An Illinois state regulatory body has notified Square of a cease-and-desist order. The order stems from allegations that the mobile payments company is dealing in the state without proper licensing.
Square have confirmed the issue, commenting: “We’ve been in close contact with the Illinois Division of Financial Institutions for several months and are addressing their concerns.”
Since the comment not much else has been learned regarding the issue. It seems as if Square is currently not permitted to do business in Illinois. State law dictates: “no person in this state in the business of selling or issuing payments instruments” without appropriate licensing. Square supporters say this does not apply to the company as it does not hold funds in the same manner as a financial institution.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.