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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
The UK’s Financial Conduct Authority (FCA) has extended the deadline for the implementation of strong customer authentication (SCA) for online purchases by a further six months... More
The UK’s Financial Conduct Authority (FCA) is proposing to increase the limit for single contactless payments in the country from £45 (US$62) to £100 (US$137) and the limit for cumulative contactless transactions from £130 (US$179) to £200 (US$274)... More
The UK could increase the limit for contactless transactions from £45 (US$61) to £100 (US$136), according to reports in the British press... More
The UK’s Financial Conduct Authority (FCA) is to tighten up its regulations “to ensure payments firms are adequately protecting customer funds” amid concerns that the impact of Covid-19 will affect their financial viability... More
Strong customer authentication and coronavirus — Financial Conduct Authority — “In the exceptional circumstances of the Covid crisis, we are giving the industry an additional six months to implement strong customer authentication (SCA) for e-commerce. This will minimise potential disruption to consumers and merchants. The new timeline of 14 September 2021 replaces the 14 March 2021 date.”
The UK’s Financial Conduct Authority (FCA) has agreed to give card issuers and merchants an extra 18 months to implement Strong Customer Authentication (SCA), the new customer identity verification regulation which forms part of the EU’s revised Payment Services Directive II (PSD2)... More
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