Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) is considering whether to remove or increase the contactless card limit to enhance economic growth and benefit households and businesses. The FCA says that damilies and businesses across the country could benefit from greater choice, flexibility and smoother purchases. Making regulation less prescriptive would also give firms greater control and…
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The total number of cash payments in the UK has decreased as more consumers opt for digital transactions using cards and phone apps like Apple Pay and Google Pay according to latest UK Finance data. The research showed that last year, the UK population made 6 billion cash payments, accounting for only 12% of the…
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Outstanding debt on credit cards increased by nearly 10% in the past year, as households turned to borrowing to cope with inflationary pressures and rising living costs. according to latest UK Finance date. The number of credit card transactions rose by 3.8% to 371.4 million in December, with a total spend of £19.2 billion in…
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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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