Fintech Headlines 2.8.2021

1. Blik, the Polish mobile payments service provider is making the contactless functionality available in the apps of six of the 17 banks that support its mobile payments solution. The service uses Mastercard MDES tokenization technology and is being rolled out in Poland with support from the card network.

2. Amazon Ends Use of Arbitration for Customer Disputes

Amazon changes its policy informing customers that any disputes will be resolved in federal court rather than through the private and secretive arbitration process. To prevent class actions, filed by groups of clients, many companies require customers to agree to arbitration in the event of a dispute. In the Amazon case, lawyers representing the customers turned this feature of the arbitration system to their advantage filing roughly 75,000 arbitration claims alleging that devices that feature the company’s voice-operated assistant, Alexa, were recording customers without their consent. Amazon faces potentially tens of millions of dollars in fees that it will have to pay the private arbitrators to have those cases heard.

3. Nomu Pay, a Finch Capital funded company, has completed two transactions to acquire Wirecard‘s payment entities in Hong Kong and Malaysia, and is in process of closing several other transactions related to different Wirecard entities in the Philippines, Thailand and Turkey.

4. Mastercard announced it will enhance its card program for cryptocurrency wallets and exchanges, making it simpler for partners to convert cryptocurrency to traditional fiat currency. Mastercard works on this new capability together with Evolve Bank & Trust and Paxos Trust Company, stablecoin issuance platform, and Circle, a global financial technology firm and the principal operator of the USD Coin (USDC). The goal is to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted.

5. Visa to acquire Currencycloud. Currency cloud offers cloud-based APIs to nearly 500 banks and financial services providers, enabling them to offer currency exchange services in180 countries.

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