POUND NOTES

Grimsby Telegraph - - Consumer News -

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.

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