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Payments & FinTech Lawyer

Volume: 5 Issue: 4
(April 2011)


The use of Chip and PIN is on the rise. Europay, MasterCard and Visa (EMV)-enabled cards - cards that are embedded with a processor chip that contains data and require a PIN to complete a transaction - are to be introduced in Australia and China, while Canadian retailers are in the last stage of implementing EMV technology. / read more

A US District Judge upheld the validity of a claim challenging the constitutionality of the proposed Durbin Amendment, a provision part of the 2010 financial reform Dodd-Frank Act which limits the level of 'interchange' fees banks can charge for processing debit card transactions. / read more

The EU Central Bank (ECB) has warned that lack of regulation could compromise the existence of the Single Euro Payments Area (SEPA), especially regarding the setting of end-dates for migration to SEPA credit and debit schemes. / read more


South Africa
China / read more

The House of Commons Treasury Select Committee ('the Committee') announced, on 14 April 2011, that it is re-opening its inquiry on the future of cheques. The initial inquiry was launched in February 2010 following a decision by the UK Payments Council (UKPC) to phase out cheques by October 2018. / read more

With the EU payments industry and EU institutions currently disagreeing about the best way to stimulate the development of the final stages of the Single Euro Payments Area (SEPA), there has also been extensive debate as to its commercial success. Considering the current uptake rates of SEPA instruments are somewhat low, would it be realistic to use SEPA as a template for other payment mechanisms? Jonathan Williams and Stephen Hawkes, of Experian, evaluate SEPA's political and legal infrastructure, and discuss what lessons could be learned from it. / read more

As the UK comes out of one of the most challenging financial recessions it has experienced for a long time, the consumer credit market is undergoing significant regulatory changes that will affect its structure and efficiency. Amanda Hulme and Karen Brown, of Addleshaw Goddard LLP, examine to what extent the financial crisis has changed the landscape of the UK consumer credit market. / read more

The debate surrounding micropayments is borne out of the long-standing dilemma faced by digital content providers, which is: how to best monetise their product? Micropayments are based on the idea that they are an answer the development of mobile 'app' stores, online games and other types of 'pay-as-you-go' content. Phillip Rees and Alan Holliday, of McGuireWoods London LLP, examine the role played by micropayments in the market, and how they have been received - and are perceived - by users and content providers. / read more

Large-scale potential security threats for payment solutions and ebanking are predicted to be just around the corner as a major issue facing mobile platforms. There is a need to focus more on risk assessment and risk management, and the question is: how can the need for security be reconciled with the demand for convenience? Mette Grimm Munck, Senior Manager, Emerging Payments at Nets, examines the challenges brought on by potentially disruptive new technology technologies. / read more

The Second E-Money Directive, implemented in the UK through the E-Money Regulations 2011, was intended to stimulate the development of the e-money market through a series of clarifications of existing e-money provision networks. One of the most interesting and challenging features of this new legislation is the exclusion of 'limited networks' - where e-money is used only within a limited network of service providers or for a limited range of goods or services. Robert Courtneige and Siobhan Moore, of Salans, examine the uncertain regulatory position surrounding 'limited networks'. / 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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