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Payments & FinTech Lawyer

Volume: 3 Issue: 9
(September 2009)


The European Commission adopted a communication on 10 September that provides a framework for action within priority areas where greater involvement from EU and national authorities is required to achieve the full implementation of the Single Euro Payments Area (SEPA). / read more

The UK Home Office released guidelines on 28 August outlining security measures for contactless mobile payments. The Home Office worked with the mobile phone and banking industry to develop the guidelines. / read more

Google has published a proposal that would enable publishers and newspapers to charge for individual online pages of information or bundles of content and create multiple payment solutions. The proposal follows a request from the Newspaper Association of America (NAA) for help in creating a digital paid-content platform. / read more


The World Payments Report 20091, has recently been published and provides an interesting array of facts and figures on the global and European payments market although pre-credit crunch figures may now need to be adjusted. The headlines include the fact that worldwide volume of payments made using non-cash instruments (direct debit, credit transfers, cards and cheques) grew 8.6% to 250 billion transactions in 2007. Cards continue to be the single strongest driver of volumes with global card transactions including credit and debit growing 14.5% in 2007. / read more

The implementation of the Payment Services Directive (PSD) is the next step in the reform of the European banking and financial sectors. In France, the PSD will break the French banking monopoly, most notably by allowing new operators to enter the market and provide certain payment services. Benjamin May and Lise Breteau, from Aramis Société d'Avocats, examine to what extent the PSD will change the prepaid market in France. / read more

Fact: the use of guaranteed cheques has been in rapid decline with volumes falling by 70% over the last five years.
- Fact: out of 1.4 billion cheque transactions, fewer than 7%, or 95 million, were supported by a cheque guarantee card.
- Fact: 99% of the guaranteed cheque cards still in issue are either credit or debit cards - cards can automatically provide an alternative form of payment.
- Fact: 2.3% of non-cash retail payments are paid by cheque, as opposed to 69%, 20 years ago. / read more

The Council of the European Union recently adopted a new Directive (EMD2) replacing the existing E-Money Directive, which has been blamed for the slow growth in the EU e-money market. Brett Hillis and Melissa Thornton, of Denton Wilde Sapte, examine to what extent the EMD2 provides a more consistent and liberal framework for e-money regulation in the EU. / read more

As part of its powers under the Payment and Settlement Systems Act 2007, the Reserve Bank of India issued a directive which aims to enhance the security of online transactions. Sakate Khaitan, a Partner at ALMT Legal, examines the implications of the Directive on banks and credit and debit card providers such as Visa and Mastercard. / read more

The global financial crisis has forced banks to re-evaluate their liquidity and information management systems, particularly in light of tighter financial regulations and customer demands for tailored banking services. Paul Styles and Craig Ramsey, from ACI Worldwide, examine the implications of new methods of liquidity management and discuss why banks now need to monitor money flows more effectively. / read more

The Swedish tax authority (Skatteverket) is in the final year of a three-year E-Commerce inspection project, and has uncovered a large-scale trade in online avatars, a trade which it believes should be liable for VAT. Hampus Åkerstedt and Henrik Nilsson, Associates at Bird & Bird, examine the Skatteverket's position on this and other aspects of e-commerce, and discuss other potential regulatory problems. / read more

About Payments & FinTech Lawyer

The monthly publication covering legal, regulatory and policy developments relating to the fast-moving payments and FinTech sectors. Key topics include mobile payments, e-money, prepaid and other payment cards, online banking, digital currencies such as Bitcoin, card fraud and other cyber crime, RegTech, robo-advice, P2P lending, and crowdfunding, as well as regulatory regimes such as the Second Payment Services Directive (PSD2), the Payment Accounts Directive, and the Fourth Anti-Money Laundering Directive / read more

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