POUND NOTES

CONTACTLESS PAYMENTS IN STORES ‘MORE POPULAR THAN CHIP AND PIN’

CONTACTLESS payments are now more popular than chip and pin card payments when people pay in UK stores, according to a major payments processing company.

Payments technology company Worldpay, which processes payments for large retailers as well as small businesses, said it is the first time it has seen “tap and go” contactless payments overtake chip and pin.

The switch-over happened in June, according to Worldpay, which said 51% of in-store card transactions in that month were contactless, rising further to 52% in July.

PAYDAY LENDERS SHOULD CONSIDER PRO-ACTIVE COMPENSATION OFFERS, SAYS REGULATOR

PAYDAY lenders have been told to consider whether they should be pro-actively offering customers compensation, even if they have not made a complaint.

The Financial Conduct Authority (FCA) has written a strongly-worded letter to chief executives of payday lenders, saying firms should assess their lending activity to determine whether creditworthiness assessments are compliant.

It follows an increase in complaints about unaffordable lending, such as borrowers taking out a ‘chain’ of loans over an extended period.

AVERAGE LIFE INSURANCE POLICY ‘CHEAPER THAN A DECADE AGO’

THE cost of a life insurance policy is nearly £100 per year cheaper on average than it was 10 years ago, according to analysis by Comparecover.com.

The average monthly cost a decade ago was £33.75, adding up to £405 per year, the website found. The average cost now is £25.79 per month or £309.48 annually, a difference of £95.52.

Compare Cover looked at the average level of cover, premium cost and term offered by providers through the website between 2008 and 2018.

■ FINANCIAL FACT: First-time buyer numbers across the UK have reached their highest levels in over a year.

According to trade association UK Finance which represents lenders, there were 35,500 new first-time buyer mortgages completed in August, the highest monthly total since June 2017.