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June 12, 2020
On the web
Stripe Brings Bacs Direct Debits Online Alongside Cards and Digital Wallets
Cards International
“Stripe has today announced it has worked with Bacs Direct Debits to make the payment method available online, alongside card payments and digital wallets. Users can build Direct Debits into their payment flows, or use Stripe Checkout to skip the lengthy approval process of building their own Direct Debits payment form.”
June 11, 2020
On the web
Goldman Sachs’ Marcus Digital Bank Has Taken so Many Deposits in the UK That It’s Pausing Them
CNBC
“Goldman Sachs’ digital bank Marcus has paused applications for its easy-access savings account in the U.K. because of a surge in deposits during the country’s coronavirus lockdown. New British customers of the bank will no longer be able to apply for an online savings account with Marcus as of Wednesday. Goldman Sachs said the decision was temporary and had to be taken because the volume of deposits was approaching regulatory limits.”
June 2, 2020
On the web
UK Government Embraces Payment Initiation With TrueLayer Appointment
Finextra
“The UK government has given financial API provider TrueLayer the green light to provide public sector organisations with its Payment Initiation Service (PIS). The firm has been appointed to the government’s Crown Commercial Service’s Payment Acceptance Framework. Any government organisation can now set up with TrueLayer to accept payment via the Payments API.”
On the wires
Rapyd Launches All-In-One Integrated Payment Solution in the United Kingdom
“Rapyd, a global Fintech as a Service company, today announced the launch of a single, “full-stack,” payment solution in the United Kingdom allowing businesses locally and globally to access every major local payment method — such as cash, bank transfers, ewallets, and cards — through one easy to integrate connection. In partnership with several major payment partners including Visa, Mastercard, Payzone, and ClearBank, Rapyd’s all-in-one payment solution facilitates payments locally, and across borders for companies of any size, through one single API, reconciliation process, and contract.”
May 29, 2020
On the wires
Request to Pay Rules and Standards Framework Launched
“Today (Friday 29 May 2020) Pay.UK is pleased to launch the Request to Pay Framework – the message standards, rules, and terms and conditions for the development of Request to Pay services. The new Framework can now be used by organisations to create the first Request to Pay propositions, set to underpin a vibrant new market of payment messaging services.”
May 27, 2020
On the web
Visa Completes Request to Pay Pilot Trials
Finextra
“Visa has facilitated the first request to pay message sent and received using standards developed by Pay.UK. The messaging service enables billers to directly request funds rather than sending traditional invoices. For each request, receivers are asked whether they would like to pay in full or in part, request an extension, communicate directly with the biller, or decline to pay.Initially scheduled for release at the end of April, Pay.UK has delayed the publication of its R2P framework (the message standards, rules and terms and conditions) to avoid increasing the load on banks as they deal with the Covid-19 pandemic.”
May 22, 2020
On the web
UK’s FCA releases updated guidance for payments firms amid COVID-19
Mobile payments today
“The U.K. Financial Conduct Authority issued renewed guidance on payments firms amid concerns that the COVID-19 pandemic has put additional pressure on many startups that depend heavily on investor support and may not be able to meet original performance targets. “The guidance is part of a broader programme of work the FCA was planning to consult on later in the year, to set out its expectations for the payments sector,” the agency said in a statement on its website Friday. “This has now been brought forward due to pressures the coronavirus pandemic is placing on firms’ finances.”
April 16, 2020
On the web
Santander launches PagoFX in the UK, a money transfer app to take on TransferWise and other fintechs
TechCrunch
“A leaked Santander internal memo in 2017 likely set wheels in motion . Reportedly written by the bank’s head of innovation, the missive warned that a large chunk of the Spanish incumbent’s profits were at risk — specifically, those generated via international money transfers – because of the growing success of fintech challengers, such as London-headquartered TransferWise. Fast-forward three years, and today Santander is launching a standalone money transfer app, presumably in a bid to avoid the trappings of innovator’s dilemma. The new proposition is open to Santander and non-Santander customers and has been developed by a team working largely outside of the bank — a startup within a multi-national corporation, if you will — and has grown to around 50 team members working across Madrid, London, and Brussels.”
April 14, 2020
On the web
UK Bans Use Of Credit Cards To Pay For Gambling
Forbes
“From today (14 April 2020) gamblers in the UK can no longer use credit cards to pay for bets. The move has been welcomed because online gambling has increased during the coronavirus lockdown. The ban, first announced in January by the Gambling Commission and the government’s Department for Culture, Media and Sport, extends to credit card gambling through e-wallets. It applies to online and offline betting. The Gambling Commission, which regulates and licenses gambling in the UK, points to research which shows that around 10.5 million people in the UK gamble online, with 800,000 believed to use credit cards.”
January 29, 2020
On the web
Boom Time for ‘Buy Now, Pay Later’ Firms Fuels Debt Fears for Families
Mail Online
“The rise of ‘buy now, pay later’ firms has sparked fears that shoppers are being loaded with too much debt. Firms such as Klarna, Clearpay and Laybuy allow consumers to split the cost of their shopping over a fixed period. But debt advice charities fear this is leaving customers vulnerable because some of the agreements are not covered by regulations set down by the Financial Conduct Authority.”
January 28, 2020
On the web
Regulator Seeks Views on Competition Issues in UK’s Payments Architecture
Electronic Payments International
“The Payment Systems Regulator (PSR) has issued a call for Input on competition issues that could arise in the UK’s New Payments Architecture (NPA) The regulator is inviting all interested parties to respond to a ‘call for Input’ which seeks to gather feedback on the likelihood of competition issues materialising in the NPA and how harmful or significant they could prove to be. The overall aim is to provide greater clarity and more detail on the PSR’s expectations, concerns and regulatory approach.”
June 20, 2019
On the web
Online Retail Sales Suffer Slowest Growth on Record, As Bad Weather and Gloom Start to Bite
InternetRetailing
“Bad weather, Brexit and no Royal Weddings or football tournaments to boost the public mood, May has logged the worse online sales growth ever, according to the latest IMRG Capgemini eRetail Sales Index. May continued the discouraging 2019 trend of below-average sales growth, with just +1.9% year-on-year (YoY). When compared to this time last year, which saw the strongest May growth for online retail since 2010, the state of online retail remains rather tough.”
March 11, 2019
On the web
Lloyds, NatWest and Barclays Team up for Business Banking Hubs
FinTech Futures
“The first hub for SMEs will open its doors in Perry Barr, Birmingham today (11 March). The pilot will also see five other shared hubs open across the UK in the coming weeks. No specifics on that. The hubs will be branded “Business Banking Hub” and they have been designed to enable business customers from the three banks to conduct transactions through a shared facility.”
March 4, 2019
On the web
Pay.UK Brings Payment Brands Under One Roof
FinTech Futures
“Pay.UK is now the official home for retail payment services Bacs, Faster Payments, and Cheque and Credit Clearing. This is the final stage of bringing these payment brands together under the Pay.UK roof, and follows on from the announcement of the company’s name in 2018.”
January 24, 2019
On the web
Payment Systems Regulator confirms market review into card acquiring services
Payments Cards & Mobile
“The PSR is carrying out this review following concerns that the market may not be working well for merchants, and therefore consumers. The regulator published the draft terms of reference for this market review in July 2018. The final terms of reference take into account the valuable feedback the PSR received during the consultation period.”
January 10, 2019
On the web
TransferWise applying for Brussels license in bid to navigate a ‘no deal’ Brexit
TechCrunch
“TransferWise, the London-headquartered international money transfer company, is applying for a new licence in Brussels, in a bid to navigate a possible “no deal” Brexit as the U.K. prepares to leave membership of the European Union on March 29 this year.”
December 7, 2018
On the web
UK retail now sees more money spent online than on the high street: study
Internet Retailing (UK)
“UK shoppers now spend less money in shops than they do online, a new study suggests. Some 43% of spending, by volume, takes place in UK stores, while 57% takes place online, according to the Mastercard study. More than a quarter (27%) of all spending takes place using mobile devices, found the study. Some 20% was spent via a smartphone or tablet used at home or at work, while 7% was spending using a smartphone or tablet elsewhere. Almost a third (30%) was spending online using a PC or laptop.”
December 5, 2018
Top Post
Mastercard bids to bypass own rails with Pay by Bank app promotion
Finextra
“Mastercard has recruited PPRO Group to help push the uptake of of its Pay by Bank app to merchants in the UK. Pay by Bank enables customers of UK businesses to make online payments for goods and services via their banking app, and directly from their bank account. The app was developed by Zapp, a unit set up by VocaLink in 2013 with the aim of bringing real-time mobile payments – in store, online and through apps – to millions of Brits by integrating its system into bank apps and tapping into the Faster Payments rails.”
December 4, 2018
On the web
Zopa, the UK P2P lending company, secures bank license
TechCrunch
“Technically, however, this is only regulatory part one and Zopa’s bank licence comes “with restrictions,” meaning that it can’t launch fully just yet. Known as the ‘mobilisation’ phase of the license process, Zopa should eventually be granted a full licence once it meets various conditions set by the regulators.”
November 21, 2018
On the web
Mobile payments now account for 6% of all UK card transactions
NFC World
“The percentage of payments made with a mobile phone in UK stores has jumped from 1.3% in Q3 2016 to 5.6% in Q3 2018, an analysis of 190m card transactions has shown. Compared to this time last year, the volume of contactless mobile payments has increased by 60%. For payments under the £30 contactless payments limit, the number of transactions accounted for by mobile payments increased from 1.8% in Q3 2016, to 4.6% in Q3 2017 and then 7% in Q3 2018, the analysis by Cardlytics found.”
November 20, 2018
On the web
Two-thirds of UK bank branches have closed in the past 30 years
Finextra
“Banks often justify branch closures by pointing to partnership deals with local Post Offices for populations in remote areas. However, Which? has called into question the viability of the Post Office network as a stopgap solution, pointing to research which indicates that almost half of adults (45%) in Great Britain are unaware that they could use a Post Office for banking purposes.”
November 14, 2018
On the web
Pubs and bars feeling surge of mobile payments
Pub and Bar (UK)
“As a proportion of total payments, mobile transactions in the UK have jumped from 1.3% in Q3 2016 to 5.6% in Q3 2018, representing an overall increase of 331%. Compared to this time last year, mobile payments have increased by 60%. The data comes amid growing popularity among consumers as retailers become increasingly willing and able to accept mobile payments. In the contactless £30 range, the number of transactions accounted for by mobile payments increased from 1.8% in Q3 2016, to 4.6% in Q3 2017 and then 7% in Q3 2018.”
November 8, 2018
October 25, 2018
On the web
Contactless topples Chip & Pin as UK’s top payment choice
Techradar
“The latest figures from payment processor Worldpay say that contactless has now overtaken Chip & Pin payments, having already toppled cash transactions earlier this year. The company estimates that £38.5bn will be spent using contactless in the second half of 2018, with the volume of payments growing 30 per cent over the last year. Alongside this, WorldPay found that mobile contactless payments saw a huge 122 percent growth of 122% over the past year as consumers enjoy a more frictionless experience.”
October 18, 2018
On the web
Name checks to begin on bank payments
BBC
“The name of someone receiving a payment will be as important as their banking details for the first time from next summer, in an attempt to combat fraud. At present, anyone wanting to transfer money enters the intended recipient’s name, account number and sort code. However, the name is not checked. Under plans from the UK’s payments operator, the sender will be alerted if the name does not match the account. Banks have been accused of dragging their heels in introducing the system.”
September 20, 2018
On the web
Equifax fined by ICO over data breach that hit Britons
BBC
“Credit rating agency Equifax is to be fined £500,000 by the Information Commissioner’s Office (ICO) after it failed to protect the personal data of 15 million Britons. A 2017 cyber-attack exposed information belonging to 146 million people around the world, mostly in the US.”
July 31, 2018
On the web
UK Rregisters 8% Dip In Payments Card Fraud In 2017
Cards International
“A new interactive map by analytic software firm FICO has revealed 8% decrease in payments card fraud across the UK in 2017, which is said to be the first drop since 2011. The map is based on data obtained from Euromonitor International and UK Finance, and analyses card not present (CNP) fraud changes in Europe. Apart from the UK, France also achieved 6% drop in net fraud losses.”
July 24, 2018
On the web
UK Payments Regulator To Probe Card Acquiring Market
Finextra
“The PSR says the review will explore whether the supply of card-acquiring services is competitive and works in the interests of merchants, and ultimately consumers. In particular, it will address concerns that acquirers are holding on to the savings they made from EU-imposed IFR interchange fee caps, which could indicate that some merchants – especially smaller merchants – are suffering “significant harm” because competition in the supply of card-acquiring services is not working well.”
July 16, 2018
On the web
Mastercard Payment: How The Worldpay Partnership Could Change Everything (UK)
Cards International
“Mastercard has decided to push the Pay by Bank app, a VocaLink asset, by partnering with Worldpay. The Pay By Bank app allows consumers to bypass Mastercard’s own network and make payments directly via their banking app and bank account. It was developed by Zapp in 2013, but has taken half a decade to pick up steam. Currently, only users of Barclays’ PingIt app can utilise the service, but it could revolutionise Mastercard payment.”
July 11, 2018
Top Post
Wait Goes On For ‘Instant’ Payments
BBC
“A backlog of payments – including wages – that were blocked by an IT problem on Sunday has yet to be cleared, three days on from the glitch. Some bank customers have spoken of their frustration that payments had not yet reached their destination. The Faster Payments system should see money moved within two hours. A spokesman for the service said “good progress” was being made to clear the backlog and customers should not be left out of pocket.”
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