Banks keep £100 contactless limit despite new powers Retail Britain’s banks will not be lifting the £100 cap on contactless payments despite the regulator giving them the power to do so, citing low demand. The Financial Conduct Authority (FCA) lifted the cap on Thursday, leaving it up to banks to increase their own limits – although none of the UK’s biggest banks have decided [...]
US giants dominate AI payments race amid Wall Street jitters Tech US giants continue to lead the charge in the payments industry’s AI acceleration even as the sector gets swept up in Wall Street’s tech jitters. Visa led a three-horse race followed by Mastercard, then Paypal in the Evident AI’s inaugural index for the payments sector. The three towered above their peers, thanks largely to consistently [...]
Revolut: Inside Nik Storonsky’s $75bn fintech empire still waiting for its crown Fintech In Revolut’s shiny new Canary Wharf headquarters, the command ‘Get Sh*t Done’ is bolted onto the walls. The unconventional office mantra is a stark reminder of co-founder Nik Storonsky’s acerbic, straight-talking manner that has kept the gas pumping at the UK’s most valuable fintech since it opened for business in 2015. “Whenever a target is set, [...]
Payments watchdog won’t be abolished ‘any earlier than 2027’ February 4, 2026 The boss of the payments watchdog has said he doesn’t expect the regulator to be officially abolished any earlier than the first quarter of 2027 as criticism grows over the slow progress of reforms in the sector. David Geale, managing director at the Payment Systems Regulator (PSR), said he had “not seen the outcome” of [...]
CAB Payments rejects ‘highly opportunistic’ Helios takeover bid February 2, 2026 London fintech CAB Payments has pushed back against another takeover proposal from African-focused private investment giant Helios. The firm – which was behind the “worst IPO of the year” in 2023 – has said the increased takeover proposal from a consortium led by Helios Investment Partners was “highly opportunistic” and undervalued the company’s future. Helios [...]
Bank of England’s Breeden warns on rivals overtaking UK on innovation February 2, 2026 The Bank of England’s lead for fintech policy and digital currency has laid out a sweeping vision for the UK’s next generation of payments infrastructure amid a rallying cry for the UK to not lag behind its peers. Sarah Breeden, a rate-setter at the central bank and the deputy governor for financial stability, said the [...]
UK payments stuck with ‘bolted on’ European regulation, says PSR boss February 2, 2026 The boss of the UK’s payments regulator has said the body’s consolidation with the City watchdog will allow it to ditch overhanging red tape from Europe. David Geale, who heads up the Payments System Regulator (PSR) and leads on payments at the Financial Conduct Authority (FCA), said: “There are bits of payments regulation that have [...]
Revolut, Mastercard, Visa lose legal battle on card fees cap January 15, 2026 Revolut, Mastercard and Visa have lost a legal battle against the UK’s payments watchdog amid plans to introduce a cap on card fees for overseas transactions. The trio of payment giants brought a judicial review to the High Court following a decision by the Payment Systems Regulator (PSR) in December 2024, confirming that it would consult on the [...]
Banks to set own contactless limit as FCA scraps cap December 19, 2025 UK banks will be able to set their own contactless limits under new rules set to be introduced by the City watchdog next year. In the current system, banks place a cap on payments of up to £100 per transaction when consumers are using physical contactless cards. But changes introduced by the Financial Conduct Authority [...]
Paypal becomes latest fintech to capitalise on Trump’s deregulation December 16, 2025 Paypal has its sights set on acquiring a banking licence in the US as it becomes the latest fintech aiming to jump on President Donald Trump’s deregulatory agenda. The payments giant on Monday said it had submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to form Paypal Bank. [...]