Today In Payments Around The World: PayPal, Mastercard Expand Debit Card Offering In Europe; ECB President Advocates For Digital Euro
In today’s top payments news around the world, PayPal and Mastercard are adding more European Union (EU) countries to a debit card offering, while European Central Bank (ECB) President Christine Lagarde has called for a digital euro. Plus, the State Administration for Market Regulation in China has fined Luckin Coffee and other firms.
PayPal and Mastercard are bringing the PayPal Business Debit Mastercard to additional companies in Europe. The firms said the card is now available in Spain, Ireland, Italy, Austria and France beyond its availability in the U.S., Germany and the United Kingdom. Small companies can have instantaneous access to their PayPal funds and unlimited 0.5 percent cash back on qualified spending with the debit card.
ECB President Christine Lagarde advocated for the digital euro before the Franco-German Parliamentary Assembly on Monday (Sept. 21), noting that it would offer an alternative to private cryptocurrencies. Lagarde positioned the change as a necessary one to acclimate to the new digital world. The idea of a digital token has been touted by a number of nations and firms lately.
The State Administration for Market Regulation in China has penalized Luckin Coffee and other companies that reportedly helped it inflate its revenue and expenses in 2019. The regulator said on Tuesday (Sept. 22) that it had penalized two Luckin companies in addition to 43 other firms for about $9 million or 61 million yuan. Luckin, a Nasdaq-listed upstart, reported large rises in revenue as of late.
Financial services firm Paytm Group has accused Google of “arm-twisting” emerging companies that rely upon the Android mobile operating system. The firm complained about the market power of Google in a web post that shared its view on Google’s temporary removal of a Paytm mobile program from the Android store. Android is said to run 95 percent of the smartphones in India.