This round-up of market and regulatory developments affecting the mobile/e-banking and payments space looks at the EPC consultation on mobile payments, the EPC's recommendations on the validity of electronic mandates in a cross-boarder context, the rise contactless payments in Canada and more...


Regulatory

EPC consultation on mobile payments

The European Payments Council has published a white paper on mobile payments which aims to contribute to the harmonisation of mobile payments in Europe. The white paper contains updates to reflect changes to mobile payment ecosystems and the introduction of new technologies over recent years, e.g. new types of mobile proximity payments such as those based on QR code, technology enabling mobile devices to emulate a contactless card, and tokenisation. The consultation runs until 1 September 2016.
European Payments Council, 1 June 2016

EPC Pan-European P2P Mobile Payments – 'Forum’ Steering Committee minutes

The European Payments Council has published a summary from its first meeting of the 'Forum' Steering Committee on mobile payments.
European Payments Council, 31 May 2016

EPC publishes recommendations on the Validity of Electronic Mandates in a Cross-Border Context

The European Payments Council has published ‘Recommendations on the Validity of Electronic Mandates in a Cross-Border Context’ in order to draw the attention of SEPA Direct Debit scheme participants to guidelines on the security of internet payments from the European Banking Authority.
European Payments Council, 27 May 2016

Non-legislative resolution on virtual currencies adopted by European Parliament

The European Parliament has published provisional text of a non-legislative resolution it has adopted on virtual currencies.
The European Parliament, 26 May 2016

PSR changes submission dates for general directions on compliance concerning access and governance

The Payment Systems Regulator has announced that it intends to make changes to submission dates in its General Directions for payment system operators to report on their compliance with their regulatory obligations concerning access and governance.
The Payment Systems Regulator, 26 May 2016

Consultation on the SEPA Cards Standardisation Volume review

The European Payments Council and the Cards Stakeholders Group have published version 7.5 of the SEPA Cards Standardisation Volume for consultation. Comments are required by 12 August 2016.
European Payments Council, 26 May 2016

ECB decision amending terms and conditions of TARGET2

Decision (EU) 2016/821 of the European Central Bank of 26 April 2016 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB has been published in the Official Journal. 
Official Journal of the EU, 25 May 2016

Worldwide

Samsung partners with Citibank for Singapore launch

Samsung Electronics Singapore has announced a partnership with Citibank Singapore Limited for Samsung Pay.
Samsung, 30 May 2016

PayPal to exit Turkey after regulator denies licence

PayPal has said it will be suspending operations in Turkey after local regulators have rejected payments licence applications.
Wall Street Journal, 31 May 2016

Finextra blog - Is The Future of Payments in Virtual Reality?

Finextra have published a blog post written by Kunal Patel, Global Head of Product Strategy from GoSwiff International looking at virtual reality, and the use of biometric data to make payments.
Finextra, 1 June 2016

Research

Contactless payments rise in Canada

The value of contactless payments made by consumers in Canada have more than doubled over the past year, according to a new study published by Technology Strategies International Inc. 
Finextra, 1 June 2016

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Fiona Ghosh

Fiona Ghosh

Partner, Commercial
United Kingdom

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William James

William James

Partner, Corporate
London

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Bruce Kilpatrick

Bruce Kilpatrick

Partner, Head of Competition
London

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