Amazon will increase the price of Prime subscription in Europe to compensate for inflation
In a bid to offset the rising cost of goods and shipping services, Amazon announced plans to raise annual Prime membership fees from 20% to 43% in five European countries. A spokesperson for the e-commerce giant told PYMNTS that the regional price increases are expected to hit new and existing subscribers on September 15 in the UK, Germany, France, Italy and Spain, noting that users who do not pay for the full year at a time will see their monthly rate increase by around 1 pound in the UK and 1 euro in other countries.
Virgin Money announces BNPL credit card
British bank Virgin Money has announced the launch of a new credit card that will allow customers to spread their payments over several months, entering the increasingly competitive buy now, pay later (BNPL) space. Customers won’t have to pay an installment fee for their Virgin Money Slyce Card refunds unless it takes them nine months or more to pay off their balance in full. The card also offers cash back for select retail purchases.
Plaid launches beta payment tool to speed up checkout
Plaid has launched a tool in beta to improve Variable Recurring Payments (VRP) for individuals and businesses in the UK VRP was first introduced by Plaid in 2021 and gives users the ability to authenticate once so that future automated payments can take place without additional verification.
Polish banks risk fines if they ban mortgage payment holiday program
Polish banks could face fines of up to 10% of their annual turnover if they prevent mortgage holders from taking advantage of payment holidays. The payment holiday scheme, which comes into effect on Friday July 29, aims to help mortgage owners whose monthly payments have risen due to rising interest rates by allowing them to skip a maximum of eight payments in 2022 and 2023.
Israel’s new cash cap goes into effect next week
Israel’s limit on the value of cash transactions is set to decrease on Monday (August 1) from 11,000 Israeli shekels (about $3,200) to 6,000 Israeli shekels (about $1,700) for commercial payments and 50,000 shekels (approximately $14,500) to 15,000 Israeli shekels (approximately $4,400) for transactions between individuals. Israeli businesses and consumers have been subject to cash limits since 2019. The purpose of the law is to force the public to use digital payments instead of cash. This aims to enable better monitoring of transactions so that Israeli authorities are equipped to combat tax evasion, black market activity and money laundering.
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