Source: UK Finance The UK Finance Update for October 2022 reports: Card transactions by UK cardholders both in the UK and overseas: There were 2.2 billion debit card transactions in October, 12.4 per cent more than in October 2021. The total spend of £66.6 billion was 9.1 per cent higher than October 2021. There were... Continue Reading →
https://youtu.be/33-0Pl_q-zQ Everyday banking BankingHUB Access to banking and cash can be a challenge in an increasingly digital world. BankingHUB has teamed up up with the UK's major banks to provide a place where individuals and businesses can do their everyday banking locally and speak with a representative from their bank face to face. Here's what... Continue Reading →
As the UK's financial climate continued to shift, the latest Current Account Switch Service Dashboard reveals that between October and December 2022 376,107 switches took place; the highest quarterly figure on record. In this latest dashboard, we find out how many of us transferred our bank account in Q4 2022 and who the switching winners... Continue Reading →
Ask the Payment Systems Regulator - a Q&A podcast with Nick Davey Nick Davey from the Payment Systems Regulator joins us for our latest Payments:Unpacked video podcast. In this podcast Nick answers questions that have been asked by readers of the Payments:Unpacked newsletter and Mike’s Linked In connections. https://youtu.be/LS4VVwIzGeo Hear Nick’s answers to: What are the biggest near-term challenges for... Continue Reading →
Weekly ATM value and volume figures 15 January 2023. Key observations for the week ending 15 January 2023: The volume of ATM Transactions decreased by 39% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 7% when compared to the previous week. The volume of ATM... Continue Reading →
Who are LINK? LINK is the UK's cash machine (ATM) network and the busiest ATM transaction switch in the world. Effectively every cash machine in the UK is connected to LINK, and LINK is the only way banks and building societies can offer their customers access to cash across the whole of the UK. All the... Continue Reading →
Payments made personal, easy and more secure SurePay's Confirmation of Payee (CoP) service is an innovative, real-time name checking solution that gives UK payers greater assurance that their payments are going to the intended recipient. By confirming the payee’s name matches with the name on the intended recipient’s bank account, CoP helps avoid mis-directed payments... Continue Reading →
What's more important in a payment system - volume or value? A central banker might argue value but as a former custodian of the UK's systemically important retail payment schemes I'd argue volume any day! In this video we explore the digital growth and analogue decline of the UK's Bacs, Faster Payments and cheque payment... Continue Reading →
Weekly ATM value and volume figures 08 January 2023. Key observations for the week ending 08 January 2023: The volume of ATM Transactions decreased by 43% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 14% when compared to the previous week. The volume of ATM... Continue Reading →
Weekly ATM value and volume figures 01 January 2023. Key observations for the week ending 01 January 2023: The volume of ATM Transactions decreased by 50% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 35% when compared to the previous week in December 2022. The... Continue Reading →
Will Payment Service Providers (PSP) prosper going forward? A guest blog by John Bertrand As domestic payment fees 'go towards zero', how will PSP make any monies from the payments business, especially if the PSP is a non-bank1 and is OpenBanking an opportunity or challenge to PSPs? Taking a look at the PSP market size in the... Continue Reading →
Payments:Unpacked reader Hamish Houston has launched a new contender in the African payments industry - here's an introduction to enza A team of highly-experienced payments industry professionals have today launched the enza group (enza), a payments company focused on servicing the growing needs of banks, fintechs, and MNOs across the African continent. The African consumer... Continue Reading →
https://youtu.be/ff-3qYQh9wQ Alex Preece from Tillo joins us for our latest Payments:Unpacked video podcast. Alex unpacks: - How rewards, incentives and gifts network for the digital age are transforming the gift card market. - How Tillo helps companies build loyalty, both attracts and retains customers and brings value to payments. - How the Tillo loyalty platform... Continue Reading →
Weekly ATM value and volume figures 25 December 2022. Key observations for the week ending 25 December 2022: The volume of ATM Transactions decreased by 23% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 10% when compared to the previous week in 2022. The volume... Continue Reading →
Having published over 400 editions of Payments:Unpacked I am astounded by the ever growing number of active subscribers (‘free’ and ‘paid for’), the lack of unsubscribes and for the numerous compliments and encouragements I receive from a wide range of people across the payments niche that we inhabit. Indeed what better accolade can there be... Continue Reading →
Teresa Connors from Payment Matters joins us for our latest Payments:Unpacked video podcast. If you have not met Teresa yet here is an endorsement from her Linked In profile: "“…simply superb, a wealth of experience in the financial services industry and with a huge network to call upon – a true payments professional with infectious... Continue Reading →
In this final round up of retail payments in 2022, we see how the UK's bulk clearing scheme is holding is own, compare double digit growth in instant payments with double dight decline in the last bastion of paper clearing and, we are grateful, that the UK's real time gross settlement system remains a mystery... Continue Reading →
Weekly ATM value and volume figures 18 December 2022. Key observations for the week ending 18 December 2022: The volume of ATM Transactions decreased by 30% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 2% when compared to the previous week in 2022. The volume... Continue Reading →
New research published today by LINK, the UK’s cash access and ATM network, shows nearly half (45%) of people have been somewhere where cash has not been accepted, or has been discouraged. In the past eight weeks, the locations where cash acceptance has been the most limited has been car parks, cafes and restaurants as... Continue Reading →
Weekly ATM value and volume figures 11 December 2022. Key observations for the week ending 11 December 2022: The volume of ATM Transactions decreased by 29% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 6% when compared to the previous week in 2022. The volume... Continue Reading →
As a reader of Payments:Unpacked you will know that payment systems are vital to a country’s economy and play a remarkable role in ensuring that payment for the goods and services consumed are efficient, safe, resilient and friction-free. Given the popularity of last week’s “Don’t worry about it, I’ll Tikkie you” briefing we will now take a... Continue Reading →
An Expert Panel Discussion Featuring Answer Pay As defined by Fair By Design, "poverty premiums" are the extra costs people on low incomes and in poverty, pay for essential products and services. In this webinar we discuss the current environment and how Request to Pay can help. Chaired by Philip King, former Small Business... Continue Reading →
Weekly ATM value and volume figures 04 December 2022. Key observations for the week ending 04 December 2022: The volume of ATM Transactions decreased by 25% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 6% when compared to the previous week in 2022. The volume... Continue Reading →
As a reader of Payments:Unpacked you will know that payment systems are vital to the UK economy and play a remarkable role in ensuring that payment for the goods and services we all consume are efficient, safe, resilient and friction-free. One remaining area of payment friction is actually asking someone for some money to settle up for... Continue Reading →
So many conversations this week on APP fraud - here's a Point of View from John Bertrand. Over the last three months, The House of Lords, European Commission and the Payment System Regulator (PSR) published detailed reports and proposals on how to prevent instant payment fraud. It is not easy and requires multiple partners to work... Continue Reading →
Source: Answer Pay Which? The consumer champion has claimed that banks are failing to protect their customers and are “leaving customers wide open to spoofing fraud”. Their investigation found that high street banks representing over 60% of the UK consumer banking market had not taken advantage of the latest technology such as Ofcom’s “Do Not... Continue Reading →
Confirmation of Payee Group 1 & 2: it pays to get started now! It was a privilege to join the SurePay webinar and talk about the announcement of the PSR. Group 1 needs to have implemented Confirmation of Payee before end of Oct 2023. Group 2 and all other PSP’s, before 31 October 2024. Watch... Continue Reading →
It was my privilege to host a webinar series for ACI Worldwide on the challenges and opportunities that lie ahead for New Payments Architecture (NPA). I was joined by payment experts from ACI Worldwide, Santander, Pay.UK, UK Finance and more in four mini webinars to answer your NPA questions, including: How will banks leverage NPA?... Continue Reading →
Weekly ATM value and volume figures 27 November 2022. Key observations for the week ending 27 November 2022: The volume of ATM Transactions decreased by 29% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 0.3% when compared to the previous week in 2022. The volume... Continue Reading →
In this eleventh round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK as we now 'live with Covid' with similar conditions in the equivalent months in 2021 following the lifting of restrictions at the end of Lockdown 3.0. Note: All data is... Continue Reading →
https://youtu.be/EJaCIeSi0bM Jonathan Hughes from OneBanx joins us for our latest Payments:Unpacked video podcast. As OneBanx seek to create a sense of community, provide opportunities for everyday human interaction and to meet a community's every day banking needs Jonathan unpacks: - Why the OneBanx concept is more than just providing access to cash. - The benefits OneBanx can offer... Continue Reading →
This blog originally featured on Vyne's website. Bad bots, bad bots, whatcha you gonna do? Whatcha you gonna do when they come for you? This year, Brits plan to spend an estimated £3.95 billion on Black Friday and Cyber Monday purchases according to Finder. Although only taking-off in the UK in 2010, Black Friday and Cyber... Continue Reading →
Weekly ATM value and volume figures 20 November 2022. Key observations for the week ending 20 November 2022: The volume of ATM Transactions decreased by 29% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 8% when compared to the previous week in 2022. The volume... Continue Reading →
Making a POSitive difference Ciaran Savage from Card Industry Professionals joins us for our latest Payments:Unpacked video podcast. Using customer use cases Ciaran explores: - The role of an ISO (yes, another TLA). - How Card Industry Professionals can make a real difference for a business that is already card payment enabled. - How Card Industry Professionals can... Continue Reading →
Pay.UK have announced that Paym is to permanently close in March 2023. Low use and new technology seem to have driven the decision but why, in an age of obsessive mobile phone use, did the UK's mobile payment service fail to take off? What happens to current users and what lessons can the UK's payment industry learn from... Continue Reading →
As a reader of Payments:Unpacked you will know that payment systems are vital to the UK economy and play a remarkable role in ensuring that payment for the goods and services we all consume are efficient, safe, resilient and friction-free. On its website home page the UK’s payment system regulator states: Every time anyone uses a cash... Continue Reading →
https://youtu.be/RiEpb6qbt2k Peter Cornforth from Answer Pay joins us for our latest Payments:Unpacked video podcast. In this podcast Peter covers: - How might RtP and VRP’s co-exist to provide a better (or different) consumer focussed solution to Direct Debits? - How could regulators, billers and banks better empower consumers to choose how they pay, when they pay and who... Continue Reading →
Weekly ATM value and volume figures 13 November 2022. Key observations for the week ending 13 November 2022: The volume of ATM Transactions decreased by 23% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 7% when compared to the previous week in 2022. The volume... Continue Reading →
With the recent mandate from the Payment Systems Regulator a number of banks, building societies and PSPs are considering how to implement a Confirmation of Payee (CoP) solution in the most efficient and effective way, how they can protect their customers from fraud and errors and, as a payment provider, protect themselves from reimbursements and... Continue Reading →
Weekly ATM value and volume figures 06 November 2022. Key observations for the week ending 06 November 2022: The volume of ATM Transactions decreased by 28% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 2% when compared to the previous week in 2022. The volume... Continue Reading →
Don't write off our cheques! Earlier this year the Daily Mail carried an online article “sounding the alarm over fears firms are trying to kill off the humble cheque”. The headline read: Don't write off our cheques! Millions rely on them, yet dozens of firms now refuse to take them or charge extra to use them...but you... Continue Reading →
In this tenth round up of retail payments in 2022, we see the impact on the volume and value of payments processed in the UK as we 'live with Covid' with similar conditions in the equivalent months in 2021 following the lifting of restrictions at the end of Lockdown 3.0. Note: All data is publicly... Continue Reading →
SEPA instant, partnerships and big topics for Answer Pay Peter Cornforth from Answer Pay joins us for our latest Payments:Unpacked video podcast. https://youtu.be/zpJgS4Es1Bk Peter covers: - The European Commission recently mandated SEPA instant with zero cost to the consumer, what does this mean for Answer Pay? - Are partnerships an important model for Answer Pay? - With 2023... Continue Reading →
In 2022 most people use a card to make a payment in-person or online. Open Banking presents the opportunity for the growth in account-to-account payments, moving money directly from a payer to payee. This cold break the hegemony of MasterCard and Visa and set the ground for quick, cheap, safe and innovative payments between merchants... Continue Reading →
Weekly ATM value and volume figures 30 October 2022. Key observations for the week ending 30 October 2022: The volume of ATM Transactions decreased by 27% when compared to the final week before the first COVID lockdown. The volume of ATM transactions increased by 6.5% when compared to the previous week in 2022. The volume... Continue Reading →
Weekly ATM value and volume figures 23 October 2022. Key observations for the week ending 23 October 2022: The volume of ATM Transactions decreased by 31% when compared to the final week before the first COVID lockdown. The volume of ATM transactions decreased by 3% when compared to the previous week in 2022. The volume... Continue Reading →
Amidst a rapidly changing financial environment, the latest Current Account Switch Service Dashboard reveals switching volumes increased across the quarter, rising every month from July (57,204) to August (74,459) and then reaching a 2022 high in September (90,445) In this latest dashboard, we find out how many of us transferred our bank account in Q3... Continue Reading →
Celebrating 10 years of the Cash ISA Transfer Service Most of us will know that a cash ISA – standing for Individual Savings Account – is similar to a regular savings account, but there is no tax to pay on any of the interest you earn. In the UK you can put away up to £20,000 in... Continue Reading →
Safer payments need service ubiquity The Payment Systems Regulator (PSR) is directing around 400 payment service providers (PSPs) to implement a system to offer the Confirmation of Payee (CoP) name checking service to their customers (both as payers and payees). This will help to reduce authorised push payment (APP) fraud and accidentally misdirected payments. This direction is another big... Continue Reading →
Card-acquiring services play a crucial role in the payments sector When a customer makes a card payment, the merchant uses card-acquiring services to accept it. These services are critical to the UK economy because they enable consumers and businesses to use their cards to pay for goods and services. There are around 157 million cards... Continue Reading →
