In today’s top payments news around the world, Klarna has joined forces with Verifone to advance availability in brick-and-mortar stores, while PayFort has changed its name to Amazon Payment Services. Plus, China’s central bank has warned merchants that they must take cash or encounter disciplinary action.
Klarna, the Swedish buy now, pay later (BNPL) upstart, has collaborated with California digital payments company Verifone to advance availability in brick-and-mortar retail locations throughout the U.S. and Europe. Users will have the capacity to easily tap into installment payments without interest charges through the connection of Verifone and Klarna’s cloud services infrastructure.
PAYFORT, the payment service provider that is based in the Middle East and North Africa (MENA) region, has changed its name to Amazon Payment Services, according to a letter from Managing Director Omar Soudodi, and will now provide installment payments. The firm was already Amazon-owned. It aims to assist individuals in financial binds by providing installment payment options.
The People’s Bank of China (PBoC) is aiming to close the broadening digital divide and has warned retailers that they have to take cash or encounter disciplinary action. “Renminbi (yuan) cash is the most basic means of payment. Entities or individuals cannot refuse to accept it,” the central bank said in a statement, per Reuters.
As Brussels published its technology legislation drafts, the European Union (EU) cautioned that it would break up large tech companies for repeated practices that are considered to be anti-competitive. If adopted, the Digital Markets Act (DMA) and the Digital Services Act (DSA) would have consequences for digital services providers in and outside of the bloc.
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