Obsolete: Mastercard to phase out magnetic strips on cards by 2033 August 18, 2021 Mastercard is phasing out the magnetic strip that has been the vital element of all credit and debit cards since the 1960s. The financial services giant has said that the strip is on the verge of becoming obsolete with merchants and consumers increasingly relying on chip technology to conduct transactions securely. Modern chip cards have [...]
FCA explores new rules to block UK high street bank closures August 10, 2021 The Financial Conduct Authority is reportedly looking into new rules that would give it the power to stop banks from closing high street branches, in a bid to ensure consumers have continued access to cash. In a consultation last month, the Treasury said it was considering new legislation that would give the UK’s financial regulator [...]
Brits still using pennies and pounds to buy goods August 10, 2021 Cash is continuing to play a significant role in facilitating transactions as Brits flock to high streets after “Freedom Day”, new figures released today reveal. A record £665m was withdrawn from Post Office counters in July, the highest monthly total excluding the historically busy Christmas period ever. Personal cash withdrawals in July were up 4.6 [...]
Charity, dating and pet spending rises as restrictions relax July 22, 2021 As Covid restrictions continue to ease, Britons spend more on charity, dating and their pets. Building society Nationwide said today that spending also surged on holidays, among many other activities, between April to June, as well as eating and drinking, leisure, gardening and clothing. Nationwide analysed millions of transactions by its customers from April to [...]
Covid unlocking lifts card spending above pre-pandemic levels July 16, 2021 The initial lifting of Covid restrictions in April provided a shot in the arm for card spending in the UK, shows new figures released today. Data from UK Finance reveals the value of card transactions in the UK in April was 11.2 per cent higher than in the same in 2019, before the onset of [...]
More staff yearn for their pre-pandemic commutes as return to looms July 12, 2021 More staff yearn for their pre-pandemic commutes as return to looms
Exclusive: Rising fintech star and former PayPal tech lead on his new payments venture July 8, 2021 Wise £8bn launch on the London Stock Exchange yesterday underpins how the capital’s fintech scene is booming, with a clear investor appetite for payment platforms such as Wise. Another fintech company in this space that has flourished in the last twelve months is Osu, an instant payments app that was created specifically for the self-employed [...]
Delivery boom: Ant Group-backed Zomato eyes IPO valuation of nearly $8bn July 8, 2021 Ant Group-backed food delivery company Zomato has a near $8bn valuation on the cards in its initial public offering (IPO), with shares priced at 0.96 cents to $1.02 per share. Zomato, one of India’s most biggest startups, has reaped the rewards of a pandemic-induced surge in online ordering. The lofty $7.98bn figure is at the [...]
UK steers clear of cash during pandemic, choosing Covid-friendly contactless June 16, 2021 The pandemic has accelerated the decline of cash, as new analysis reveals that the number of UK consumers paying with cash plummeted 35 per cent in 2020. Amid coronavirus restrictions to reduce contact between people, the number of UK payments made using cash plummeted by 35 per cent in 2020 compared with the previous year, [...]
London’s future prosperity depends on a sustainable future for TfL June 7, 2021 News of the latest financial support package for Transport for London (TfL) will have been met by sighs of relief across London. At the very least, buses, trains and tubes will continue running for the next few months. But fundamental questions about TfL’s future and how public transport is funded remain unanswered. Should a transport [...]