Law and Regulation

Nuvei Corp. said it has agreed to process e-commerce transactions for Galeries Lafayette UAE, a unit of French Department Stores LLC. Linnworks, an e-commerce inventory and order-management software provider, said it is working with Lightspeed Commerce Inc. to enable Linnworks clients to connect to Lightspeed Retail. Fintech Varo Bank N.A. announced it is offering a …

On Nov. 20, 2023, Mastercard Inc. announced that its Chinese joint venture with Netsunion to process domestic payments had been approved by the People’s Bank of China and the National Administration of Financial Regulation. Was it a victory for, or a mockery of, free trade? If this landmark approval were …

The battle between merchants, on one hand, and financial institutions and payment networks, on the other, over the Credit Card Competition Act continues to heat up. The Merchants Payments Coalition on Thursday sent a letter to Congress signed by nearly 2,000 merchants, including hundreds of small businesses, calling on legislators …

The Electronic Payments Coalition has come out swinging in the new year as it intensifies its fight against the Credit Card Competition Act. The EPC, which lobbies on behalf of financial institutions and payments networks, late Monday announced it is launching an ad campaign aimed at federal lawmakers. The campaign …

Having taken aim at credit card late fees and interest rates, and having targeted non-bank digital wallet providers, Consumer Financial Protection Bureau Director Rohit Chopra has now indicated his regulatory agency is turning its attention to credit card acceptance costs. Chopra’s comments Thursday came as the Credit Card Competition Act, …

The data-sharing routines undergirding a wide variety of payments services offered by fintechs like PayPal and Block depend on open banking, which has emerged to enable crucial information transfers from financial institutions while keeping sensitive account data from falling into the wrong hands. Now the latest update to the rules …

Citing a payments industry that is united in its opposition to the Credit Card Competition Act, research from the Congressional Research Service questioning the benefits of the legislation, and suspect support for the bill among members of Congress, the Electronic Payments Coalition says it is primed to continue its fight …

The U.S. Department of Justice announced late Friday it is filing cases against several fraud rings that use so-called microtransactions to mask their fraudulent activity from victims and card issuers. The lawsuits are being brought as part of efforts by the Justice Department’s Consumer Protection Branch to stop criminals that …

Google has settled an antitrust lawsuit over its Google Play payment practices. The suit, filed in 2021, alleged the Alphabet Inc. unit levied fees up to 30% for app purchases made in its Google Play store. The practice, along with Google Play’s 90% share of all U.S. Android app distribution, …

The digital revolution in payments, characterized by a surge in online transactions and the emergence of novel payment technologies, has been a double-edged sword. While innovations have streamlined commerce, they have also spawned intricate fraud mechanisms, compelling businesses to recalibrate their strategies for safeguarding their operations, reputation, and financial survival. …