In today’s top payments news around the world, Revolut has debuted an acquiring solution for its Revolut Business starter pack, while online shopping website JD.com is taking digital yuan. Plus, the European Union (EU) is looking to implement a two-tier system of legislation with its Digital Services Act.
Revolut Launches Acquiring Solution For Business Customers
Revolut has rolled out an acquiring solution for its Revolut Business starter pack that will let companies in 13 nations in Europe take credit card payments through the web. The product will have a 1.3 percent charge for EEA and British consumer cards, with a 2.8 percent charge for all other cards. Revolut Business clients harnessing paid plans will get monthly allowances for complimentary EEA and U.K. payment acceptance at no further cost.
eCommerce Site JD.com Now Takes Digital Yuan
Some Chinese shoppers going to an established eCommerce mall will have the ability to purchase merchandise with the nation’s inaugural official cryptocurrency under a pilot announced over the weekend. Those who live in Suzhou were provided with complimentary digital yuan, and JD Digits announced it would take the currency for some transactions. Suzhou is approximately 70 miles beyond Shanghai.
EU Eyes Stronger Rules For Big Tech Than Smaller Firms
The European Union (EU) is looking to put a two-tier system of legislation into place with its Digital Services Act to put heightened responsibility on Big Tech’s shoulders to help take down more illegal content and combat counterfeit products. The use of asymmetric regulations “will ensure that smaller emerging competitors are boosted, helping competitiveness, innovation and investment in digital services, while targeting specific harms emerging from large platforms," the Financial Times quoted from the executive summary.
Spanish Bank Sabadell Resets After Failed BBVA Merger
Sabadell is reportedly eyeing reducing its workforce and coming to distribution arrangements with other European financial institutions after merger discussions with BBVA fell through last week. “Banco de Sabadell will launch a new strategy that will prioritize its Spanish domestic business,” the financial institution said in a press release.
