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UK Card Expenditure Statistics: September 2017

Commenting on the publication of the September card expenditure statistics, Richard Koch, Head of Cards at UK Finance, said: “Card spending continued to grow in September, driven in part by the migration from cash payments, with the service sector leading the way. Perhaps a sign of the increased number of...

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UK Card Expenditure Statistics

Commenting on the publication of the August card expenditure statistics, Richard Koch, Head of Cards at UK Finance, said: “Online card spending has jumped by a quarter year-on-year, reflecting how consumers are increasingly turning to the internet and using their cards whether it’s for shopping, entertainment or travel. Overall, while...

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Latest industry data shows fall in financial fraud

Financial fraud losses of £366.4 million in the first half of 2017 were 8 per cent lower year-on-year, figures from UK Finance show. The data, which covers payment cards, remote banking and cheques, also shows that the industry prevented over £750 million of fraud during the same period, or 67...

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One in six Brits now a ‘card-only’ shopper as UK moves closer to becoming cashless society

30 per cent of people haven’t taken out cash from an ATM or bank in the last week One in six British shoppers say that, on an average day, they don’t use cash at all, and a further 38 per cent describe themselves as “card-first” shoppers, a survey commissioned by payments...

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Changing the way we pay – contactless celebrates its 10th year

To coincide with the 10th anniversary2 of the UK’s launch of contactless technology, UK Finance has today (Monday, 4 September 2017) published the latest usage figures. The first contactless cards in the UK were launched in September 2007, with 111 million in issue in June 2017. During the first half...

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UK Finance responds to proposed cap on cost of credit cards

Stephen Jones, CEO of UK Finance said: “Families up and down the country rely on credit cards for everyday household spending. The FCA’s extensive credit card market study looked very closely at the issue of persistent debt. It considered whether a cap on interest charges should be introduced, but concluded...

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UK Card Expenditure Statistics

Richard Koch, Head of Cards at UK Finance, said: “Coinciding with the ‘days-out’ holiday season, leisure and entertainment activities accounted for significant spend on cards during July. Contactless cards were used for one in three purchases as consumers continue to make lower-value transactions using their cards, rather than cash.”  ...

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Contactless payments are No.1 payment choice for UK market

The UK is a world leader in contactless payments. The widespread adoption of contactless in the UK was a gradual process but over the past few years contactless use has grown exponentially. In just a decade, contactless cards have gone from a niche offering to becoming the first choice payment...

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Visa declares war on cash with plan to pay British businesses to ban coins and notes

Visa is planning to pay British businesses not to accept coins and notes after its chief executive vowed to “put cash out of business”. The Daily Telegraph can reveal that the payments giant will soon attempt to strike cashless agreements with British shops and restaurants, which will see them offered lump sums worth thousands of...

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Co-op & McDonalds Test Finger Scanning Payment Tech

With the use of contactless technology increasing month by month, it might perhaps come as a surprise to a lot of people to learn that the plastic credit card might well be on its way out… Companies are becoming ever more open to using the latest technologies and this is...

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