Payments News
nbsp;

Global

Cards remain king as UK consumers slow to support mobile payments

“Despite the hype, new research has revealed that mobile payments are almost as unpopular as cheques. In fact, the payment card is still the number one payment method when it comes to in-store purchases for UK consumers according to IDEX Biometrics. Three quarters (75%) of respondents stated that they use cards, including contactless, most often, compared to […]

On The Web

nbsp;

Global

Contactless topples Chip & Pin as UK’s top payment choice

“The latest figures from payment processor Worldpay say that contactless has now overtaken Chip & Pin payments, having already toppled cash transactions earlier this year. The company estimates that £38.5bn will be spent using contactless in the second half of 2018, with the volume of payments growing 30 per cent over the last year. Alongside this, WorldPay found that […]
nbsp;

Global

Name checks to begin on bank payments

“The name of someone receiving a payment will be as important as their banking details for the first time from next summer, in an attempt to combat fraud. At present, anyone wanting to transfer money enters the intended recipient’s name, account number and sort code. However, the name is not checked. Under plans from the UK’s payments […]
nbsp; 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;

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; 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

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 […]