alibaba Group Holding Ltd has begun offering payment services from Tencent Holdings Ltd’s WeChat on a number of its apps, after the government ordered major tech firms to stop blocking each other’s services and links. Local tech blog 36Kr reported on...

Payments News Update – August 26, 2021

Legal and Regulatory Developments SPOTLIGHT: Outgoing NY Governor Signs Bill to Limit Overdraft Practices at State-Chartered Banks Banking Dive – August 20, 2021 New York Gov. Andrew Cuomo signed a bill Thursday aimed at helping consumers avoid bank overdraft fees. The law requires New York-regulated banks to process checks in the order they are received, or from smallest to largest, to prevent customers...

Payments News Update – August 13, 2021

Legal and Regulatory Developments SPOTLIGHT: Merchants Redouble Their Efforts to Push the Fed on Debit’s Routing and Pricing Rules Digital Transactions News – August 11, 2021 With a Federal Reserve deadline hitting Wednesday for comments on decade-old debit card regulations, large merchants are firing some last-minute salvos in hopes of influencing the Fed to make major revisions to rules governing...

App Store Competition Bill Contains A Loophole

Although Congress has already had a busy 2021 pushing antitrust legislation that targets large digital technology platforms, even more legislative battles are looming on the horizon. Earlier this year, bipartisan members of the House introduced six antitrust bills designed to curb the perceived power of tech platforms, some of which were also introduced in the Senate.[1] Those bills have made it through the...