• Should HM Treasury be in the NFCW Expo? Is this your organisation? Find out how to get your NFCW Expo showcase.
The UK will begin rolling out a new £100 (US$137) spending limit for contactless payments from 15 October 2021, UK Finance has announced... More
Financial inclusion, creating a competitive ecosystem, comparison with other payment innovations, user privacy and monetary and financial stability will be the five core principles that guide the Bank of England’s future exploration and development of a central bank digital currency (CBDC) in the UK, the financial institution has revealed... More
UK’s Open Banking project expanded — Open Banking — “The OBIE [Open Banking Implementation Entity] has now been asked by the CMA9 and Her Majesty’s Treasury to create open banking standards for all payment account types covered by the European Union’s second Payments Services Directive (PSD2). This means customers using credit cards, e-wallets and prepaid cards will also be able to take advantage of open banking services.”
FCA finalises revised Payment Services Directive (PSD2) requirements — Financial Conduct Authority — “As well as promoting innovation, PSD2 aims to improve consumer protection, make payments safer and more secure, and drive down the costs of payment services….The FCA has published the PSD2 Policy Statement which explains the changes we are making to our proposals following consultation… The FCA has published its Approach Document alongside this – this is designed to help firms navigate the payment services and e-money regulatory requirements, including those set out in HM Treasury regulations.”
Visa is to bring all of its contactless transactions online this year across 10 European countries to give consumers “more control over their accounts” following calls from the UK’s Financial Conduct Authority (FCA) for banks to tighten the processes they undergo when a customer reports a stolen contactless card. American Express is also “reviewing options” to ensure those who cancel their cards are protected against contactless fraud. More
The UK’s Financial Conduct Authority has set out measures it plans to tighten the processes banks undergo when a customer reports a stolen contactless card, which currently allow — in a “limited set of circumstances” — for a stolen card to be misused by fraudsters “several months after it has been cancelled”. More
The UK government has published a consultation document and is requesting feedback from interested parties on planned changes to the way that electronic money is regulated in the UK... More