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Today In Payments Around The World: UK Mulls Rules To Curb Late Vendor Payments; Kakao Pay Gears Up For Public Offering

Today In Payments Around The World: UK Mulls Rules To Curb Late Vendor Payments

In today’s top payments news around the world, the United Kingdom may clamp down on late payments to suppliers, while South Korean FinTech Kakao Pay is reportedly gearing up for an initial public offering (IPO). Plus, SWIFT rolled out a services for low-value international payments.

UK Cracks Down On Late Payments To Suppliers

Big British firms could encounter penalties or fines if they don’t provide payment to smaller vendors on schedule with new regulations under consideration by the government. As part of a revision of the small business commissioner’s powers, officials will examine if the commission should have the power to levy fees and fines or force a firm to make a payment. The U.K.’s Federation of Small Businesses (FSB) research indicates that approximately 50,000 small business close per year due to late payments.

SWIFT Launches Service For Low-Value Cross-Border Payments

SWIFT unveiled a new offering on Thursday (Oct. 1) that promises to bolster the experience for small and medium-sized businesses (SMBs) and individuals who transmit low-value payments internationally. The cooperative said the effort will let clients make quicker, simpler, predictable and competitive-priced payments throughout the globe. It is working with over 20 financial institutions to create the service.

S. Korean FinTech Kakao Pay Preps For IPO

Kakao Pay is reportedly set to be the first South Korean financial technology firm working with mobile payments to undertake an IPO. The firm is likely to have a valuation of $8.5 billion and reportedly intends to use the IPO to go into new business areas. It reportedly selected KB Securities Co. as the top IPO advisor. Kakao Pay is the FinTech division for Kakao Corp.

Google Goes Global With Free Retail Ad Initiative

Merchants throughout the Middle East, Europe and Africa will have the capacity to post ads at no cost on Google’s shopping tab beginning in the middle of October. The tech and search engine company said it was expanding its complimentary ad effort to other places around the globe following a successful introduction in the U.S. earlier in 2020.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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