PSR fines NatWest £1.82m for overcharging interchange fees on credit cards

The Payment Systems Regulator (PSR) has taken action against National Westminster Bank Plc, Royal Bank of Scotland Plc, Ulster Bank Ltd and Coutts & Company for overcharging interchange fees on credit cards. The regulator’s action has made sure that those who were overcharged by the banks got their money back. The PSR has also fined…

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PSR report identifies solutions to enable more people to use digital payments

11th May 2022 Consumer Lending |

The Payment Systems Regulator (PSR) has welcomed the PSR Panel’s newly published Digital Payments Initiative report. The report, commissioned by the PSR, highlights the challenges to the take-up of digital payments and what the potential solutions and regulatory actions could look like. The Initiative concluded there are four high-level areas of focus to address to…

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Consumers spent £3bn a month more on petrol and groceries as cost of living continues to rise

British households spent 66% (£226) more on petrol in 2021 than 2020 and 45% (£468) more on groceries, according to the latest figures from LifeSearch. LifeSearch looked at spending across 16 categories, including food, entertainment, clothes and retail – and can reveal a 47% (£96.1bn) total increase in actual spending, with huge spikes in the…

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Consumer spending jumps 19% 

22nd March 2022 Consumer Lending | #spending

Consumer spending grew by close to a fifth (19%) in February compared to the same month in 2021, despite the rising cost of living starting to show signs of impacting behaviour, according to Nationwide’s latest Spending Report. The Spending Report is a full monthly breakdown of around 190 million debit and credit card and direct…

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Contactless spend increases by 30% since new £100 limit was introduced

UK Finance’s latest card spending data shows the average amount spent per contactless card transaction rose by almost 30 per cent following the contactless limit increase to £100 in October 2021. In September 2021, when the contactless limit was £45, the average spend per contactless payment was £11.86, this increased to £15.30 in December. The…

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Contactless card use soars

Latest figures from UK Finance have indicated that cash is no longer king as contactless card use figures have soared. The figures showed that contactless payments increased by 83% for credit cards and 56.2% for debit cards. Whilst there were 2 billion debit card transactions in November 2021, 29.5% more than the same month last…

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PSR finalises plans for the wider implementation of fraud prevention tool

11th February 2022 Consumer Lending | #fraud#payments

The Payment Systems Regulator (PSR) confirmed and published a new rule that paves the way for more banks and building societies to adopt Confirmation of Payee (CoP), the bank account name checking service. Every year thousands of individuals and businesses fall victim to Authorised Push Payment (APP) scams – where they are tricked into sending…

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Consumer spending slowed in January with Plan B restriction keeping consumers at home

9th February 2022 Consumer Lending | #spend

Data collected by Barclaycard reveals that growth in spending on debit and credit cards slowed in January as Plan B restrictions kept consumers at home. The analysis showed that spending increased by 7.4% in January compared with pre-pandemic levels in January 2020, the lowest level of growth since April 2021. Fuel spending rose by 6.7%,…

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Interim Chairs at the FCA and PSR announced

7th February 2022 Appointments | #appointments

HM Treasury has announced that they have started the search for the next Chair of the Financial Conduct Authority (FCA). While the search for Charles Randell’s permanent successor concludes, Richard Lloyd OBE will act as Interim Chair of the FCA from 1st June 2022. Aidene Walsh will act as interim chair of the Payments Systems…

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Card-acquiring market report published by PSR

28th January 2022 Consumer Lending | #payments

The Payment Systems Regulator (PSR) has published its initial remedies consultation for its card-acquiring market review. Every time somebody makes a card payment, for example, when buying their weekly groceries, the merchant uses card-acquiring services to accept the payment. These services are critical to the UK economy because they enable consumers and businesses to use their…

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Nine in ten card transactions were contactless in 2021

27th January 2022 Consumer Lending | #payments

New data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that 91.1% of all eligible card transactions in 2021 were made contactlessly, with the total value of contactless payments made increasing by 40.2%, year-on-year. The data also shows that shoppers increasingly opted for ‘touch and go’ at the…

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Card spending in January up 27% compared to 2020

25th January 2022 Consumer Lending | #consumer spending

Retail debit card spending soared 27% in the first two weeks of January compared to 2020, months before the pandemic hit, according to latest data from Lloyds Bank. The research found that 42% more was spent at restaurants and bars, whilst high-street stores, such as clothing outlets (34%), electrical goods stores (27%) and department stores…

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PSR fines five prepaid card companies £33m over cartel behaviour

The Payment Systems Regulator (PSR) has announced that it has imposed fines against Mastercard, allpay, Advanced Payment Solutions (APS), Prepaid Financial Services (PFS) and Sulion after concluding that the five parties infringed competition law by agreeing not to compete or poach each other’s customers in the prepaid cards market in the UK. The pre-paid cards…

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