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Payments & FinTech Lawyer

Volume: 8 Issue: 9
(September 2014)


News

Apple unveiled on 9 September the Apple Pay app for its new iPhone 6 and Apple Watch, which enables contactless payments via an NFC antenna and stores encrypted payment information on a ‘Secure Element’ chip. / read more

The Reserve Bank of India (RBI) issued a Directive on 22 August clarifying when additional authentication is required for credit card transactions. A loop hole in the law concerning card not present (CNP) transactions came to light as a result of the questions raised by the Association of Radio Taxis regarding the payment for services being offered by Uber in India. / read more

The World Bank, the Better Than Cash Alliance and the Bill & Melinda Gates Foundation published on 28 August the ‘Opportunities of Digitizing Payments’ report, urging governments to focus on digital payments to achieve greater financial inclusion. / read more


Features

Richard Jones of Eversheds LLP takes a look at the potential impact of the revised Payments Services Directive (‘PSD2’) on the prepaid cards sector. / read more

Dr Sam De Silva, Partner and Head of the IT and Outsourcing Group at Penningtons Manches, examines in detail the Payment Card Industry Security Standards Council’s supplemental guidance for merchants and third parties handling cardholder data. / read more

On 6 August the UK’s Financial Conduct Authority (‘FCA’) published a consultation on its new guidelines for regulated financial services firms looking to use social media for financial promotions. This document provides some much-anticipated clarity on what such firms can do on sites such as Twitter and LinkedIn, and should be relevant to most if not all firms. Lucy Frew, of Kemp Little, discusses the guidance provided by the FCA, the workarounds suggested and the specific challenges social media presents for financial sector firms. / read more

In June, Turkey published its Regulation on Payment Services and Electronic Money Issuance, which applies Turkey’s June 2013 law regulating e-money and e-payments in the country. Bilge Yilmaz of ADMD Law Office outlines the new regulatory framework. / read more

The credit crunch ushered in an era in which many small and medium-sized enterprises (‘SMEs’) have struggled to obtain the finance they need to grow. In particular, traditional lenders such as banks and building societies have been reluctant to lend, mainly due to recapitalising their own balance sheets. The problem facing SMEs has not gone away, but it has encouraged the growth of the UK’s alternative finance sector and different methods of payment. In this article, Bradley Rice of Nabarro LLP briefly considers some of the most popular and growing forms of alternative finance and payments in the UK today. / read more

Australian regulators have recently issued a number of statements on Bitcoin indicating that the cryptocurrency has their attention. However, these statements seem to indicate that the Australian regulators will not actively regulate Bitcoin at this stage, except for taxation purposes. / read more

Radio frequency identification (‘RFID’) technology poses data protection challenges, including for the payments sector. In June, the European Commission (‘EC’) issued two technical standards to further assist companies in managing the privacy risks involved with RFID technology, as Guillaume Couneson of Linklaters explains. / 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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