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February 7, 2024
On the web
Consumer Card Spending Grew Just 3.1 per Cent in January as Brits Opted for Nights in and Home-Cooked Meals, Yet Confidence in Personal Finances Reached Two-Year High
Barclays
"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."
February 1, 2024
On the web
Volt and Bumper Partner to Bring Open Banking to Major Car Dealerships in the UK and Europe
Volt
"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."
December 19, 2023
On the web
Even the Bank of England Is Part of a Shift to Blockchain Use Cases
Blockworks
"Financial firms Lloyds Banking Group, Banco Santander and UBS took part in the new payment system, launched by blockchain payments startup Fnality."
December 13, 2023
Top Post
UK Payments Regulator Proposes Cap on Mastercard, Visa Cross-Border Fees
Reuters
"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."
December 7, 2023
On the wires
Britain Sets Out Safeguards for Accessing Cash in Digital Age
Reuters
"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."
December 5, 2023
On the web
UK ATM Network Exec Warns of Decrease of 23,000 Free ATMs
ATM Marketplace
"John Howells, chief executive of Link, has warned the U.K. will lose 23,000 surcharge free ATMs in less than 10 years."
November 16, 2023
Top Post
Apple Highlights Apple Pay Card Balance Feature in UK, as It Begins Slow US Rollout
9to5Mac
"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."
November 15, 2023
On the web
Are Consumers Not Taking App Fraud Seriously Enough? [UK]
Electronic Payments International
"Reports suggest that there is a disconnect between consumers' understanding of APP fraud and their perception of the threat."
November 8, 2023
On the web
EU Watchdog Sets Out Capital, Liquidity Rules for Stablecoin Issuers
Yahoo
"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."
On the wires
Ripple Partners with Onafriq to Power Digital Asset-Enabled Cross-Border Payments Between Africa and the Rest of the World
Business Wire
"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."
November 1, 2023
On the wires
UK Watchdog Intervenes Again in 'Buy-Now-Pay-Later' as Users Rise
Reuters
"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."
October 30, 2023
On the web
UK Confirms Plans to Regulate Crypto Industry with Formal Legislation
CNBC
"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."
October 19, 2023
On the web
Open Banking Impact Report – October 2023 [UK]
Open Banking
"Over 1 in 9 Brits now use open banking services as open banking payments reach record high."
October 6, 2023
On the web
UK Payments Markets 2023
UK Finance
"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."
September 28, 2023
On the web
PSR Consults on How It Will Require Firms to Reimburse APP Fraud Victims [UK]
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."
September 20, 2023
On the web
How Much Will Payment Providers Have to Refund APP Fraud Victims [UK]?
The Banker
"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."
September 15, 2023
On the web
Number of UK Contactless Payments Rose by 30% Last Year
Computer Weekly
"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..."
September 14, 2023
On the wires
Britain Sees 14% Annual Rise in Missed Direct Debit Payments
Reuters
"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."
September 13, 2023
On the wires
Bank of England Official Says Public Need Reassurance on Digital Pound and Privacy
Reuters
"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."
September 1, 2023
On the web
This New UK Rule Allows Crypto Exchanges to Seize Customer Funds
BeInCrypto
"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."
August 18, 2023
On the wires
Britain Makes Access to Fee-Free Cash Machine a Legal Right
PR Newswire
"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."
August 14, 2023
On the web
Amazon Changes Payout Period
Ecommerce News
"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."
July 17, 2023
On the web
Tap to Pay on iPhone Coming Soon to Brazil Following UK Launch
9to5Mac
"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 Launches Fraud Prevention for Payers
EIN News
"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."
July 12, 2023
On the wires
Barclays Wins UK Supreme Court Case Over Push Payment Fraud
Reuters
"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."
July 6, 2023
On the web
Bank of England Collaborates with Wallet Manufacturer to Enhance CBDC Transaction Privacy
InsideBitcoins.com
"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.’"
June 29, 2023
Top Post
Mastercard Is Piloting Tokenized Bank Deposits in New UK Testbed
Coindesk
"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."
On the web
UK Crypto, Stablecoin Rules Receive Royal Assent, Passing Into Law
Coindesk
"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."
June 28, 2023
On the web
Pay.UK Partners with Visa, Synectics Solutions and Featurespace on Pioneering Fraud Detection and Prevention Initiative
Wearepay
"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."
June 20, 2023
On the web
‘Britcoin’ Launch Inches Closer After Project Rosalind CBDC Tests
Cointelegraph
"A major study between the Bank for International Settlements and the Bank of England found that a retail central bank digital currency could make peer-to-peer payments cheaper and easier."
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