A series of new regulations aimed at “ending the cycle of debt,” could push as many as one quarter of U.K. payday lenders out of business. The Financial Conduct Authority (FCA), which became the regulator of consumer credit starting today, said the measures are designed...
Chinese eCommerce giant Alibaba has made another big purchase in its recent investment spree, agreeing to pay $692 million for a roughly 35 percent stake in Chinese department store operator Intime Retail Group. Alibaba says it will likely take a 9.9 percent equity stake in Intime...
After a report that China’s central bank had ordered banks and payment companies to close the trading accounts of 10 bitcoins exchanges by April 15, 2014, the price of bitcoins has started declining sharply. “I’m aware of the rumors circulating on the topic,” Bobby Lee,...
China appears embedded in a competitive battle between state-run banks and such large Internet companies as Alibaba over control of the nation’s mobile-payments market. Regulators there appear to be moving in the banks’ favor. Not so, apparently, is the case in New Zealand, where new...
There’s so much data influencing the industry today that it can be hard to stay on top of everything. PYMNTS.com’s Friday Factoids are the perfect solution for innovators, entrepreneurs or observers trying to keep up with all the latest information. In today’s Fridays Factoids, you’ll...
In the wake of U.S. sanctions in response to Russia’s annexation of Crimea, Russian President Vladimir Putin has called for the creation of the country’s own payment system to rival Visa and MasterCard. Both American credit card companies stopped processing transactions for customers of Bank...
MyECheck Inc., an electronic payment solutions provider, says it has launched a payment platform for real-time transfers between government accounts. MyECheck G-Pay service is the only electronic payment service that is capable of processing fully electronic transfers from government-owned bank accounts, the company said in...
Requiring faster response to market change, the 186 banks owning Nordic processor Nets decided to pursue an owner with better expertise and commitment. It also sought a buyer with the capital necessary to appropriately fund Nets’ IT and technology needs. In the end, it chose...
Americans can take online shopping for granted because it is so ubiquitous. Almost any legal good or service is available to them with nothing more than the click of a button. eCommerce is not so easy in many other parts of the world, however. In...
