EMEA Daily: Amazon to Raise Prime Subscription Price in Europe; Virgin Money Announces BNPL Credit Card

Amazon to Raise Prime Subscription Price in Europe to Offset Inflation

In a bid to offset the increased cost of goods and shipping services, Amazon said it plans to raise the annual fee for a Prime membership by 20% to 43% in five European countries. A spokesperson for the eCommerce giant told PYMNTS the regional price hikes are set to hit new and existing subscribers Sept. 15 in the United Kingdom, Germany, France, Italy and Spain, noting that users who don’t pay for the full year at once will see their monthly rate go up by about 1 pound in the U.K. and 1 euro in the other locations.

Virgin Money Announces BNPL Credit Card

British bank Virgin Money has announced the launch of a new credit card that will allow customers to spread their payments over several months, entering the increasingly competitive buy now, pay later (BNPL) space. Customers will not incur installment fees for their repayments on the Virgin Money Slyce card unless it takes them nine months or more to pay off their balances in full. The card also offers cash back for certain retail purchases.

Plaid Launches Payments Tool in Beta to Boost Settlement

Plaid has beta-launched a tool intended to improve variable recurring payments (VRPs) for individual consumers and businesses in the U.K. VRP was first introduced by Plaid in 2021 and gives users the ability to authenticate just once so that future automated payments can take place without additional verification.

Polish Banks Face Fines if They Inhibit Mortgage Payment Holiday Scheme

Polish banks could face fines of up to 10% of their annual turnover if they make it difficult for mortgage holders to take advantage of payment holidays. The payment holiday scheme, which goes into effect Friday (July 29), is intended to help mortgage owners whose monthly installments have surged due to rising interest rates by allowing them to skip a maximum of eight payments in 2022 and 2023.

Israel’s New Cash Cap Comes Into Force Next Week

Israel’s limit on the value of cash transactions is set to decrease Monday (Aug. 1) from 11,000 Israeli shekels (about $3,200) to 6,000 Israeli shekels (about $1,700) for business payments and from 50,000 Israeli shekels (about $14,500) to 15,000 Israeli shekels (about $4,400) for transactions between private individuals. Israeli businesses and consumers have been subject to cash limits since 2019. The purpose of the law is to force the public to use digital payments rather than cash. This is intended to enable better transaction monitoring so that Israeli authorities are equipped to tackle tax evasion, black market activity and money laundering.

For all PYMNTS EMEA coverage, subscribe to the daily EMEA Newsletter.