Focussed on the changing payments landscape in the UK, using social media to share payment insights. Previously Bacs’ CEO. http://www.northeypoint.co.uk
Car drivers in the US can now use Amazon’s Alexa to pay for fuel with a simple voice command. Available at over 11,500 Exxon and Mobil stations across the US, the “Alexa, pay for gas” command uses the default payment option set in the user Amazon account. The process – which includes geo-location at Exxon and Mobil stations, pump activation, […]
In 1984 one UK bank was concerned about losing customers and made a decision that fundamentally changed how Britain’s banking landscape operated. Midland Bank, then one of the UK’s big four banking groups (now HSBC), got rid of fees for cheques, statements and standing orders. In other words, it made banking free of charge – although it might be better […]
The number of people switching bank accounts is starting to recover according to data just published by Pay.UK. 43,377 Current Account Switches occurred in August 2020 – a significant uplift when compared to the past three months, similar to April but still a far cry from the 111,327 switches that occurred in March. Read, subscribe and share
Bank of England Governor Andrew Bailey on the future of cryptocurrencies and stablecoins On September 3, the Hutchins Center on Fiscal & Monetary Policy at Brookings hosted Andrew Bailey, Governor of the Bank of England, to discuss how these trends are evolving and the growing role of stablecoins, which are cryptocurrencies linked to the price of some stable asset or […]
Modulr is the first non-bank or building society to join the Confirmation of Payee service. Confirmation of Payee allows users to check if the payment details they’ve entered for a person or business match the details held by the recipient’s bank. This provides reassurance that payments are being sent to the right recipient and protects Modulr customers from certain types […]
Far from being the end of fintech, this the moment where financial innovation and disruption assumes centre stage says Natalie Ceeney. …it’s clear that the pandemic is accelerating the need for financial innovation and disruption. There can be no debate that the future is more digital. For every bank, insurer, mortgage lender or payments enabler, a priority is how to […]
Last week we covered the 39% reduction in ATM withdrawals – the infographic below helps us complete the picture on how people access their cash. Source: Payments System Regulator. In this breakdown we see that: 80% of cash withdrawals (by value) are via ATM’s. 6% of cash withdrawals (by value) are via branches (over the counter). 2% of cash withdrawals […]
It wasn’t so long ago that using a bank account involved maintaining a minimum balance and included a whole suite of debit charges that might be levied. The extract below shows the fees that our parents and grandparents might have incurred when using their bank account in May 1981: This extract from a Chartered Institute of Banking text book helpfully […]
Use the slider to spot the difference at the Kettledrum Cafe in Rothesay on the Isle of Bute Back in February I made a confession – I paid cash for a beaut Bute meat pie. I am sure I could have purchased a cashless sandwich from the COOP but when faced with a bueat Bute steak pie and chips at […]
Monzo have just announced that they are introducing new fees from the 31 October 2020: It’ll continue to be free to withdraw up to £250 of cash in the UK and European Economic Area (EEA) from your Monzo account every 30 days – after that there’ll be a fee of 3%. If your card expires, is stolen or if you’re […]
Latest cash ATM withdrawal data (week ending 23 August) is now available from Link: There were 31.4 million ATM withdrawals last week (this is 20 million fewer than the equivalent week in 2019). There was a 39% reduction in ATM withdrawals compared to equivalent week in 2019. Source: LINK Eight things we should be thinking about as the way we […]
The Australian Payments Network (AusPayNet) champion the payments system. They enable competition and innovation, promote efficiency, and control and manage risk to deliver improvements for all users of the payments system. Australia: Future State of Payments Action Plan Given the rapid and increasing pace of change in payments AusPayNet have conducted a consultation on ‘A Future State for Australia’s Payment Systems’. […]
This week The Guardian reported on a bit of Confirmation of Payee payment friction. A reader’s problem was explained as “spelling out the problems as banks’ name-checker rejects vital payments”. I have been unable to receive a payment I am owed because automated messages repeatedly inform the sender that the payee’s name doesn’t match the name on my account. MdW, […]
What is an APP scam? An Authorised Push Payment (APP) scam is when a person or business is tricked into transferring money to a fraudster, thinking that they are sending money to a legitimate person or company. Source: Payments System Regulator Find out more: the PSR’s work to protect people from APP scams. Read Genevieve Marjoribanks’ piece on getting the right outcomes for […]
In this August round up of volumes and values of retail payments in the UK we explore the immediate impact of the COVID pandemic and look at the first indications of whether (or not) the individual payment systems will recover the volumes and values they processed at the start of 2020. Note: All data is publicly sourced and is the […]
August marks another cashless year for me, you may remember my last anniversary blog “Don’t think of it as going cashless, think of it as an upgrade to the 21st Century”. You’ll see that this time last year I set myself two key challenges – to banish the paper receipt and maximise the use of frictionless payments – which I have […]
