Canada Proximity Mobile Payments Forecast 2022
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Fed official calls for the inclusion of fintechs in bank merger competitive analysis
A Fed official suggested updates to big bank merger rules to account for increasing competition from fintechs.

Fed Governor Michelle Bowman called some of the rules regarding big bank mergers “outdated” and said that the Federal Reserve Board should consider updating them to reflect the impact fintechs now have on the banking industry. The merger rules were last updated in 1995.

Bank mergers have been a popular conversation topic this year. Nearly all bank merger deals since 2003 have been approved, which led the Biden administration to slow down the reviews and look at overhauling the approval process.

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UK payments regulator sets the pace for APP fraud rules
The UK’s Payment Systems Regulator (PSR) proposed requiring banks to reimburse authorized push payment (APP) fraud victims within 48 hours under most circumstances.

The PSR said it wants to see the requirements for mandatory APP fraud reimbursement implemented “as soon as possible.”

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UK payments regulator sets the pace for APP fraud rules
REPORT OF THE DAY
Canada Proximity Mobile Payments Forecast 2022
Slow adoption in the Canadian proximity mobile payment market is mainly due to a mature contactless card ecosystem and expensive mobile data. These conditions aren’t set to change in the next several years as customers largely remain locked into their payment habits
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