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Payments & FinTech Lawyer

Volume: 6 Issue: 3
(March 2012)


News

Vodafone, O2 and Everything Everywhere (T-Mobile and Orange) submitted on 6 March an application to the European Commission (EC) to form a joint venture that would create a mobile wallet platform. / read more

Fraud losses on UK credit and debit cards fell for the third consecutive year by 7% to £341 million, the lowest level in 11 years, according to figures from Financial Fraud Action UK. / read more

Mobile phone operators Vodafone and payments giant Visa announced on 27 February the two companies will form a partnership to create the world's largest mobile payments network. / read more


Features

Global
US
UK
Tanzania
Lithuania / read more

On 28 February 2012, the Council of the European Union announced the adoption of a regulation setting technical and business requirements for direct debit transactions in Euros (the 'Regulation'). / read more

Market indications suggest electronic payments are set to grow and grow. The payments industry is facing an influx of regulatory change to prepare for such growth. The recent launch of the European Commission's Green Paper, which looks to build on the Single European Payments Area (SEPA) is not an end to those changes. Michael McKee and Gavin Punia of DLA Piper review the regulatory changes so far, what those changes mean for businesses and the impact that further change may have on the industry. / read more

Pat Carroll, founding Director and CEO of ValidSoft, providers of telecommunications-based authentication and transaction verification solutions, discusses his views on the fall in card fraud and the security challenges facing the payments industry. / read more

At the end of this year the UK government will ban retailers from imposing fees for debit and credit card transactions which exceed the actual costs of handling the payment. While the details of the ban are yet to be finalised - it is not yet clear how the 'actual costs' of handling a debit / credit card payment will be calculated - the ban is likely to shake up the retail marketplace. Robert Blamires and David Naylor, of Field Fisher Waterhouse LLP, examine the implementation of the ban, and consider the potential impact on retailers. / read more

The Payment Services Directive aims to establish a comprehensive set of rules applicable to a wide range of payment services in the EU. Article 87 requires the European Commission to present a report on the implementation and impact of the Directive, together with proposals for its revision by 1 November 2012. Ruth Wandhöfer, a Member of the European Payments Council Plenary and Chair of the Information Security Support Group, analyses the implications of this requirement and provides an overview of possible amendments as a result of the review process. / read more

Two restaurant owners in the US State of Utah recently filed a lawsuit against U.S. Bank, claiming that U.S. Bank wrongfully deducted monies from Cisero's bank accounts to pay fees associated with alleged failures in the restaurant owners' network security under the Payment Card Industry standards. Michelle Cohen, Partner at Thompson Hine LLP, discusses the lawsuit, believed to be one of the first of its kind where merchants are taking on a bank and challenging the penalties under the controversial PCI self-regulatory system. / read more

The European Payments Council published the second version of its White Paper on Mobile Payments last month, which amongst other things, aims to clear the way for businesses wishing to enter the potentially highly lucrative mobile payments market, whilst elaborating on the consumer adoption potential already within the market. Kate Johnson, a payments specialist in Osborne Clarke's Financial Institutions Group, evaluates the successes and short falls of the White Paper, and what needs to be done to ensure the mobile payments market fulfils its potential. / read more

Mark Beresford, Partner at Edgar, Dunn & Co, discusses the 'Project Oscar' joint venture. / 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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