Brad Goodall CEO at BANKED
While Open Banking has been a game-changer for the UK’s financial services sector, the rest of Europe has yet to fully embrace this concept in the same way. This has resulted in a lack of consistency in implementation and a range of challenges that need to be addressed. Innovate Finance, the industry body representing UK FinTech, in partnership wi...
28 March 2023 /payments /regulation Open Banking
While the rise of mobile devices has streamlined transactions worldwide and made consumers’ lives easier, the dark side of this growth is that mobile payment fraud has only become more sophisticated. Back in 2007, only a third of people in Great Britain used mobile banking – now, that figure is over 90 per cent. Alongside this growth, there has b...
27 February 2023 /security /payments Payments strategies 2015-2020-2030
The past 12 months have been tough for payment providers across the board, with market volatility and the end of cheap money leading to funding cuts, mass layoffs, and redundancies. Many firms have been struggling, and certain news stories demonstrate the ongoing challenges. Last year, Klarna laid off 10 per cent of its workforce, and its valuatio...
22 January 2023 /payments /startups E-commerce
Back in 2002, the fraud losses related to eCommerce fraud on UK-issued debt and credit cards amounted to 28 million pounds. Decades later, that number continues to skyrocket, with the annual losses hitting 376.5 million pounds as of 2020. During the pandemic, as people spent more time online than ever, there were new waves of online crime. Ove
22 January 2023 /payments /crime Payments strategies 2015-2020-2030
The brutal combination of high energy prices, high inflation, soaring interest rates, and global economic weakness has made the UK economy ripe for a recession until the middle of next year, according to a recent analysis by EY. Where’s there a recession - there’s also a rise in online crime. Not only do merchants have to be wary, but also consume...
31 October 2022 /payments /inclusion Embedded Finance
When financial services and products are readily available to adults of all demographics, people have more power over their cash flows and can invest in their households, skills, or business. Right now, financial inclusion plays a pivotal role in reigniting economies as they recover from the fiscal damage caused by the COVID-19 pandemic. Howe
03 August 2022 /payments /inclusion Fintech
Account to Account: The Next Big Thing in Payment Options While contactless payment took years to gain momentum, most people now cannot imagine life without it, and it accounts for over a quarter of all UK payments. Adoption takes time, but several “hygiene factors” make a new payment method more likely than others to become ingrained in daily lif...
27 June 2022 /payments Frictionless Payments
When securing large loans for a big purchase like a home or a car, a good credit score is essential for securing the best interest rates. Those with the highest credit scores can generally lock in the lowest available interest rates, translating into significant savings over time. Yet right now, UK consumers typically take out high-interest credit...
13 June 2022 /payments /inclusion Personal Finance
More than ever before, innovative payment methods are being used as a force for positive social change, especially as charities recover from shortfalls experienced during the pandemic. UK charities suffered greatly over recent years, especially at the start of the lockdown in 2020: 40% of charities were forced to dip into reserves at the height o...
12 April 2022 /payments /inclusion Payments strategies 2015-2020-2030
Covid ushered new changes that are to stay- and that includes QR codes as a form of payment method. Contact tracing requirements, coupled with worries about viral contamination through the handling of cash and menus brought on a QR boom that previously eluded Europe. QR codes have been around for nearly thirty years. Short for ‘quick response’, t...
02 February 2022 /payments /startups Payments strategies 2015-2020-2030
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