March has been a busy month in the world of payments. From regulatory upheaval to rising fraud numbers, here is an overview of our most viewed Payments stories from this month.
UK Government confirms plans to scrap Payment Systems Regulator
You probably did not miss this story. In March, the UK Government has officially confirmed its plans to abolish the Payment Systems Regulator (PSR) and fold it into the Financial Conduct Authority (FCA). The move follows complaints from the industry that
the regulatory environment in the UK is too complex - with payment system firms having to engage with three different regulators, costing them time, money and resource. Until legislation is passed by Parliament to enact the change, the PSR will continue to
have access to its statutory powers.
US consumer fraud losses top $12.5bn in 2024
The US Federal Trade Commission released data showing that Americans lost more than $12.5 billion to fraud in 2024, signifying a 25% increase over the previous year. Investment scams accounted for nearly half of losses at $5.7 billion, followed by imposter
scams, with $2.95 billion reported lost. In 2024, US consumers reported losing more money to scams where they paid with bank transfers or cryptocurrency than all other payment methods combined.
Cash App integrates with Afterpay for BNPL at the checkout
American giant Cash App has joined with Afterpay to offer buy now, pay later (BNPL) services for online purchases. The roll out starts with access to Pay-in-4 products, with the Pay Monthly being added in the upcoming months. To distinguish the new integration,
the two companies have created a unified brand with a new logo for their checkout: Cash App Afterpay.
FCA seeks feedback on scrapping £100 contactless limit
After an initial proposal back in January 2025, the FCA is now looking for industry feedback on removing the £100 contactless limit on card payments. It aims to determine the potential benefit to consumers, merchants and economic growth in the UK by offering
people and businesses greater choice and flexibility.
Santander scores victory in APP fraud retrieval case
Santander has scored a significant High Court victory in a push payment fraud case over its responsibility to return £415,000 that was sent to a scam account. The authorised payments to a fraudulent account were made in 2016 by CCP Graduate School, which
brought claims against both NatWest (sending bank) and Santander (receiving bank) in 2022. The court judge ruled in Santander’s favour, and finds that, in respect of the system of indemnities, “the fact that banks are willing to take steps to try to assist
victims of fraud does not mean that the courts should find they have a legal obligation to do so.”
PayPal scammers adopt Docusign API to con customers
Malwarebytes Labs finds that scammers are using a Docusign trick to enhance the trustworthiness of their phishing emails, where Docusign APIs allow 'customers' to send emails that come from genuine accounts, and use templates to impersonate reputable companies.
Since the scam emails come from Docusign accounts, they are able to bypass many security filters.
Monzo introduces Split payments feature to remove the hassle of shared expenses
Monzo announced rolling out a new split payments feature to simplify tracking, paying and chasing payments for shared expenses. Designed for ongoing expenses such as household bills or group trips, as well as settling one-off expenses like dinner or a ride
shares, users can use Monzo Split to create splits, invite participants, add expenses from various accounts and cards, and send reminders to ensure everyone stays on track.