Contactless Payments in the UK Barclaycard have reported that contactless transactions surged in the UK during 2021. Data: Barclaycard & Graphic: Northey Point Taking friction out of purchases The increase to the £100 payment limit has been a great opportunity to take friction out of the purchase experience. This is especially the case in busy... Continue Reading →
Weekly ATM value and volume figures 23 January 2022. Key observations for the week ending 23 January 2022: The volume of ATM transactions increased by 2% when compared to the previous week in 2022. The volume of ATM transactions increased by 23% when compared to the equivalent week in 2021. The volume of ATM transactions... Continue Reading →
Help me out here ... how can 'pay by link' even be a thing? Back in issue 207 of Payments:Unpacked we asked how can 'pay by link' even be a thing? Pay by link is growing in use within the financial services industry, as banks and other financial services companies adopt the mechanism in their apps to service growing... Continue Reading →
With analogue (cheque) payments representing just 1.5% of the total Bacs, CHAPS, Faster Payments and Image Clearing System volumes is it the right time to join the Bahamas and decide to donate the humble cheque to that vast imaginary museum - the Museum of Curiosity? A 17th Century Alternative To Cash Bills of Exchange began to... Continue Reading →
In this first round up of retail payments in 2022, with increased Covid restrictions still in place for the period under review, we see the impact on the volume and value of payments processed in the UK. Note: All data is publicly sourced and is the latest available: Pay.UK December 2021, Link January 2022 and... Continue Reading →
In this blog we take a look at the publication of the LINK Consumer Council’s Annual Report for 2021 which provides some interesting insights into financial inclusion in the UK. The report summarises the work done in 2021 by the LINK Scheme Ltd Consumer Council who advise LINK on all their financial inclusion work, and has spearheaded... Continue Reading →
Weekly ATM value and volume figures 16 January 2022. Key observations for the week ending 16 January 2022: The volume of ATM transactions increased by 11% when compared to the previous week in 2022. The volume of ATM transactions increased by 23% when compared to the equivalent week in 2021. The volume of ATM transactions... Continue Reading →
In this first episode of the new Payments:Unpacked podcast series (Series 1, Episode 1) we shine a light on the UK's new bill payments overlay service - Request to Pay. We are joined by Peter Cornforth, Commercial Director from Answer Pay - the UK's first accredited Request to Pay provider. Peter describes what Request to Pay is, considers the benefits to both the biller and... Continue Reading →
Northey Point’s response to the Payment Systems Regulators consultation on Authorised Push Payment (APP) Scams (CP21/10). Introduction This paper sets out Northey Point’s response to the PSR’s Authorised Push Payment (APP) Scams consultation (CP21/10). Mike Chambers is a recognised authority on retail payments and, as Chief Executive Officer, led Bacs Payment Schemes Limited (Bacs), the... Continue Reading →
The Payment Systems Regulator (PSR) has published (January 2022) their latest access and governance report showing trends and developments in interbank payment systems for the period 2019 and 2020. The report is aimed at anyone with an interest in access trends for interbank systems, and in their governance arrangements. This includes payment system operators, PSPs, existing and... Continue Reading →
Weekly ATM value and volume figures 9 January 2022. Key observations for the week ending 9 January 2022: The volume of ATM transactions increased by 9% when compared to the previous week in 2022. The volume of ATM transactions increased by 12% when compared to the equivalent week in 2021. The volume of ATM transactions... Continue Reading →
The Canadian payments landscape in nine facts from Payments Canada: Electronic payments represented 79 per cent of all transactions, compared to 77 per cent in 2019 – accounting for 15.8 billion transactions and representing 66 per cent of total payments value (the combined monetary value of total transactions) in 2020. Contactless payments grew dramatically, increasing 13 per... Continue Reading →
You wait ages and then three buses turn up at once The old joke that you wait ages for one bus, then three come along at once, is bordering on cliché. But, according to City Monitor, it also turns out to be true and not just because of bad planning, but also because of maths1. The... Continue Reading →
A guest blog by: Card Industry Professionals. In a recent blog, Integrated Payment Systems, digital solutions where size no longer matters, we discussed the benefits of joined up systems for companies of all sizes. In this blog we consider why businesses simply stop at a standalone card accepting system when there are many other options available. Integrating systems yields many more benefits –... Continue Reading →
Weekly ATM value and volume figures 2 January 2022. Key observations for the week ending 2 January 2022: The volume of ATM transactions decreased by 26% when compared to the previous week in 2021. The volume of ATM transactions increased by 10% when compared to the equivalent week in 2020. The volume of ATM transactions... Continue Reading →
In Australia the Bulk Electronic Clearing System (BECS) governs how direct debits, automatic payments, bill payments, and direct credits work. BECS governs how a range of bulk electronic transaction types are made between its Participants. BECS covers direct debits, automatic payments, bill payments and direct credits. The launch of the New Payments Platform (NPP) in Australia provides... Continue Reading →
Wave after wave of bank branch closures The Independent closed 2021 with the startling claim that “Nearly half of banks’ branches ‘have been lost since 2015 or are set to shut”.1 In the article Which? raised their concerns over bank branch closures: ‘Wave after wave’ of bank branch closures have left many people who depend... Continue Reading →
Weekly ATM value and volume figures 26 December 2021. Key observations for the week ending 26 December 2021: The volume of ATM transactions decreased by 6% when compared to the previous week in 2021. The volume of ATM transactions increased by 16% when compared to the equivalent week in 2020. The volume of ATM transactions... Continue Reading →
In this last round up of retail payments in 2021, with Covid restrictions under review, we see the impact on the volume and value of payments processed in the UK. Note: All data is publicly sourced and is the latest available: Pay.UK November 2021, Link December 2021 and UK Finance September 2021. Source: Pay.UK Limited... Continue Reading →
Weekly ATM value and volume figures 19 December 2021. Key observations for the week ending 19 December 2021: The volume of ATM transactions increased by 5% when compared to the previous week in 2021. The volume of ATM transactions increased by 2% when compared to the equivalent week in 2020. The volume of ATM transactions... Continue Reading →
European Payments Council SEPA RtP Second Version - a guest blog from Peter Cornforth, Commercial Director at Answer Pay. An early Christmas present to European payments industry nerds (myself included) landed on Tuesday 30th Nov, with the second iteration of the European Payments Council (EPC) rulebook. Using ISO20022 standards for Request to Pay (RtP) messages as a... Continue Reading →
Introducing the Interactive Advance Notice For those not in the UK and wondering about the significance of Ian Beale, he is an anti-hero character from the East Enders cinematic universe. Think the UK equivalent of Marvel or DC. He also shares a name with the latest development from Pay.UK: “IAN”. Or to give it it’s... Continue Reading →
Pay.UK, which runs the Bacs Direct Credit and Direct Debit payment systems, is providing useful advice and tips to help organisations, large and small, to plan ahead of the additional non-payment processing days over the festive period – including a reminder that payment files can be submitted up to 30 days in advance. This flexibility... Continue Reading →
Weekly ATM value and volume figures 12 December 2021. Key observations for the week ending 12 December 2021: The volume of ATM transactions decreased by 3% when compared to the previous week in 2021. The volume of ATM transactions increased by 1% when compared to the equivalent week in 2020. The volume of ATM transactions... Continue Reading →
The Pret Foundation has partnered with Contactless Giving Week this December to raise awareness and support cashless fundraising for their work towards breaking the cycle of homelessness. Earlier this year, over 40 Pret shops were fitted with GoodBox contactless giving devices to raise funds to help to break the cycle of homelessness.The aim of The... Continue Reading →
The PSR have published their regulatory framework for the New Payments Architecture (NPA) central infrastructure services (CIS) following a consultation on the delivery and regulation of the NPA. The NPA framework has been developed taking account of responses to that consultation and aims to address risks to competition and innovation in the NPA ecosystem arising from the behaviour of... Continue Reading →
In this blog we feature a point of view from Andrew Smith, CTO, Founding Member RTGS.global and ClearBank. In his blog Andrew considers whether agency banking is holding customers back. Agency Banking If you are new to the term “agency banking” then think of it simply as this, most banks are actually customers of bigger banks. The bigger banks... Continue Reading →
Over the past 20 years, Card Security Codes (also known as CVC2, CVV2) usage has greatly expanded from confirming genuine cardholders to securing eCommerce transactions, eWallet enrollments, and profile management, to name just a few. The Card Security Code has become the initial verification key on which the security of recurring or future transactions depends.... Continue Reading →
Just before the pandemic hit is I was in the Middle East talking payments strategy. The UK’s Faster Payments system was described as ‘the granddaddy of all instant payment systems’, this made me proud of what we have achieved in the UK payment space (and my small part in it!) What also became clear is... Continue Reading →
Weekly ATM value and volume figures 5 December 2021. Key observations for the week ending 5 December 2021: The volume of ATM transactions increased by 4% when compared to the previous week in 2021. The volume of ATM transactions increased by 4% when compared to the equivalent week in 2020. The volume of ATM transactions... Continue Reading →
Following a successful 12-month pilot, Link, the UK’s largest cash machine network, is rolling out Cashback Without Purchase across the UK, enabling consumers to withdraw any amount up to £50 at small high street shops and retailers. Already live in over 1000 locations, PayPoint is the first of Link’s Members to provide the service and... Continue Reading →
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There was once a new currency that allowed for anonymous transactions and was issued in a fixed total amount in order to stabilise its value. However, it was a fiat currency, not pegged to gold or another fixed asset. Not surprisingly this novel currency was highly volatile in value, constantly rising and falling. Its introduction... Continue Reading →
Weekly ATM value and volume figures 28 November 2021. Key observations for the week ending 28 November 2021: The volume of ATM transactions decreased by 2% when compared to the previous week in 2021. The volume of ATM transactions increased by 10% when compared to the equivalent week in 2020. The volume of ATM transactions... Continue Reading →
The migration of the payments industry to the ISO 20022 standard, not just within the UK but globally, will have a profound impact on the data carrying capability of payment systems. Whilst the fundamentals of a robust and resilient clearing and settlement mechanism will remain, the ISO 20022 standard will take the exchange of data... Continue Reading →
Raconteur have been thinking about the history of Fintech. Innovations in the financial sector have transformed the way we save, spend and trade. Banking systems, which once relied on London bank clerks meeting in the Six Bells tavern to exchange cheques, are now automated thanks to advances in technology. Customers have also benefitted, with a slew... Continue Reading →
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Credit card usage has grown exponentially since the launch of Barclaycard in 1966 and card payments overall from the first debit card, also from Barclays, in 1987. The move from paper vouchers to electronic processes led to greater growth in businesses offering card acceptance but entry and fixed monthly costs still meant that, until relatively recently,... Continue Reading →
Weekly ATM value and volume figures 7 November 2021. Key observations for the week ending 7 November 2021: Last week the volume of ATM transactions decreased by 2% when compared to the previous week in 2021. Last week the volume of ATM transactions increased by 8% when compared to the equivalent week in 2020. Last... Continue Reading →
Weekly ATM value and volume figures 31 October 2021. Key observations for the week ending 31 October 2021: Last week the volume of ATM transactions increased by 5% when compared to the previous week in 2021. Last week the volume of ATM transactions increased by 5% when compared to the equivalent week in 2020. Last... Continue Reading →
Fintech company Answer Pay and The Money Carer Foundation have teamed up to launch Request to Pay functionality to help support for older and vulnerable people across the UK. Answer Pay connects payment services providers to Request to Pay services through a simple integration. Answer Pay is the first certified provider of Request to Pay... Continue Reading →
In this October round up of retail payments, as restrictions have eased but caution remains, we see the impact on the volume and value of payments processed in the UK. Note: All data is publicly sourced and is the latest available: Pay.UK September 2021, Link October 2021 and UK Finance July 2021. Source: Pay.UK Limited... Continue Reading →
Current account switches increase by 29855 in Q3 compared to Q2 In this latest dashboard, we find out how many of us transferred our bank account in Q3 2021 and who the switching winners and losers were in the three months of the year following Lockdown 3.0. The number of switches during 2021 As previously... Continue Reading →
Why reports of the death of cash are greatly exaggerated As the determined march towards a digital economy continues, cash might seem almost old-fashioned at times to those now so used to paying by debit card or online. Indeed, the days in which our wallets and purses were packed with a busy assortment of notes... Continue Reading →
Weekly ATM value and volume figures 24 October 2021. Key observations for the week ending 24 October 2021: Last week the volume of ATM transactions decreased by 2% when compared to the previous week in 2021. Last week the volume of ATM transactions increased by 2% when compared to the equivalent week in 2020. Last... Continue Reading →
The year was 1973, the world was changing rapidly. The United Kingdom, Denmark, and Ireland entered the European Economic Community, The first American prisoners of war were released from Vietnam, The Exorcist premiered for the first time and the world of payments changed forever and for the better. Banks back then had a big problem... Continue Reading →
As Black Friday approaches, HSBC has enlisted magician Troy von Scheibner to show Brits how fraudsters play mind games designed to gain victims' trust and pressure them into handing over personal information. Don't miss a trick Purchase scams - where fraudsters trick shoppers into paying in advance for goods or services that are never received... Continue Reading →
Today (21 October 2021), the Payment Systems Regulator has published their findings from the call for views issued in May 2021 about Confirmation of Payee (CoP). Introduction APP scams and accidentally misdirected payments can cause significant harm to consumers. Confirmation of Payee (CoP) is a service that aims to prevent certain types of scams and misdirected payments... Continue Reading →
Weekly ATM value and volume figures 17 October 2021. Key observations for the week ending 17 October 2021: Last week the volume of ATM transactions decreased by 1% when compared to the previous week in 2021. Last week the volume of ATM transactions increased by 3% when compared to the equivalent week in 2020. Last... Continue Reading →
Tim Waterman, Chief Commercial Officer, Zopa argues that awareness of the consumer benefits needs to be improved for the next leg of growth for open banking. Reports show that we are nearing 4 million open banking customers in the UK. Although this sounds like a large number, should we be patting ourselves on the back?... Continue Reading →
