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Today In Payments Around The World: PayPal, Mastercard Expand Debit Card Offering In Europe; ECB President Advocates For Digital Euro

Today In Payments Around The World: PayPal, Mastercard Expand Debit Card Offering In Europe; ECB President Advocates For Digital Euro

In today’s top payments news around the world, PayPal and Mastercard are adding more European Union (EU) countries to a debit card offering, while European Central Bank (ECB) President Christine Lagarde has called for a digital euro. Plus, the State Administration for Market Regulation in China has fined Luckin Coffee and other firms.

PayPal, Mastercard Add 5 EU Countries To Debit Card Offering

PayPal and Mastercard are bringing the PayPal Business Debit Mastercard to additional companies in Europe. The firms said the card is now available in Spain, Ireland, Italy, Austria and France beyond its availability in the U.S., Germany and the United Kingdom. Small companies can have instantaneous access to their PayPal funds and unlimited 0.5 percent cash back on qualified spending with the debit card.

ECB's Christine Lagarde Pushes For Digital Euro

ECB President Christine Lagarde advocated for the digital euro before the Franco-German Parliamentary Assembly on Monday (Sept. 21), noting that it would offer an alternative to private cryptocurrencies. Lagarde positioned the change as a necessary one to acclimate to the new digital world. The idea of a digital token has been touted by a number of nations and firms lately.

Chinese Regulator Fines Luckin, 43 Other Companies In Fraud Case

The State Administration for Market Regulation in China has penalized Luckin Coffee and other companies that reportedly helped it inflate its revenue and expenses in 2019. The regulator said on Tuesday (Sept. 22) that it had penalized two Luckin companies in addition to 43 other firms for about $9 million or 61 million yuan. Luckin, a Nasdaq-listed upstart, reported large rises in revenue as of late.

India's Paytm Takes On Google Over Android Power

Financial services firm Paytm Group has accused Google of “arm-twisting” emerging companies that rely upon the Android mobile operating system. The firm complained about the market power of Google in a web post that shared its view on Google’s temporary removal of a Paytm mobile program from the Android store. Android is said to run 95 percent of the smartphones in India.

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WATCH LIVE: HOW WE SHOP – TUESDAY, NOVEMBER 10, 2020 – 12:00 PM (ET)

New forms of alternative credit and point-of-sale (POS) lending options like ‘buy now, pay later’ (BNPL) leverage the growing influence of payments choice on customer loyalty. Nearly 60 percent of consumers say such digital options now influence where and how they shop—especially touchless payments and robust, well-crafted ecommerce checkouts—so, merchants have a clear mandate: understand what has changed and adjust accordingly. Join PYMNTS CEO Karen Webster together with PayPal’s Greg Lisiewski, BigCommerce’s Mark Rosales, and Adore Me’s Camille Kress as they spotlight key findings from the new PYMNTS-PayPal study, “How We Shop” and map out faster, better pathways to a stronger recovery.

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