KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Visa Inc. is collaborating with major UK banks to revamp how account-to-account payments are handled, as consumers continue to lose billions due to fraud and unauthorized transactions. The initiative, involving banks like Barclays, Lloyds, and HSBC, aims to introduce a new system providing consumers a formal process to dispute payments made via bank transfers.
Key Points:
Revamping Direct Debit Payments: Visa is focusing on enhancing direct debit payments, a popular automated payment method for bills and subscriptions. Despite its convenience, direct debit transactions have contributed to substantial losses from fraud, unauthorized renewals, and inflexible payment arrangements. Last year, UK consumers made about £3.70 trillion in payments using account-to-account technology.
New Dispute Process: The proposed system by Visa will allow customers to formally dispute payments, aiming to improve the payment experience and reduce losses. Visa is already working with Pay.UK, the operator of the UK's direct-debit and faster-payment systems, to mitigate fraud risks.
Regulatory Changes and Fraud Reimbursement: UK regulators are introducing new rules to require banks and financial-tech firms to reimburse consumers who fall victim to authorized push-payment fraud. The Payment Systems Regulator (PSR) plans to lower the maximum reimbursement cap from £415,000 to £85,000. Despite covering more than 99% of claims, industry groups argue that the cap should be set lower, at around £30,000, to better align with consumer protection needs.
Consultation and Implementation Timeline: A two-week consultation period to gather feedback from banks and payment firms will run through September 18. The final rules will be announced by the end of the month and will take effect on October 7.
Visa’s initiative represents a significant step towards enhancing the security and efficiency of the UK’s payment system, aiming to reduce consumer losses and improve overall trust in digital transactions.
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