PSR proposes cross-border interchange fee cap on credit and debit cards

The Payment Systems Regulator (PSR) has announced that it is proposing to introduce a price cap to protect UK businesses from overpaying on these interchange fees. Subject to the PSR’s final report and further consultation on remedies, this could happen in two stages: An initial time-limited cap of 0.2% for UK-European Economic Area (EEA) consumer debit…

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PLCs losing billions to customer refunds and chargebacks 

29th November 2023 Consumer Lending | #payments

The total value of refunds and charge disputes could be as high as £13.2 billion per year in the UK, with the cost implications for retail Britain set to be greater still, according to new research from Equifax. The research found that more than two in three consumers (71%) have never had a refund or…

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Half of all payments made using debit cards

19th September 2023 Consumer Lending | #payments

The total number of payments (consumer and business) in the UK last year increased to 45.7 billion, up from 40.4 billion in 2021 according to data analysis by UK Finance. Payments made by businesses accounted for 13 per cent of the number of all payments made in the UK during 2022. However, due to the…

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Digital wallets transaction value to surpass $16tn by 2028

10th July 2023 Consumer Lending | #payments

A new study from Juniper Research has found that the total value of digital wallets transactions will rise from $9 trillion in 2023 to $16 trillion in 2028, a growth of 77%. The trend is driven by growth across both developed and developing markets, as the increased adoption of advanced services such as BNPL (Buy Now…

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Digital prepaid card usage predicted to surge by 650% globally by 2028 

1st June 2023 Consumer Lending | #payments

A new study from Juniper Research has predicted that the value of digital prepaid card transactions will exceed $3.98 trillion globally by 2028, up from $528.7 billion in 2023. Juniper says that by 2028, the value of digital prepaid card transactions will represent just under 60% of total prepaid cards spend, up from 15% in 2023,…

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Households card spending increases 4%

Household spending increased last month but continued to trail behind inflation rates, according to new figures from Barclays. The figures showed that consumer card spending rose four per cent year on year in March, less than half the latest CPIH inflation rate of 9.2 per cent, as consumers made further cutbacks to cope with the cost-of-living…

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Value of contactless payments increased nearly 50% in 2022

21st February 2023 Consumer Lending | #payments

Data from Barclays has revealed that 91.2% of card transactions were contactless last year, up from 85.6% of eligible card transactions being contactless in 2021. The research found that the average contactless user made 220 ‘touch and go’ payments last year, up from 180 in 2021, with the average value per transaction rising 18.5 per cent…

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Contactless mobile payments predicted to surpass 1bn in 2024

8th November 2022 Consumer Lending | #payments

A new study from Juniper Research has found that the total number of unique contactless mobile payment users will reach 1 billion globally by 2024; rising from 782 million in 2022, representing a growth of 60%. The report identified increased investment in contactless acceptance infrastructure, especially across emerging regions, as key to driving growth, through which over…

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FCA to probe big tech’s move into payments

25th October 2022 Consumer Lending | #payments

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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PSR sets out plans for card-acquiring services to help retailers

30th June 2022 Consumer Lending | #payments

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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PSR announces proposals to make more financial firms adopt confirmation of payee

25th May 2022 Consumer Lending | #payments

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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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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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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