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Payments & FinTech Lawyer

Volume: 4 Issue: 4
(April 2010)


A number of US card companies, such as MasterCard, Visa, American Express and First Data, are increasing pressure on the US Government to file an official complaint with the World Trade Organization (WTO) against China, because they are not allowed to operate on the the Chinese payments market. Under China's official terms of entry in the WTO in 2001, 'within five years of accession, foreign financial institutions will be permitted to provide services to all Chinese clients'. / read more

Transport for London (TfL) confirmed on 12 April it has purchased the rights to the Oyster brand from the Transys consortium, paving the way for the development of contactless payment methods in the capital. / read more

The EU Commission put forward a new proposal for the negotiation of an EU-US financial data sharing agreement at the end of March, following the EU Parliament's rejection of an interim agreement in November 2009. / read more


Consumer protection has been a hot topic in Europe over the last 12 months. The European Consumer Summit, held last month, discussed consumer protection policy ideas for the future. The European Commissioner for Health and Consumers, John Dalli, stated in his welcome: "Today, European consumer policy in a globalised economy is about building a truly single European market which works for people ≠ with better access, more choice, higher quality, transparent product and price comparisons, and greater ease in switching providers". / read more

New banking and card fraud figures published in March show that total fraud losses on UK cards fell by more than a quarter between 2008 and 2009. Card fraud totalled £440 million in 2009, a decrease of £170 million on the amount lost in 2008. Mark Bowerman, of Financial Fraud Action UK, discusses the issues concerning card fraud and examines the reasons behind the decrease, the first since 2006. / read more

Ever since the first contactless mobile payment pilot in 2003, banks have been seeking alternatives to offer secure mobile payments. Tanja Viskari, Project Manager for the Mobey Forum - a not-for-profit organisation which aims to promote the development of mobile financial services - discusses the technological issues and the highlights of this cutting-edge industry. / read more

ICT-enabled innovations such as electronic invoicing (e-invoicing) that have the potential to reduce the administrative burden for businesses and support the development of the European Single Market, are highly critical for the competitiveness of European enterprises. Over the past few years, the European Commission (EC) has given continuous support to the uptake of e-invoicing. Thus, several initiatives at European level have been launched in order to facilitate the emergence of a pan-European e-invoicing environment for businesses of all sizes as well as for public authorities. / read more

With the launch of harmonised payment schemes in the Single Euro Payments Area (SEPA), consumers as well as financial institutions should be able to make and receive payments more easily, and work towards an internal market for payments. The question remains as to how SEPA has affected this ability to make payments in practice. Gerard Hartsink, Chair of the European Payments Council, analyses the impact of SEPA on the development of European payments. / read more

The Payments Council recently carried out extensive research across the 11 regions of Great Britain and produced an online, interactive map that shows where you live can affect payment attitudes, preferences and behaviours. The research covers plastic card holding, use of phone or internet banking, cash, cheque and automated payments, as well as frequency of internet shopping. / read more

Financial services and data protection are so often linked together, that complex - and sometimes questionable - identity infrastructures have been put in place to regulate access to sensitive financial data. Dave Birch and Neil Livingston, from Consult Hyperion, look into the means used to guarantee the security of financial data. / read more

According to Article 55 of the Electronic Communications Law no. 5809 (the Law), specific information - including the subscriber's identity and communication data or electronic identity used for identifying the equipment - shall not be reconfigured, altered, reproduced or distributed for any reason unless permitted by the Information and Communication Technologies Authority (the Authority). Furthermore, importing, manufacturing, distributing, presenting and keeping any equipment, boards, tools and materials whose electronic identity has been changed and any kind of software, tools or equipment used for changing electronic identity is strictly prohibited. / 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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