- Sunday Times has reported that the fees that three of the UK’s largest banks receive from credit and debit card transactions has decreased by 20% to £3bn since 2014. Lloyds Banking Group has seen transaction fees fall by 16% to £875m since 2014. Royal Bank of Scotland’s fees fell by 22% over the same period, while HSBC’s decreased by 20%. A regulatory cap on card charges as well as greater competition from Apple and Amazon have been blamed for the fall in transaction fee income
- Zelle, a US bank-backed P2P payments app, has claimed more than 50,000 consumers are enrolling daily as it prepares to launch its standalone app on Tuesday 12 September 2017
- NatWest research has found that the proportion of British people who want to start their own business has fallen to 14%, compared to 39% before the vote to leave the European Union
- Royal Bank of Scotland Group is preparing to spend about £2bn upgrading its IT systems. The bank’s chief administrative officer Simon McNamara said the significant investment was required to repair years of neglecting technology
- First Direct has launched a credit and debit card cashback scheme for customers who register online for weekly offers. Current offers include £10 cashback if a customer spends £40 or more in H&M or Lidl, and £5 if they spend £40 at Esso
