News

EC Inquiry Hampers Vodafone, Telefonica's “Project Oscar”

Project Oscar — the NFC-enabled joint venture driven by Euro telecoms Vodafone, Telefónica and Everything Everywhere — will not meet its target of launching before the Olympic torch is li.

The collaboration was announced in June of last year, and plans for a tangible rollout were submitted to the European Commission in March. The trio had hoped to be able to implement its business plan prior to the 2012 Olympics in London.

Instead, the European Commission has decided it needs a closer look at the proposal before plans can move ahead.

One feature that may be drawing particular interest from regulators is the idea that Project Oscar might facilitate SMS-based campaigns for advertisers, the Register reports.

Read the full story here.

Other Notables In Regulation:

CFPB Targets Discrimination In Lending:

“[On Wednesday], the Consumer Financial Protection Bureau (CFPB) announced that it will use all available legal avenues, including disparate impact, to pursue lenders whose practices discriminate against consumers. The Bureau will equip consumers with the information they need to spot the warning signs of discrimination.” — CFPB

Regulatory Burden Impacting Business:

“Almost seven out of 10 North American capital markets executives believe a significant portion of their firms' resources will be consumed by regulatory burdens and data latency issues, according to a Sybase survey.” — Finextra

CFPB Sends Message On Financial Responsibility:

“The Consumer Financial Protection Bureau... released a bulletin clarifying that financial institutions under Bureau supervision may be held responsible for the actions of the companies with which they contract.” — CFPB

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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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