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The Green Sheet Online Edition

June 12, 2023 • Issue 23:06:01

News Briefs

Customer loyalty must be earned, study finds <- click to read full story

Runa conducted research on what motivates consumers to join or leave loyalty programs. After polling 900 loyalty program members in Germany, UK and United States, researchers found traditional loyalty product and service offerings failed to meet customer expectations, with 64 percent of respondents stating they would abandon current loyalty programs that make earning rewards complicated or difficult. "

The global loyalty management industry was worth $5.6 billion in 2022 and is expected to surpass $24 billion by the end of 2029, growing at a CAGR of 23.5% in this period," Runa researchers wrote.

EU harmonizes crypto rules <- click to read full story

The European Union approved a sweeping set of cryptocurrency rules, placing the 27-nation bloc at the forefront of cryptocurrency regulation. The Markets in Crypto Assets, or MiCA, approved by the European Parliament in April, got the green light from EU finance ministers on May 16. The rules are expected to begin taking effect in phases beginning in 2024.

"I am very pleased that today we are delivering on our promise to start regulating the crypto-assets sector," Elisabeth Svantesson, minister of finance for Sweden, said in a statement. "Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of the crypto industry for the purposes of money laundering."

Who will pay for CardConnect GPR error? <- click to read full story

Is it legal or plausible to claw back residual revenues paid to sales channel partners over a period of three years or more? An April 2023 CardConnect Corp. memo titled "Agent Partner Notice" suggests the answer is yes. Addressed to certain CardConnect sales channel partners, it outlines the company's efforts to recover overpaid residuals from as far back as 2018. "CardConnect has identified an incorrect calculation of Gross Processing Revenue (GPR) that resulted in an overpayment of residual payments from January of 2018 to December 2022 to certain partners originating with Ignite Payments, including you," CardConnect administrators wrote.

Interchange deal reached in Canada <- click to read full story

Small merchants in Canada will soon benefit from lower credit card interchange—a move the Canadian government said will save them $1 billion over five years. New interchange rates, negotiated between the Canadian government and Visa and Mastercard, and effective next year, will be 27 percent lower than the existing weighted average interchange for up to 90 percent of small businesses in the country. The two card companies agreed to lower domestic consumer credit card interchange for in-store transactions from 1.4 percent to 0.95 percent, the government said. Interchange on domestic consumer online transactions will be reduced by 10 basis points. Visa and Mastercard also agreed to give small merchants free access to online fraud and cyber security resources. end of article

This article contains excerpts from news stories recently posted under Breaking Industry News on our homepage. For links to these and other full news stories, please visit www.greensheet.com/breakingnews.php.

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