Credit, Collections & Insolvency News
The Government has announced new measures on how it intends to modernise payment services regulation and update it to support innovations in money and payments. The measures include improving the regulation of payment services and electronic money by integrating it with the UK’s core regulatory approach for financial services. This will mean establishing a single,…
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Research commissioned by Corpay has found that many organisations continue to rely on manual or partially manual spend processes, while finance leaders increasingly view automation and card-led payments as strategically important. The research of 300 CFOs, including those in retail, wholesale, manufacturing, and IT sectors, found that more than eight in ten CFOs (83%) agree…
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New research from FIS suggests that digital currencies, such as cryptocurrencies and stablecoins, are firmly on the radar of younger consumers, but with limited understanding and concerns around transparency, continue to hold back wider adoption across the UK. While the FCA recently confirmed that stablecoin payments are a 2026 priority, the data shows a clear…
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Today (Tuesday 17th February) marks twenty years since Chip & PIN fully replaced signatures for in-store card purchases. Since then, the way we pay and the way criminals attempt to commit fraud, has significantly changed. Alongside more than 25 million additional cards now in circulation compared with two decades ago, two major shifts have transformed…
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New research from American Express has found that nearly a third (29%) of adults either plan to, or will consider using, AI assistants and tools when they shop this year, rising to nearly four in ten (37%) for younger consumers aged 18-34. American Express says that for younger consumers, AI is rapidly becoming woven into…
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The Financial Conduct Authority (FCA) will allow banks to set their own contactless payment limits from 19th March 2026. Currently, the limit stands at £100, raised from £45 five years ago. The FCA aims to enhance fraud prevention by permitting only banks with strong fraud controls to adjust these limits. People could find it easier…
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Consumer payments platform, Zilch has announced that it has secured a payments services licence from the Financial Conduct Authority (FCA). The licensing marks a significant milestone for Zilch, removing the reliance on third-parties and enabling the business to build more payments methods in-house, develop and bring new products to market even faster and innovate quickly…
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A new report from Lloyds Merchant Services has found that consumers are increasingly looking for payment flexibility. 61% of adopters say they are more likely to shop with a retailer offering Buy Now Pay Later (BNPL), rising to 63% for point-of-sale (POS) finance. Half (50%) are comfortable using BNPL for mid-ticket purchases between £100 and…
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New research by UK Finance has found that more people are now using digital payments, with rising use of in-app purchases, digital wallets, and Buy Now Pay Later for shopping. At the same time, cash payments have again fallen. These trends indicate that people are increasingly opting for digital payment options, a trend that is…
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The Financial Conduct Authority (FCA) has announced new proposals that would enable contactless card payments to exceed £100 and potentially become unlimited under new proposals to allow banks and other providers to set limits. The regulator says that it wants to give card providers the flexibility to decide the right limit for themselves and their…
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UK Finance data has shown that the total value of transactions on these cards was just over £1 trillion during 2024. The figures were in line with 2023 and split betwee debit card spend of £797 billion (down 0.8 per cent compared) to 2023 and credit card transactions worth £249 billion (up 5.3 per cent compared…
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New Barclays Consumer Spend data shows a record 94.6 per cent of all eligible in-store card transactions were made using contactless in 2024, surpassing the previous year’s record of 93.4 per cent. Shoppers used the technology more frequently, 236 times across the year, on average (vs. 231 in 2023) – and the cost of the…
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The Government has voiced concern that local communities are at risk of losing access to banking services without specialised hubs. Speaking as she inaugurated the UK’s 100th banking hub in Lancashire, the Chancellor Rachel Reeves said “Without these banking hubs, towns are going to be banking deserts.” The Government plans to establish 350 hubs by…
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