Barclays consumer spending drops for first time since 2024 Banking Consumers using Barclays credit and debit cards cut their spending for the first time in 17 months in the latest sign of turmoil facing the global economy. Total spending was down 0.1 per cent year-on-year marking the first drop since November 2024, where Brits were feeling the pinch of Labour’s first Budget. Consumers mainly drew [...]
Banks keep £100 contactless limit despite new powers Retail Britain’s banks will not be lifting the £100 cap on contactless payments despite the regulator giving them the power to do so, citing low demand. The Financial Conduct Authority (FCA) lifted the cap on Thursday, leaving it up to banks to increase their own limits – although none of the UK’s biggest banks have decided [...]
Revolut, Mastercard, Visa lose legal battle on card fees cap Fintech Revolut, Mastercard and Visa have lost a legal battle against the UK’s payments watchdog amid plans to introduce a cap on card fees for overseas transactions. The trio of payment giants brought a judicial review to the High Court following a decision by the Payment Systems Regulator (PSR) in December 2024, confirming that it would consult on the [...]
Banks to set own contactless limit as FCA scraps cap December 19, 2025 UK banks will be able to set their own contactless limits under new rules set to be introduced by the City watchdog next year. In the current system, banks place a cap on payments of up to £100 per transaction when consumers are using physical contactless cards. But changes introduced by the Financial Conduct Authority [...]
‘Little luxuries’ and warm weather boost card spending September 3, 2024 The summer heatwave, along with the ‘sweet treat economy’ pushed card spending to return to growth in August, although it remained below consumer inflation. Card spending grew by one per cent in August, below the CPIH inflation rate of 3.1 per cent. Almost half of consumers said they continued to spend on small, luxury purchases [...]