Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has launched a review into big tech’s move into payments, deposit taking, consumer credit and insurance. While the FCA acknowledged that the involvement companies such as Alphabet, Amazon, Apple and Meta could bring innovation and benefits to consumers by increased efficiency and delivering healthy competition, it said they could pose…
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UK Finance has shared its latest credit and debit card data which has highlighted an increase in credit card usage in July when compared to 2021. The data showed that there were 343.8 million credit card transactions in July, 9.8 per cent more than in July 2021. The total spend of £18.8 billion was 17.1…
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The Payment Systems Regulator (PSR) has confirmed plans to force banks to introduce new anti-fraud measures. The PSR said around 400 more firms would be required to use the name-checking service, called confirmation of payee (CoP) which helps to make sure payments are not sent to the wrong account by mistake, or to accounts run…
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Signatories to the CRM Code, governed by the Lending Standard Board (LSB), have announced that they had made strides forward in their effort to stamp out transactions resulting in Authorised Push Payment (APP) scams, though areas of inconsistent application persist, according to the latest review. The “2022 review of adherence to Contingent Reimbursement Model (CRM)…
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New figures from Lloyds Bank have shown a surge in the use of contactless debit card payments, with this method used in 87% of transactions in 2022 compared to 65% in June 2019. The rise in contactless payments as a preferred method has been driven by restaurant and health and beauty purchases, which both see…
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Half of consumers have cut back spending to cope with the cost of living crisis, although financial resilience appears robust, according to figures revealed in TransUnion’s latest Consumer Pulse study. Over 50% of consumers surveyed indicated they’d reduced their expenditure in the last three months and intend to decrease it further as the year progresses. Whilst all spend…
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The Payment Systems Regulator (PSR) has published its annual report and accounts for 2021/22, setting out how it made a difference over the past financial year. 2021/22 was a year that saw the PSR impose its largest ever fine, boost protections against payment scams for millions making online payments, ensure free to use cash machines…
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A new study from Juniper Research has found cumulative merchant losses to online payment fraud globally between 2023 and 2027 will exceed $343 billion. Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business…
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The Payment Systems Regulator (PSR) has published its provisional decision on remedies for the card-acquiring market review, following its initial consultation earlier this year. Card-acquiring services are crucial to the UK economy because they enable merchants, like newsagents and supermarkets, to accept card payments. This means, every day, people can pay for goods they need, including…
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The Payment Systems Regulator (PSR) has announced that it will conduct two market reviews of card fees charged by Visa and Mastercard. The first review will look at why there was a fivefold post-Brexit increase in the cross-border interchange fee that Mastercard and Visa charged retailers for consumer purchases by phone or online in the…
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Global payments platform for digital Account-to-Account transactions Trustly, has announced the acquisition of Open Banking Payments platform Ecospend. Ecospend’s strong UK A2A product and full bank connectivity will complement and enable Trustly to further accelerate its UK roll-out – one of Europe’s most rapidly growing A2A regions and a core growth market for Trustly. Four…
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Buy Now Pay Later (BNPL) popularity as an alternative payment option, has been highlighted by GlobalData’s latest report, revealing that the global transaction value for BNPL payments reached $120 billion in 2021, and is set to reach $576 billion by 2026. BNPL made up 2.3% of the global ecommerce market, or, in other words, for every…
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The Payment Systems Regulator (PSR) has announced its plans that will see around 400 more financial firms provide Confirmation of Payee (CoP). This essential fraud protection service will increase coverage from 92% of transactions made via Faster Payments (FPS) and CHAPS (when you make a payment transfer from one account to another) to 99% worth…
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