In today’s top news, the FCA will begin regulating BNPL firms in the U.K., and SPACs are moving in on the Asian market. Plus, Visa’s Authorize.Net will offer its platform free of monthly fees to SMBs that sign up on Super Bowl Sunday.
Buy Now Pay Later Firms Face UK FCA Crackdown
After escalating quickly amid the pandemic, the buy now, pay later (BNPL) industry will now be regulated by the U.K. Financial Conduct Authority (FCA) following a four-month review led by former interim chief executive Christopher Woolard.
SPACs Now Eye Asia For Merger Deals
Special purpose acquisition companies, or SPACs, are now eyeing the Asian market for merger deals as they compete to finalize deals before their initial public offerings (IPOs) expire. The race to find Asian merger targets is intensified by the fact that most SPACs need to make deals within 24 months of going public or risk being dissolved.
Visa’s Authorize.Net Super Bowl Offer Gives SMBs Free Service
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Authorize.net, Visa’s small and medium-sized business (SMB) digital payment management system, is eliminating its monthly gateway fee for the life of an account in addition to its transaction fees for the first 100,000 transactions of new North American SMB clients enrolling on Super Bowl Sunday.
Simon Property Group, Wheels Up Get In On The SPAC Action
So far this year, there have been 91 SPAC IPOs, which have raised gross proceeds of $25.4 billion. Compare that to all of 2020, in which there were 248 such transactions, with proceeds of $83 billion. Will the bubble continue to build, or will it all end badly?
How QR Codes Hook Restaurant Customers For Repeat Visits
The use of QR codes has not only helped restaurants offer a contactless ordering and payments experience, but they unlock another advantage: customer loyalty. In this month’s QR Code Payments Tracker, PYMNTS talked with Kerri LaTorre and Tom Hope of TAPS Fish House & Brewery about how data collected from customers’ use of QR codes can drive targeted messaging and encourage repeat orders.
VisaNet +AI Adds Predictive Element To Processing And Settlements
In announcing VisaNet +AI today, Visa is aiming its data technology initiative directly at the unpredictability of daily settlements for banks among other features. Gourab Basu, vice president of global product at Visa, told PYMNTS that the goal is to provide real-time visibility for banks, acquirers and consumers.
Debit Surge Has Ripple Effects On Networks And Issuers
Debit spending is up, in most cases, by double-digit percentages for card networks and issuers. The latest spate of earnings reports shows the shift away from credit may be here to stay — at least for a while.
