U.K.

Laybuy, a New Zealand-based payment processing firm that allows customers to pay for purchases in installments, is launching in the U.K.

Mastercard has dropped out of a recent bidding war with Visa to acquire Earthport, announcing it will instead buy Transfast, a different cross-border payments firm.

The Bank of England is requiring Visa to appoint PwC as an independent third party to review the card brand’s progress in implementing recommendations that followed a 2018 outage in Europe.

Chinese mobile payment apps Alipay and WeChat Pay have made deep inroads into Western markets, and now UnionPay, China’s state-run card network, is catching up.

Barclays is preparing to merge its wearable mobile payments product BPay with its more popular Pingit app, after it struggled to attract users.

Revolut has caught the attention of U.K. regulators over money laundering compliance, a predicament that sheds light on issues faced by the entire digital financial services industry.

Revolut Ltd., the fast-growing financial technology startup, is facing regulatory scrutiny following an alleged compliance lapse that could have allowed illegal transactions on its app.

With Brexit on the horizon, the U.K.’s new agriculture bill is expected to drastically change the payments landscape for U.K. farmers — most notably through a new payments scheme known as the Environmental Land Management Scheme (ELMS).

Metro Bank, the lender founded by U.S. entrepreneur Vernon Hill, plunged to a record low after it disclosed that British regulators are probing how it misclassified assets, an incident that prompted a share sale.

The U.K.’s major banks are urging regulators to allow for greater flexibility in processing high-risk transactions, in a bid to tackle ever-rising levels of financial crime.