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Union label
An arbitrator says Macy's three-year-old mobile self-checkout is a violation of its collective bargaining agreement, and the retailer must exclude divisions that use commission-based employee compensation, or find a way to credit those workers for sales through the app.
The United Food and Commercial Workers, which represents 1.3 million workers nationally and 11,000 Macy's staffers, filed a grievance based on the mobile feature, citing messaging that implied shoppers could use the mobile app to browse inside stores while avoiding in-person checkout, reports
Checkout-free retail has drawn political pressure elsewhere.
Market expansion
Nets has completed its acquisition of Checkout Finland Oy, a deal that will expand Nets' e-commerce reach in the region by adding one of the Nordic region's oldest and largest mobile payments firms.
Checkout Finland, which uses the cloud to deliver e-commerce capabilities to mechants, has about 8,000 merchant clients and reported revenue of about $15 million in 2020, up from about $11 million in 2019. The company also specializes in local shopping habits, such as the popularity of using direct transfers to make digital payments.
Nets recently sold its business account service to
Government scale
A cross-party group of British Parliament members is calling for regulators to consider the size and influence of a payment company when determining oversight and rules.
The MPs issued a report focused on the Wirecard scandal in an attempt to avoid the issues that arose with German regulators in the wake of the payment company's collapse. The U.K. MPs advocate a "scale box" that changes regulations as companies get larger and risk exposure reaches more people, reports
The German regulator
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The European Payments Council wants to promote information sharing to combat malware and other transaction fraud.
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The EPC says existing methods to manage fraud risk are too cumbersome to accommodate the growth of real-time instant transactions, and expects the information sharing platform to be live by February 2022.
From the web
THE WALL STREET JOURNAL | Monday, May 3, 2021
U.S. mutual-fund giant Fidelity Investments has drastically changed its view of what Jack Ma’s Ant Group Co. is worth after China’s regulatory crackdown on the financial-technology giant severely dented its growth prospects.
REUTERS | Saturday, May 1, 2021
Turkey added cryptocurrency trading platforms to the list of firms covered by anti-money-laundering and terrorism financing regulation, it said in a presidential decree published early on Saturday.
XDA | Friday, April 30, 2021
At the end of March, the Reserve Bank of India, India’s central bank and financial regulatory authority, announced new rules on recurring transactions. In response, Google is informing developers of temporary changes for Google Play users in India.
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