GlobalPlatform publishes contactless payments framework

GlobalPlatform has published a framework for end-to-end secure mobile services, focusing initially on contactless payments. GlobalPlatform is a cross-industry, not-for-profit association that develops and publishes specifications for secure chip technology. Members include card schemes as well as telecoms and technology...

Alibaba, Bundesbank add to Bitcoin setbacks

Taobao, a subsidiary of Chinese online marketplace Alibaba, has banned Bitcoin as well as Bitcoin mining software and related material, citing new government regulations, according to the South China Morning Post. The ban takes effect on Jan.

Indian Bitcoin exchange closes amid regulatory warnings and tax inspections

India's largest Bitcoin trading platform, BuySellBitCo.in, closed on Dec. 26 as a result of regulatory warnings from the Reserve Bank of India, according to The Hindu. On Dec.

With checks still popular, UK looks to mobile devices to speed processing

The U.K. Treasury has announced plans to speed up check processing and to promote check imaging via smartphones, tablets and ATMs.

European Banking Authority issues virtual currency warning

The European Banking Authority has issued a warning about the unregulated nature of virtual currencies such as Bitcoin, and the risk to consumers of buying, holding or trading these currencies. The EBA, a regulatory agency of the European Union, said...

Singapore opts not to regulate Bitcoin

The Monetary Authority of Singapore says it will not regulate Bitcoin adoption, according to Bitcoin news provider CoinDesk. "Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which the MAS does...

Bitcoin price tumbles after China processing ban

This month has been neither merry nor bright for Bitcoin. Since Dec.

With mobile payments growing, European Parliament debates interchange

The European Parliament is likely heading for a spirited debate this week as it considers the latest proposed updates to its Payment Services Directive, according to Euractiv.com. The rule changes are designed to introduce more competition and update the credit...

Judge approves MasterCard, Visa swipe fee settlement

A federal judge today approved a settlement in the class action suit between merchants and card networks Visa and MasterCard over alleged fixing of merchant interchange fees. Retailers and industry associations immediately filed notice of an appeal, a Wall Street Journal report said.

JPMorgan patent application looks a lot like Bitcoin

Is Bitcoin vulnerable to similar products? JPMorgan Chase & Co. apparently thinks so. ValueWalk, citing a story in the Financial Times (which requires a subscription), reports that the banking giant has filed a patent for a system that sounds quite similar to Bitcoin.

Canada moves to regulate prepaid debit cards

Expiry dates for funds held on open-loop prepaid debit cards will be abolished under new regulations announced by the Canadian government. The consumer protection rules will apply to all payment network-branded prepaid cards issued by federally regulated Canadian financial institutions,...

Chinese Central Bank bans banks from Bitcoin transactions

The People's Bank of China has ruled that Bitcoin is not a proper currency and has barred Chinese banks from handling it, Finextra reports. According to the site, the People's Bank of China said Bitcoin is a virtual good, not...

Stockholm set for largest Bitcoin conference

The Stockholm School of Economics will host a conference to discuss the future of Bitcoin, and with 250 people reportedly signed up, it could be Scandinavia's largest cryptocurrency event thus far, according to Coin Desk. The Scandinavian region — Sweden,...

EU plan to account for mobile payments may not help consumers

A European Commission proposal to change how the payments industry is regulated will alter the payment processing landscape but may not help consumers, according to the Out-Law legal blog. The Commission has proposed a maximum interchange fee that banks can...

Brazilian president approves mobile payments law

Brazilian President Dilma Rousseff has approved a law that introduces regulations for mobile payments in Brazil. Law number 12,865 creates a new legal entity known as a "payments institution," which will be regulated by the Brazilian Central Bank and allowed...

Proposed regulations may end MPesa dominance in Kenya

New draft regulations published by the Central Bank of Kenya include recommendations that E-money issuers use open systems that allow interoperability with other payment systems in Kenya and globally. According to The Star, the proposals, if enacted, could end the...

UK bank reform could lead to text-message payments

The U.K. government has outlined plans to reform the bank payment system, potentially leading to people being able pay their friends by text message, according to The Telegraph (U.K.). The U.K.'s new Financial Secretary to the Treasury announced that new...

Brazilian legislators approve mobile payments bill

The Brazilian Senate has approved a bill to regulate mobile payments. According to Business News Americas, the Senate approved the bill last week after Brazil's Chamber of Deputies approved it on Sept.

FTC official will talk payment regulation, trends at Washington summit

The Federal Trade Commission has staked out a leadership role in potential regulation of the mobile payments landscape. And in a keynote address at the first ATM & Mobile Executive Summit, Malini Mithal, assistant director, Bureau of Consumer Protection at...

Chinese cyber theft: What's the solution?

Verizon provides the information highway for more than 60 percent of the world's Internet traffic. And according to the company's annual report on cyber crime, 96 percent of cyber-espionage over the past year originated in one country — China. A...

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