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The payments space is undergoing rapid change due to the implementation of the second Payment Services Directive and the evolution of mobile. There is a consequent push away from credit-card payments as lower cost options become available.
Tony McLaughlin, managing director, emerging payments and business development, treasury and trade solutions at Citi, says: “Merchants are looking for new methods of online payment that reduce costs, fraud and chargebacks while delivering a frictionless payment experience.”
In the UK, HM Revenue & Customs has stopped accepting credit cards as a payment option.
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