3PW   22103

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US: Amazon expands physical footprint with bigger cashier-less grocery shop [25FEB20]
QUOTE set to open ‘Amazon Go Grocery,’ a store in Seattle’s Capitol Hill with four times the shopping space as the first cashier-less location it opened to the public in January 2018. The concept targets customers in residential neighbourhoods rather than office workers, whom the smaller Amazon Go convenience stores serve.
3PW  FK 
18 hours ago by lafgrp
Spain: Banks brace for usury ruling on 'snowball' credit cards [24FEB20]
QUOTE Two lower courts have ruled [a 26.82%] rate represents usury, prompting [issuer] WiZink to appeal. If the Supreme Court rules the rate in [this] case was too high or poorly explained, it could leave banks with a large compensation bill and having to cut rates.
3PW  FK 
18 hours ago by lafgrp
US: Venmo prototypes a debit card for teenagers [24FEB20]
QUOTE prototyping a new feature that would allow adult users to create for their teenage children a debit card connected to their account. That could potentially let parents set spending notifications and limits while giving kids more flexibility in urgent situations than a few dollars stuffed in a pocket.

Delving into children's banking could establish a new reason for adults to sign up for Venmo, get them saving more in Venmo debit accounts where the company can earn interest on the cash and drive purchase frequency that racks up interchange fees for Venmo's owner PayPal .
3PW  FK 
18 hours ago by lafgrp
Us, Global: Mastercard warns Covid-19 may hit 2020 revenue [24FEB20]
QUOTE [Per statement] "Cross-border travel, and to a lesser extent cross-border e-commerce growth, is being impacted by the Coronavirus"....The company said its first-quarter revenue growth will be about two to three percentage points lower than previous guidance. “If the impact is limited to the first quarter only, we expect that our 2020 annual year-over-year net revenue growth rate would be at the low end of the low-teens range”
3PW  FK 
19 hours ago by lafgrp
Ireland: Bank of Ireland's underlying profits for 2019 down 19 percent [24FEB20]
New app coming next month. QUOTE despite a 3% rise in new lending volumes and a 4% reduction in net costs...."despite the margins, reflecting a low interest rate environment, we have been growing our lending by €2 billion, and also diverting away from just lending to providing other services" [CEO commented]
3PW  FK 
19 hours ago by lafgrp
US, Canada: Royal Bank of Canada plans to start digital bank in US [21FEB20]
QUOTE direct-to-consumer bank....aimed at higher-net-worth customers
3PW  FK 
19 hours ago by lafgrp
China: Covid-19 credit crunch hits millions of SMEs [24FEB20]
QUOTE The Chinese Association of Small and Medium Enterprises said around 60% could cover regular payments for only one to two months before running out of cash. Only 10% said they could hold out six months or longer. At the same time, the industry group said that "nearly 60% of the enterprises (surveyed) have resumed work." Small- and medium-sized companies in China are a particular focus because they account for 60% of the economy and 80% of jobs, according to the People's Bank of China.
3PW  NC 
21 hours ago by lafgrp
Global, US: Mastercard cuts revenue outlook on coronavirus impact [25FEB20]
QUOTE Shares tumble more than 7 per cent form previous day’s close Save. [Company] now expects its first-quarter revenues to grow 9 to 10 percent, compared with a year ago, roughly 2 to 3 percentage points lower than the company forecast when it reported 2019 earnings a month ago
3PW  NC  PDF 
23 hours ago by lafgrp
Mexico: Santander buys Elavon México for global merchant acquiring push [24FEB20]
QUOTE Currently part of the US Bank-owned Elavon, Elavon México has been operating Banco Santander’s merchant acquiring business in Mexico since 2010. The alliance ranks second in the Mexican merchant services market, with around 140,000 active customers and 250,000 card payment terminals. The deal is part of Santander's effort to create a global merchant acquiring business, building out its successful Brazilian unit, Getnet. Elavon México will be 49% owned by Santander Mexico and 51% by Santander Merchant Platform Solutions
3PW  FK 
yesterday by lafgrp
US: Intuit buying Credit Karma for $7.1bn [24FEB20]
QUOTE The acquisition is an obvious fit for Intuit, where it will serve two purposes. Intuit can tap Credit Karma’s customer base and range of services — it partners with some 100 financial service providers in its [score-check-driven] marketplace — to complement those it already offers, to help upsell those users to Intuit’s premium, paid services. And Intuit can use it to grow its wider business by tapping a set of consumers — typically younger users — that Credit Karma has possibly been more successful in capturing than Intuit has.
3PW  FK 
yesterday by lafgrp
UK: Al Rayan to switch off online banking in less than a week [21FEB20]
QUOTE bank issued an e-mail to its customers, announcing this change and advising them they have six days to download Al Rayan's app if they want to continue to bank digitally. Al Rayan has told consumer reviews site Which? it is making this move in response to growing customer demand for mobile-centric banking services and the greater security offered by two-factor authentication.
3PW  EM 
2 days ago by lafgrp
Europe: EU eyes a SEPA for payment cards [20FEB20]
QUOTE Commission is expected to present in autumn a strategy aimed at creating an “innovative, integrated and competitive retail payments sector in Europe, to compete with global companies,” an EU official told EURACTIV.com on condition of anonymity. The EU executive will also table a new Digital Finance Strategy, according to the Commission’s work programme. In order to pave the way for the legislation, a public consultation on payments will soon be launched, the Commission said. The EU official explained that, due to the fragmentation among national card schemes, even the strongest European operators offer services that only work within individual member states. As a result, “they have to team up with larger international operators that are not European if they want to offer pan-European payments,” the official added.
3PW  EM 
2 days ago by lafgrp
UK: JPMorgan Chase to open digital bank [24FEB20]
QUOTE has been talking with London regulators about the idea, according to The Financial Times....The operation will likely include savings and lending products, and it comes just two years after U.S. bank Goldman Sachs launched a digital bank called Marcus in the U.K. Goldman’s strategy is to lure U.K. customers with high-interest rates for savings accounts, and then lowering its group funding costs that way. Marcus racked up £13bn ($16.9 billion) in the U.K. using that method.
3PW  FK 
2 days ago by lafgrp
Brazil: Caixa partners with Visa in cards [21FEB20]
QUOTE Brazilian state-owned lender Caixa Economica Federal is partnering with the world’s largest payments network Visa Inc to issue debit and credit cards, it said on Friday. The partnership comes as Caixa revamps its card business prior to selling a stake the newly created company, Caixa Cartoes. Caixa had 109.3 million debit and credit cards issued to clients in December, up 6.2% from a year earlier. Payments with Caixa cards totaled 210.8 billion reais ($47.97 billion) last year. ($1 = 4.3940 reais)
3PW  FK 
2 days ago by lafgrp
Europe: Is Eurozone over (central)banked? [23FEB20]
QUOTE The numbers in Europe have, it must be said, fallen back, often through painful closures of local central banks – the Banque de France, for instance, has gone from having 211 branches dotted around the country to 95 today. But still, that’s a lot more than the 12 agencies the BoE has. Europe’s central banks, forever calling on member states to make painful structural reforms to their economies, might want to take a closer look inside their own corridors.
3PW  FK 
2 days ago by lafgrp
US: Wells Fargo pays $3 billion to settle fake accounts scandal [22FEB20]
Bank QUOTE remains under probation with the Federal Reserve, which has restricted the bank's ability to grow assets or expand until the Fed believes Wells has solved all of its culture problems. That probation, which started two years ago, was only expected to last a year and there are no signs that it will end soon.
Further, the $3 billion settlement doesn't resolve the bank's problems related to auto insurance and mortgages, which happened in the years following the sales practices scandal. Those issues remain under investigation by state and federal authorities.
3PW  FK 
2 days ago by lafgrp
Australia: Neobank Xinja charting exponential growth [21FEB20]
Bank CEO QUOTE reported a “whopping” $200 million has been deposited by over 20,000 customers – about half of which came from Australia’s four major banks.
3PW  NC 
4 days ago by lafgrp
UK: Coinbase becomes a Visa Principal Member to double down on debit card [19FEB20]
QUOTE Cryptocurrency company Coinbase has been working with Paysafe to issue the Coinbase Card, a Visa debit card that works with your Coinbase account balance. The company is now a Visa Principal Member, which should help Coinbase rely less on Paysafe and control a bigger chunk of the card payment stack. Coinbase says it is the only cryptocurrency company that has reached that level of certification. The company will offer the Coinbase Card in more markets in the future. The new status could open up more possibilities and features as well. While Coinbase originally launched the Coinbase Card in the U.K., it is now available in 29 European countries. It works with any Visa-compatible payment terminal and ATM. Users can decide in the app which wallet they want to use for upcoming transactions. This way, you can spend money in 10 cryptocurrencies.
3PW  EM 
4 days ago by lafgrp
Europe: EU unsure how to regulate Facebook's Libra [20FEB20]
QUOTE according to a memo by European Commission executive vice-president, Valdis Dombrovskis. Dombrovskis refers to the "need to ensure clarity" about what Libra is, but that the information provided by Facebook is not sufficient. Libra is descibed as a "moving target" that does not easily within existing EU law. The memo goes on to restate the European Commission and Council's intentions to move without delay to set up a regulatory framework that will facilitate harnessing the opportunities of crypto-assets. The EU made it clear in December that no stablecoins would operate under its auspices until legal and regulatory issues were addressed.
3PW  EM 
4 days ago by lafgrp

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