 2  3 March 2008
News:
McCreevy warns against SEPA use for card scheme price rises
The European Commissioner for the Internal Market and Services, Charlie McCreevy, has warned against payment card providers using the Single Euro Payments Area (SEPA) as an excuse for replacing current national card schemes with more expensive ones.
Mobile Payments Intensive to address industry and regulatory challenges
E-Finance & Payments Law & Policy is organising a half-day briefing to address the global developments and regulatory challenges in the mobile payments market.
Banks: Congress must address net concerns
Banking associations urged Congress to address concerns about rules proposed by a House Committee on Financial Services (HCFS) subcommittee implementing the Unlawful Internet Gambling Enforcement Act (UIGEA).
Features:
Editorial: E-invoicing - a test for European payments
As part of its role in encouraging economic competitiveness and innovation, the EU has been an enthusiastic supporter of e-invoicing for some time, and has made e-invoicing an objective in both the 2002 and 2005 eEurope Action Plans. E-invoicing has also been seen as an important catalyst for the adoption of SEPA, as businesses and the public sector increasingly demand fully standardised e-invoicing solutions from payment service providers.
China: The use and regulation of prepaid cards in China
Prepaid cards are a common method used in China for the purchase of utility and transport services, corporate gifts, virtual money and prepaid mobile phone usage. In this article, Thierry Rennard, President of Shanghai Payzy Investment Consultancy Co., Ltd and Manuel E. Maisog, partner at Hunton & Williams LLP's Beijing office, set out the use of such cards and the associated regulatory - and political - challenges in governing their use.
Consumer Credit: Consumer Credit Directive: industry impact
EU Member States will have two years to implement the amended Consumer Credit Directive, if it is accepted, as expected, by the EU Council. Dermot Turing, Julia Smithers Excell and Andrew Young of Clifford Chance explain the scope of the Directive, its impact on e-finance and e-payments and highlight how transposition in the UK is likely to unfold.
India: Electronic payments infrastructure: an overview
India is an attractive market for e-finance and e-payments because of the size of its population, however it faces unique issues such as poverty and illiteracy. Satyendra Shrivastava, an Associate with Indian law firm ALMT Legal, examines the current electronic payments infrastructure in India, including areas where opportunities for entrepreneurs may emerge.
Australia: Regulation reducing interchange fees: the Australian experience
The European Commission's recent decision to open an inquiry into Visa Europe's interchange fees follows its action against MasterCard's multilateral interchange fee in December 2007, which it decided inflated the cost of card acceptance by retailers. Card operators have often pointed to Australia as an example where attempts to regulate interchange fees have resulted in no beneficial change for the consumer. In this article, Chris Kontis and Ros Grady of Mallesons Stephen Jaques explain why the Reserve Bank of Australia decided to regulate interchange, the measures it introduced and the effect that they had.
Travel Insurance: Regulating travel insurance
Following confirmation from HM Treasury that from 1 January 2009 the Financial Services Authority will regulate the sale of 'connected travel insurance' - insurance offered for sale alongside a holiday sold in the UK, an FSA consultation paper has been issued setting out its proposed approach on regulating this industry. Lucy Walker, an Associate at Osborne Clarke, examines the proposals.
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