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Global Payments Newsletter, February 2021 | Hogan Lovells


Key developments of interest over the last month include:
• United Kingdom: The Payment Systems Regulator (PSR) has published two calls for views, one of which focuses on authorised push payment (APP) scams and the other on consumer protection in interbank payments.
• India: The government is planning a cryptocurrency bill with the aim of establishing a framework for the creation of an official digital currency to be issued by the Reserve Bank of India.
• United Kingdom: The FCA is consulting on changes to its technical standards on strong customer authentication (SCA) and common and secure methods of communication (UK SCA-RTS)  and to its Payment Services and Electronic Money Approach Document. ....

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Credit card spends top pre-Covid levels - Times of India


Credit card spends top pre-Covid levels
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This story is from January 15, 2021
Credit card spends top pre-Covid levels
TNN / Updated: Jan 15, 2021, 16:32 IST
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(Representative image)
MUMBAI: Festival demand in November drove the value of in-store credit card purchases to 109% of pre-Covid (January 2020) levels. The growth was driven by big-ticket purchases as the number of transactions continued to be at 71% of January 2020 levels.
According to data collated by Pine Labs, which deploys card swipe machines in stores, purchase of apparels and spending in restaurants, which suffered the most in the first quarter bounced back in November.
However, restaurant spends are still only 66% of pre-Covid levels. Similarly, apparels & footwear grew 112% in November from the pre-Covid average but were still at 81% of pre-Covid levels. ....

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