STICPAY Empowers Merchants with Expanded Payment Options

STICPAY, a global leader in e-wallet and payment gateway services, has unveiled an enhancement to its platform by integrating Visa and Mastercard debit and credit card processing. This strategic move aims to empower over 5,000 merchant and corporate clients with greater flexibility and convenience in managing their payment operations.

The integration of the STICPAY API, means merchants can now effortlessly process certain card transactions alongside their existing payment methods. This expanded functionality encompasses various options, including local bank transfers, cryptocurrency payments, and a wide range of alternative payment methods (APMs). Notably, STICPAY’s own e-wallet, used by over a million customers across more than 200 countries, is also integrated into this comprehensive payment ecosystem.

The decision to integrate Visa and Mastercard comes at a time when the global credit card market continues to experience robust growth, projected to expand at a compound annual growth rate (CAGR) of 7.45% from 2023 to 2033. Debit cards are also expected to witness a steady growth rate of 1.4% during the same period. The sheer volume of transactions in 2023, with over 724 billion credit card transactions and 266 billion debit card transactions globally, underscores the enduring significance of card payments in the modern financial landscape.

Sean Park, CEO of STICPAY, highlighted the transformative impact of this integration: “We recognized that a substantial number of merchants aspired to process online card payments but were hindered by infrastructure limitations. This often led to missed business opportunities and customer dissatisfaction. By incorporating debit and credit card payment processing into the STICPAY API, we are not only enhancing payment accessibility but also paving the way for merchants to unlock new revenue streams and accelerate their growth.”

The integration of Visa and Mastercard processing into the STICPAY platform signifies a pivotal step towards a more inclusive and convenient digital payment ecosystem. By addressing the infrastructure barriers faced by merchants, STICPAY is playing a crucial role in enabling businesses to tap into the vast potential of card payments, ultimately fostering a more dynamic and customer-centric digital commerce landscape.

This article is for informational purposes only and does not constitute financial advice.

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Post-Brexit: data protection
Card processor sends sensitive data to wrong address
24 August 2022

Worldline SA subsidiary Payone GmbH has been accused of breaching data protection rules after it sent sensitive employee payroll information to the wrong address by accident. The Worldline Group holdS a 60% stake in the Frankfurt based company who have a small UK market presence.

In June 2021, one of Payone GmbH’s ex UK employees (the data subject) received a “potential data breach notification” from the firm advising him that his salary, National Insurance data, nationality (Special Category Data) was amongst various bits of information sent to an incorrect home address.

This included personal information such as the former employees name, age and address.  It also included details such as the date of birth and the amount of annual work bonus he received in his bank account amongst other identifiable data.

Payone GmbH confirmed that this document was sent out in error following an employee making a mistake when re-entering data processed by their third-party payroll provider.  The error arose when the employee was fulfilling an Article 15 GDPR request. The error was spotted by the data subject when he noticed in an email version of the document that the postal address was incorrect. An attempt to notify Payone GmbH of the error went in vain as the document was already irretrievably despatched.

The data subject was alarmed with the incident which exposed him to the possibility of fraudulent activity, amidst reasonable fears his data could end up on the dark web and used by criminals.  Habitually resident in the UK he complained to the Information Commissioner’s Office (ICO) in June 2021. He similarly raised the concern in Germany via The Hessian Commissioner for Data Protection and Freedom of Information (HBDI).

The ICO reprimanded Payone GmbH for the error in their final decision letter.
Similarly, the HBDI cited a violation of Article 5(f) of the General Data Protection Regulation (GDPR) relating to integrity and confidentiality.

The ICO stated in their July 2021 findings that Payone GmbH, “should take steps to ensure that all personal data records are accurate and up to date. Holding inaccurate information, such as addresses, does increase the risk of personal data breaches and poses risks to the security of information”.

The HBDI confirmed in their October 2021 findings that Payone GmbH had taken remedial action. They concluded that a monetary fine would not be imposed on Payone GmbH as they had taken technical and organisational steps in response to the data breach. Data subjects could now request their data in an autonomous portal.

The GDPR, which came into effect in 2018, gave the Information Commissioner’s Office greater powers to tackle data breaches. The new ‘UK GDPR’ charts its own course after Brexit whilst seeking to maintain EU GDPR adequacy.  In extreme scenarios, organisations face penalties of up to £20m or 4 per cent of their global worldwide turnover, whichever is more.

In the years prior to GDPR, the ICO fines were capped at £500,000.

The data subject said: “I am just glad I spotted it; they were going to resend the document again to another wrong address. Prior to Brexit the process would have been commenced via the ICO who in turn would liaise with the HBDI on the data subjects’ behalf; but I found myself communicating with both authorities separately which was an additional step but in the end was surprisingly
effective. Unfortunately, Payone GmbH again sent my incorrect address to the
Workers Pension Trust in January 2022, and documents yet again went to the wrong address. In my opinion they have not learned from the first time and my complaint is sitting with the ICO yet again”.

The former employee is pursuing a remedy under Article 82 UK GDPR via
the Court’s of England & Wales.

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