Apple faces UK crackdown over iPhone contactless payments Tech Apple could be forced to slash the fees it charges rival payment providers and loosen its grip on iPhone contactless technology under new proposals unveiled by Britain’s competition watchdog. The Competition and Markets Authority (CMA) said on Tuesday that Apple’s high fees and restrictive terms were stifling competition, preventing businesses from developing alternatives to Apple [...]
Government pushes Bank of England to innovate on payments and digital currencies Regulation The Bank of England will be tracked on its progress on UK payments regulation after it was handed a new objective by ministers. The central bank will be given a new secondary objective to support innovation in payment systems and new forms of digital currencies alongside its main goals of financial stability. The Treasury is [...]
Banks to set own contactless limit as FCA scraps cap Banking 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 [...]
FCA plans to allow contactless payment limits above £100 September 10, 2025 Card providers are set to be given the powers to set their own limits on contactless payments, which are currently set at £100, under proposals set out by the City regulator. The Financial Conduct Authority (FCA) has revealed that it will consult industry on whether the rules should be relaxed as part of its task [...]