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NewsBriefs

This article contains excerpts from news stories recently posted under Breaking Industry News on "I am very pleased that today we are
our homepage. For links to these and other full news stories, please visit www.greensheet.com/ delivering on our promise to start
breakingnews.php. regulating the crypto-assets sector,"
Elisabeth Svantesson, minister of
finance for Sweden, said in a state-
ment. "Recent events have confirmed
the urgent need for imposing rules
Customer loyalty must be earned, study finds which will better protect Europeans
who have invested in these assets,
Runa conducted research on what motivates consumers to join or leave loyalty and prevent the misuse of the crypto
programs. After polling 900 loyalty program members in Germany, UK and industry for the purposes of money
United States, researchers found traditional loyalty product and service offer- laundering."
ings failed to meet customer expectations, with 64 percent of respondents stat-
ing they would abandon current loyalty programs that make earning rewards Who will pay for CardConnect
complicated or difficult. " GPR error?

The global loyalty management industry was worth $5.6 billion in 2022 and is Is it legal or plausible to claw back re-
expected to surpass $24 billion by the end of 2029, growing at a CAGR of 23.5% sidual revenues paid to sales channel
in this period," Runa researchers wrote. partners over a period of three years
or more? An April 2023 CardConnect
EU harmonizes crypto rules Corp. memo titled "Agent Partner
Notice" suggests the answer is yes.
The European Union approved a sweeping set of cryptocurrency rules, placing Addressed to certain CardConnect
the 27-nation bloc at the forefront of cryptocurrency regulation. The Markets sales channel partners, it outlines the
in Crypto Assets, or MiCA, approved by the European Parliament in April, got company's efforts to recover overpaid
the green light from EU finance ministers on May 16. The rules are expected to residuals from as far back as 2018.
begin taking effect in phases beginning in 2024. "CardConnect has identified an in-
correct calculation of Gross Process-
ing 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
HOLIDAY PAYMENT Small merchants in Canada will soon

SOLUTIONS benefit from lower credit card inter-
change—a move the Canadian gov-
ernment said will save them $1 bil-
lion over five years. New interchange
ACH • LEVEL III • EMV rates, negotiated between the Cana-
dian government and Visa and Mas-
tercard, and effective next year, will
WEB • RECURRING be 27 percent lower than the existing
weighted average interchange for up
CASH DISCOUNT to 90 percent of small businesses in
the country. The two card companies
agreed to lower domestic consumer
CUSTOMER DATABASE credit card interchange for in-store
transactions from 1.4 percent to 0.95
percent, the government said. Inter-
C A L L F O R A D E M O change on domestic consumer online
transactions will be reduced by 10 ba-
8 0 0 - 2 9 6 - 4 8 1 0 sis points. Visa and Mastercard also
agreed to give small merchants free
access to online fraud and cyber se-
curity resources.

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