Payments Dive

MARCH 21, 2022

A report this month from the organization outlines a litany of complaints about buy now-pay later, such as hidden fees, and suggests the industry is trying to evade consumer protection laws.

Consumer 97

Consumer BNPL Consumer Protection Laws 97

PYMNTS

JULY 23, 2020

Axios reported the investigation is examining Apple’s possible use of deceptive trade practices that may have broken consumer protection laws. Paxton may sue Apple for violating the state’s deceptive trade practices law in connection, Axios reported. It also reserves the ‘tap and go’ functionality of iPhones to Apple Pay.

Consumer Protection 63

Consumer Protection Consumer Laws Legal 63

The Payments Association

JANUARY 13, 2025

The FCA’s proposed safeguarding reforms for payments and e-money firms, aiming to enhance consumer protection and operational compliance. The reforms ensure robust safeguarding practices, bolster consumer trust, and address risks like fund shortfalls during insolvency. Why is it important? What’s next?

Compliance 88

Compliance Audit Legal Reconciliation 88

The Payments Association

DECEMBER 11, 2024

It highlights the need for a strategic, proportionate approach to safeguarding that aligns with broader regulatory and consumer protection goals. Nonetheless, in practice, the interaction of segregation requirements and insolvency law is often a key focus of insolvencies. Why is it important? What’s next?

Treasury 88

Treasury Payments Consulting Consumer Protection 88

PYMNTS

JANUARY 10, 2019

The court said the Dash buttons, which are small, Wi-Fi-connected devices that reorder items like laundry detergent and coffee, breaks consumer protection legislation because it doesn’t give consumers enough information about the product or its price. There should be unambiguous wording, such as ‘order and pay.’”.

Laws 57

Laws Consumer Consumer Protection Rules 57

Fintech Finance

FEBRUARY 5, 2025

Curve , the ultimate digital wallet, has become the first to offer section 75 protection on purchases made through its Wallet. This is a step change in consumer protection, allowing users to make payments without worrying about losing money if a product is faulty or if theres a problem with the purchase.

Debit Card 59

Debit Card Consumer Protection Credit Cards Consumer 59

Clearly Payments

OCTOBER 30, 2024

As global online shopping grows rapidly, consumers expect seamless payment experiences. Key regulations include: GDPR (General Data Protection Regulation) : For merchants targeting Europe, GDPR compliance is mandatory, emphasizing data privacy and protection.

International Payments 105

International Payments Process Multi-Currency Cross-Border 105

The Payments Association

NOVEMBER 28, 2024

In the UK, consumers and businesses make around 1,500 transactions every second. The PSR (Payment Service Regulation) complements the Payment Service Directive, leading to directly applicable law in all EU states. The payments ecosystem in the UK and EU is in constant flux, driven by regulatory guidance and technological advances.

Authentication 88

Authentication Regulations IBAN Rules 88

Fintech News

DECEMBER 18, 2024

Hasan Fawzi, OJK’s Chief Executive for Financial Sector Technology Innovation and Crypto Assets, emphasised the sandbox’s importance in preventing fraudulent schemes and enhancing consumer protection. Products or business models failing to pass sandbox approval will be deemed illegal.

FinTech 116

FinTech Law Enforcement Financial Literacy Innovation 116

Fintech News

JUNE 5, 2024

Australia will introduce new legislation to amend the Credit Act, requiring Buy Now, Pay Later (BNPL) providers to hold an Australian credit license and comply with existing credit laws regulated by the Australian Securities and Investments Commission (ASIC). The new laws aim to balance consumer protection with innovation and competition.

Regulations 112

Regulations Product BNPL Consumer Protection 112

Payments Dive

OCTOBER 2, 2023

The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.

Agreements 103

Agreements FDIC Consumer Protection Laws 103

The Payments Association

DECEMBER 9, 2024

It underscores the need for payment firms to balance AI innovation with robust privacy and regulatory compliance to protect sensitive consumer data. Payment data is inherently vulnerable because its compromise can have significant financial and personal consequences for consumers. Why is it important? What’s next?

Privacy 88

Privacy Payment Security AI Security 88

The Payments Association

OCTOBER 28, 2024

In the world of digital payments, fraud is an ever-present threat that continues to evolve, creating serious risks for both businesses and consumers. This can be attributed to the increasing sophistication of fraud detection tools, improved authentication measures, and greater consumer awareness of phishing scams.

Scams 88

Scams Push-to-Card Fraud Detection Online and Mobile Banking 88

Payments Dive

MAY 21, 2024

“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

Credit Cards 97

Credit Cards CFPB BNPL Consumer Protection 97

The Fintech Times

FEBRUARY 6, 2025

Section 75 is a law that applies exclusively to credit cards, ensuring providers share responsibility with merchants for purchases ranging from 100 to 30,000. Debit card users have historically not had this level of protection, leaving them vulnerable in cases of faulty goods.

Debit Card 64

Debit Card Credit Cards Payments Laws 64

PYMNTS

SEPTEMBER 30, 2020

It would instead offer payment companies a national servicing platform to replace the regime of state regulations such firms would be subject to under existing laws. Commercial companies accessing a payments charter would avoid oversight and regulations that protect the financial system and consumers,” the bank industry leaders wrote.

Office of the Comptroller of the Currency 139

Office of the Comptroller of the Currency OCC Non-Bank Regulations 139

Fintech Finance

MAY 24, 2024

The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards.

Disputes 97

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

Fintech News

JULY 21, 2024

OJK acknowledges the valuable input from these stakeholders and is refining the LPBBTI industry regulations as part of its mandate under Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).

P2P 115

P2P Caps Consumer Protection Risk Management 115

Fintech News

APRIL 3, 2025

BNPL (Buy Now, Pay Later) burst onto the scene as a game-changer, transforming how consumers shop and pay over time. What started as a consumer-friendly alternative to traditional credit is becoming a more concrete financing solution in the digital payments ecosystem, particularly in emerging markets like BNPL regulation in Asia.

BNPL 111

BNPL Regulations Accreditation Consumer Protection 111

Bank Automation

AUGUST 23, 2024

The Consumer Financial Protection Bureau has once again made it clear that new AI- and machine learning-based technologies are held to the same consumer protection regulations as established technologies.

AI 75

AI CFPB Consumer Protection Laws 75

Fintech News

FEBRUARY 27, 2024

South Korea In June 2023, South Korea enacted the Virtual Asset User Protection Act, marking its inaugural comprehensive digital asset law. The Act is notably focused on consumer protection, imposing stringent penalties for market misconduct and manipulation. This development followed the 2022 collapse of Terra.

APACS 132

APACS Regulations Stablecoins Cryptocurrency 132

Fintech News

MARCH 31, 2024

Hasan Fawzi Hasan Fawzi, the Chief Executive of the Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, highlighted the initiative’s role in enhancing consumer protection and education.

Consumer Protection 112

Consumer Protection Risk Management Regulations Legal 112

Electronic Transactions Association

JANUARY 16, 2025

These products and services are safe, highly secure, and promote financial inclusion by allowing consumers and small businesses including lowandmoderate income consumers who have historically not had full access to the financial system to conduct their everyday financial transactions.

CFPB 45

CFPB Privacy BNPL Financial Inclusion 45

The Fintech Times

MAY 22, 2024

The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protecting consumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections. Are consumers protected?

BNPL 64

BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 64

PYMNTS

NOVEMBER 4, 2020

regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”. Merchants are central to this plan, as are banks, for their deep knowledge of consumers. Don’t let the lack of hard law in the U.S. One need only look to the U.K.

Laws 68

Laws API Regulations Federal Reserve 68

Fintech News

FEBRUARY 21, 2024

The Indonesian Financial Services Authority (OJK) is closely monitoring Investree , a fintech peer-to-peer lending platform, following public reports of potential operational and consumer protection violations.

Law Enforcement 118

Law Enforcement Audit Authorization Consumer Protection 118

Payments Source

JUNE 28, 2020

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms.

Privacy 67

Privacy Consumer Protection Laws Consumer 67

The Payments Association

MARCH 18, 2025

As more jurisdictions refine regulations and expand open finance frameworks, the focus will shift to interoperability, consumer trust, and cross-industry data integration. Ultimately, this convergence fosters a more inclusive and efficient financial ecosystem, benefiting consumers and businesses alike. What’s next?

Finance 88

Finance Payment APIs and Integration Non-Bank Embedded Finance 88

The Payments Association

OCTOBER 21, 2024

The rule changes provide stronger consumer protection but also raise concerns about industry costs and potential fraud exploitation. Collaboration between regulators, law enforcement, and the counter-fraud community is needed to ensure the effectiveness of the reimbursement scheme and to mitigate emerging fraud risks.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

Fi911

APRIL 15, 2025

While convenient for businesses and some consumers, this model raises questions about transparency and consent, which well explore next. Canada, the UK, the EU) have their own frameworks, often with similar consumer protection aims. Make Cancellation Easy Avoid creating complex or time-consuming cancellation processes.

FTC 59

FTC Federal Trade Commission Legal Best Practices 59

PYMNTS

AUGUST 30, 2016

The small nation is making a big push in support of FinTech innovation by reforming its payment laws. Singapore is preparing for a FinTech revolution. “It would also give MAS the flexibility to address emerging risks, such as cybersecurity, interoperability, technology and money laundering and terrorism financing. .

Laws 47

Laws FinTech Money Laundering Interoperability 47

Global Fintech & Digital Assets

OCTOBER 31, 2023

Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes. Market participants should therefore evaluate their path to compliance with the law as enacted, but should also expect further refinements from the DFPI in the coming 18 months.

Laws 52

Laws Stablecoins Issuers Legal 52

Fintech News

JANUARY 21, 2025

The regulation outlines the framework for PKA operations, including institutional requirements, governance, data security, and consumer protection. This is expected to benefit individuals and small businesses with limited traditional credit histories.

Regulations 89

Regulations Consumer Protection Compliance Governance 89

EBizCharge

MARCH 14, 2025

3 types of refund and cancellation policies For businesses, clear refund and cancellation policies can lead to greater consumer trust and fewer disputes. Legal advice: Legal experts can help clarify terms, avoid vague language that may lead to misunderstandings, and ensure that the policy aligns with applicable refund and return laws.

Returns 52

Returns Disputes Legal Product 52

PYMNTS

AUGUST 4, 2016

A spokeswoman from the European Commission told Reuters that national authorities are responsible for enforcing the EU’s rules pertaining to data and consumer protection. “The problem is always the lack of transparency and the notion of consent,” Tarabella explained.

Laws 41

Laws Law Enforcement Rules Authorization 41

Fintech Finance

MAY 13, 2025

While the payment industry and financial institutions are uniquely positioned to tackle financial crime, current regulations don’t go far enough to fully eliminate the risk of illicit financial flows – and consumers are starting to take notice.

Compliance 59

Compliance Financial Crimes Global Payments Money Laundering 59

Segpay

DECEMBER 13, 2024

Striking the Balance Between ID Management and Data Protection In the digital age, where data drives everything from marketing strategies to AI algorithms, a growing number of citizens are worried about the protection of their personal data. Fines for non-compliance can range from $2,500 to $7,500 per violation.

Privacy 105

Privacy Compliance CCPA Authentication 105