Fintech news digest, what you have to know: what happened to PayPal and detailed about new crypto card compatible with ApplePay.
The latest news from the fintech world, as always, combines ups and downs. We couldn't miss the most important and interesting events that you definitely need to know to keep yourself updated.
PayPal, who actively expanding its presence in Europe day by day (and local payment systems are not quite happy with it), has run into trouble with the Polish antitrust consumer protection authority (UOKiK). The authority noted that PayPal Service Agreement are not very clear and precise, particularly regarding the section on prohibited actions and violations for which PayPal may impose various measures on accounts and users. Upon examination of the document, it was found that it is not entirely clear which actions are considered prohibited and which specific penalties and restrictions will be applied accordingly. In other words, PayPal has drafted its policies very carefully to have the ability to come up with violations and penalties on case-by-case basis. However, this wasn’t accepted and payment system was fined $27.3 million. Worth noting that the decision is not yet final and can be appealed.
Payeer payment system in Lithuania faced similar problems, although the grounds for them are much more serious. Payeer has been accused of violating sanctions regime in the EU and cooperating with banks from Russian Federation, as well as operating in Russian rubles for exchange. This also comes with violating AML legislation, specifically an insufficient and incomplete verification and identification process for users. According to a decision by the Lithuanian Criminal Investigation Service (FNTT), payment system will have to pay a fine of €9.29 million. Interestingly, according to the same investigation Payeer earned around €164 million thanks to the violations that were found.
And we'll close the digest with some good news from the crypto world — Bitrefill has announced plans to release a crypto card in partnership with Striga. Striga provides crypto banking and anti-fraud infrastructure, which will be used in the entire development of this card. The card is going to support BTC, ETH, USDC, USDT, and BNB and will be integrated with ApplePay. The latter is particularly good, as it is precisely what many modern crypto cards lack for full-fledged integration into everyday life. It's great to hear about productive partnerships and integrations. It helps move the industry forward and create new, innovative products that would take years to develop for everyone by himself. Keep it up, guys!
We would like to remind you that Monoup team is constantly updating the website with new articles and author reviews. Read more at Mono Talks.
