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Klarna eyes crypto; Monzo extends gambling controls – PaymentsSource

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Crypto installment

Buy now/pay later firm Klarna has teamed Swedish cryptocurrency broker Safello to support crypto trades.

Klarna, which is also based in Sweden, will use its open banking platform, which has access to more than 5,000 banks in 18 European countries, to allow Safello’s 180,000 users to buy crypto from their bank accounts.

Buy now/pay later companies have grown quickly over the past year as consumers seek credit alternatives and merchants look to support larger purchases. But the market faces regulatory and economic pressure that is encouraging companies to diversify.

Not open

U.K. challenger bank Monzo is expanding its gambling blocks to include payments via PSD2 third party connections.

Monzo will use technology from TrueLayer to extend its three-year old gambling payment controls, which are used by more than 275,000 consumers. Payment companies use merchant category controls to halt gambling payments as a service to consumers who may have an addiction.

These controls only apply to cards. Through the new integration, TrueLayer will automatically notify Monzo when an open banking platform–which connects banks to third party apps–is used to transfer funds to a gambling firm. Monzo will be able to use this information to halt the payment.

Hollie Adams/Bloomberg

Fast work

The U.S. Faster Payments Council has formed work groups to address financial inclusion and recurring transactions.

The council wants to ensure expedited processing that’s designed to support e-commerce also reaches underserved
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