"Regulators need broader oversight of financial firms to prevent a crisis in the vast non-bank sector turning into a credit crunch and wreaking havoc on the economy, Britain's central bank said on Monday."
"Consumer card spending grew 3.1 per cent year-on-year in January – less than the latest CPIH* inflation rate of 4.2 per cent, yet higher than December’s growth of 2.3 per cent. Retail, hospitality and leisure spending slowed as Brits stayed at home to shelter from the cold weather and save money after a busy festive period."
"Volt, the global real-time payments platform, announces its partnership with Bumper, a payment platform for car dealerships, to harness the power of open banking and real-time payments so that consumers can pay for vehicle deposits, repairs, parts, services and even purchase vehicles outright."
"Financial firms Lloyds Banking Group, Banco Santander and UBS took part in the new payment system, launched by blockchain payments startup Fnality."
"Britain's payments regulator on Wednesday provisionally proposed a cap on cross-border interchange fees on retailers and other businesses charged by Mastercard and Visa on transactions made between the UK and European single market."
"Britain's banks and building societies should make sure customers can still access cash before closing a branch as more financial services move online, the country's markets regulator proposed on Thursday."
"John Howells, chief executive of Link, has warned the U.K. will lose 23,000 surcharge free ATMs in less than 10 years."
"Apple is today highlighting an Apple Pay card balance feature in the UK after it was expanded to 10 banks and finance companies there...Once activated, the feature displays bank account and card available balances directly beneath the card in the Wallet app."
Electronic Payments International
"Reports suggest that there is a disconnect between consumers' understanding of APP fraud and their perception of the threat."
"The European Union's banking watchdog set out proposals on Wednesday requiring that from June, issuers of stablecoins backed by currencies to have sufficient funds to fully redeem investors."
"Ripple, and payments fintech Onafriq, previously MFS Africa, announced that they are partnering to facilitate digital asset-enabled cross-border payments between Africa and several new markets, including the Gulf Cooperation Council (GCC), the UK and Australia."
"Britons are turning to unregulated "buy-now-pay-later" credit in ever increasing numbers to pay their bills, the Financial Conduct Authority said on Tuesday, in the latest sign of how the country's cost of living crisis continues to bite."
"The U.K. government on Monday confirmed plans to regulate the cryptocurrency industry, announcing in a consultation paper that it will look to bring in formal legislation for crypto activities by 2024."
"Over 1 in 9 Brits now use open banking services as open banking payments reach record high."
"An analysis of recent and emerging developments for all forms of payments. UK Payment Markets 2023 provides detailed commentary on trends in payment markets in 2023 and forecasts up to 2032."
Payment System Regulator
"In June 2023, we published our policy statement outlining our new authorised push payment (APP) fraud reimbursement requirement...We have published our consultation on the proposed specific direction on PSPs who participate in Faster Payments. The specific direction will underpin the faster payments reimbursement rules."
"To address the impact of authorised push payment (APP) fraud, the UK is introducing a new reimbursement requirement on payment service providers (PSPs)....It is proposed that PSPs will only be required to reimburse customers who are victims of APP fraud up to the maximum level of reimbursement (potentially subject to a claim excess), and if the customer met a standard of care when executing APPs."
"Some 17 billion contactless payments were made in the UK last year, a 30% increase on the previous year, with 87% of people using the technology at least once a month, according to the latest figures from banking industry body UK Finance. The average value of contactless payments also increased..."
"Britain reported an annual rise of 14% in missed bill payments last month for their second highest rate on record, figures on Thursday showed, pointing to growing financial strain on households. The percentage of failed direct debits - mostly used for utility bills or mortgage and credit card repayments - rose from 0.82% in July to 0.83% in August, the second highest rate in monthly records, which started in January 2019."
"A "national conversation" is needed to assuage public fears that a digital version of the pound would allow the government to spy on them, Bank of England deputy governor designate Sarah Breeden said on Tuesday. The BoE and Britain's finance ministry have been consulting on whether and how to introduce a digital pound, probably in the second half of this decade."
"Starting September 1, 2023, cryptocurrency users in the United Kingdom enter a new era of regulatory scrutiny. The Financial Conduct Authority (FCA) has implemented its “Travel Rule,” a regulation that equips crypto exchanges with the authority to freeze or seize customer funds for failing to sufficiently verify their source."
"Nearly everyone in Britain will remain within three miles (4.8 km) of a cash machine that does not charge fees despite the dwindling use of notes and coins, the finance ministry said on Thursday."
"Ecommerce giant Amazon has announced that it will make changes to its payout period. Sellers in the United Kingdom and Europe will have to wait until a week after the delivery of an item to receive their proceeds. The change will come into effect in phases in the upcoming month, until September 6th."
"Apple announced on Thursday that Tap to Pay on iPhone is now available to users in the UK. For those unfamiliar, the feature turns the iPhone into a payment terminal, so vendors can use their phone to accept contactless payments. Now it seems that Tap to Pay is coming soon to Brazil as well."
"Bottomline, a leading provider of financial technology that helps make business payments simple, smart and secure, today announced the launch of Pay.UK’s Payer Name Verification service, offered through Bottomline Payments Services Limited, which will provide businesses with greater assurance that payments are being collected from the named account holder when processing Direct Debits."
"Barclays on Wednesday won a UK Supreme Court appeal that turned on the extent of banks' duties to protect customers from fraudsters in a closely watched decision lawyers say could stem a flood of litigation."
"The Bank of England (BoE) is teaming up with payments platform Nuggets to develop a privacy and identity layer for the proposed digital pound. According to a Wednesday report by The Block, Nuggets will design a private and secure payments feature using ‘Untraceable connections to privately swap and check credentials without revealing identities.’"
"Mastercard is setting up a testbed, dubbed the Multi-Token Network (MTN), which will begin by exploring tokenized bank deposits, and which will be available in beta mode this summer in the U.K."
"A U.K. bill giving regulators the power to supervise crypto and stablecoins was approved by King Charles Thursday, marking the last formal stage that makes the bill law. Royal assent, a purely procedural step following agreement from lawmakers, makes the Financial Services and Markets Bill an Act, and includes measures to bring crypto and stablecoins into the scope of regulation. The bill was last week approved by the upper chamber of Parliament."
"Pay.UK today announces a major new collaboration within the UK payments industry that will help fight fraud by bringing together the combined power of data from multiple high street banks and payment service providers for the first time. Confirmed today in a pilot form, the initiative aims to create a new overlay service for UK banks and building societies that will safely and securely analyse money flows and use predictive intelligence to proactively detect fraud and help prevent crime before it occurs."