Credit, Collections & Insolvency News
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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Millions of people in communities across the UK will see their ability to access cash protected by new powers set out by the Government. Under the new rules, the financial regulator – the Financial Conduct Authority (FCA) – will be granted new powers over the UK’s largest banks and building societies, to ensure that cash…
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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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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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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 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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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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