Included in this issue: Card expenditure statistics for the UK: August 2016; FSB: FinTech speech; Research shows one in five card payments are now contactless and more...
Card expenditure statistics for the UK: August 2016
Statistics from The UK Cards Association show that £54.3 billion was spent on payment cards in August 2016, an increase of 4.2% on last year. Spending on cards as a proportion of overall spending also went up to 77% in August, despite the downturn in spending in the wake of the EU referendum, showing how central cards are to the economy.
FSB: FinTech speech
The Financial Stability Board has published a speech given by Svein Andresen, Secretary General which provides details of their work on FinTech.
Research shows one in five card payments are now contactless
Figures released by The UK Cards Association have revealed a fifth of all card payments are now contactless. In August 2016 21% of card payments were contactless compared to 7.9% in August last year. This shows the growing popularity of contactless payments with consumers. The Head of Policy at The UK Cards Association commented that "we are excited by the possibilities they [contactless cards] will bring over the coming years".
FCA taking action on current accounts
The FCA has set up measures to stimulate competition in the UK current account market, going beyond the remedies of the Competition Markets Authority (CMA) in regulating retail banking markets. An expert group relating to current account switching will be set up to develop models by which banks can publish comparison information to help consumers make decisions. The FCA will also follow recommendations from the CMA regarding data sharing between banks and start-ups.
Banking apps targeted by new android malware
Reports suggest a new strain of malware is targeting banking and social media apps, with over 94 different banking apps being affected. The malware steals the user's credentials when activated, and is part of a worrying trend of attacks which businesses should be concerned about.
Survey finds consumers are eager to adopt mobile payments
A global survey and report by NTT Data Inc, suggests consumers are more eager to adopt mobile wallets than businesses realise and companies may be moving too slowly in offering consumers high-tech options for payment. The report - "The Future of Money" - is due to be published in January 2017, available on request.
Research shows only a quarter of UK millennials are using mobile payments
Research into the habits and perceptions of millennials across four European countries has shown 18 to 35 year olds are still waiting for an "Uber moment" for payments apps which would completely meets their needs. Views were collected from people in the US, Europe and Asia and showed that in the UK, banks and PayPal were top of the payment preferences list.
EBA consultation on guidelines for authorisation and registration under PSD2
The EBA has published a consultation which contains draft guidelines on the information to be provided for the authorisation as a payment institution and an e-money institution and for registration as an account information service provider (AISP).