Payments News

On The Web

nbsp;

Global

Zopa, the UK P2P lending company, secures bank license

“Technically, however, this is only regulatory part one and Zopa’s bank licence comes “with restrictions,” meaning that it can’t launch fully just yet. Known as the ‘mobilisation’ phase of the license process, Zopa should eventually be granted a full licence once it meets various conditions set by the regulators.”
nbsp;

Domains

Mobile payments now account for 6% of all UK card transactions

“The percentage of payments made with a mobile phone in UK stores has jumped from 1.3% in Q3 2016 to 5.6% in Q3 2018, an analysis of 190m card transactions has shown. Compared to this time last year, the volume of contactless mobile payments has increased by 60%. For payments under the £30 contactless payments limit, […]
nbsp;

Global

Two-thirds of UK bank branches have closed in the past 30 years

“Banks often justify branch closures by pointing to partnership deals with local Post Offices for populations in remote areas. However, Which? has called into question the viability of the Post Office network as a stopgap solution, pointing to research which indicates that almost half of adults (45%) in Great Britain are unaware that they could […]
nbsp;

Global

Pubs and bars feeling surge of mobile payments

“As a proportion of total payments, mobile transactions in the UK have jumped from 1.3% in Q3 2016 to 5.6% in Q3 2018, representing an overall increase of 331%. Compared to this time last year, mobile payments have increased by 60%. The data comes amid growing popularity among consumers as retailers become increasingly willing and able to […]
nbsp; nbsp;

Global

UK retail now sees more money spent online than on the high street: study

“UK shoppers now spend less money in shops than they do online, a new study suggests. Some 43% of spending, by volume, takes place in UK stores, while 57% takes place online, according to the Mastercard study. More than a quarter (27%) of all spending takes place using mobile devices, found the study. Some 20% was […]
nbsp;

Global

Pay.UK Brings Payment Brands Under One Roof

“Pay.UK is now the official home for retail payment services Bacs, Faster Payments, and Cheque and Credit Clearing. This is the final stage of bringing these payment brands together under the Pay.UK roof, and follows on from the announcement of the company’s name in 2018.”
nbsp;

Global

Payment Systems Regulator confirms market review into card acquiring services

“The PSR is carrying out this review following concerns that the market may not be working well for merchants, and therefore consumers. The regulator published the draft terms of reference for this market review in July 2018. The final terms of reference take into account the valuable feedback the PSR received during the consultation period.”
nbsp; nbsp;