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UK Shoppers online spending hits £1 billion on average per week
According to the latest figures revealed by ONS, retailers saw continued growth in online spending throughout December which continued into the New Year. Figures show retail sales increased by 4.3% compared to December 2015 and fell by 1.9% compared to November 2016. In December 2016 the average weekly spending online was £1.0 billion; an increase of [...]
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Payment Card Statistics for Europe and Eurasia – Yearbooks 2016-17
PCM would like to announce the publication of the updated Payment Card Statistical Yearbooks 2016-17 (Statistics for Europe and Eurasia) – and its corresponding website paymentyearbooks.com. In this business, we know you need to stay one-step ahead and have in-depth payments industry information available, including a wealth of statistics from central banks, interbank companies, associations and individual banks – Look no [...]
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Nigerian Central Bank bans Bitcoin and virtual currency
The Central Bank of Nigeria (CBN) has barred deposit taking banks and all other financial institutions from the operation of any form of virtual currency. The warning by the Apex bank was contained in a circular by the CBN Director of Financial Policy and Regulation Department, Kevin Amugo. Virtual currency (VCs) such as bitcoin, ripple, magneto, [...]
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2017 – the year that AML fines break through the £4 billion barrier globally?
The amount of money laundered by foreign criminals is estimated to be as high as £100 billion a year and unlawful tax avoidance costs UK taxpayers as much as £2.7 billion ($3.5 billion) in lost revenue, according to Transparency International. For financial institutions and payment companies, knowing who your customers are (KYC) is growing in [...]
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Seven critical changes to payments industry as FinTech matures
The FinTech sector is being shaped by shifting market conditions, new regulations, and changes in consumer demands and behaviors. For the past decade, FinTech companies have moved quickly, forcing incumbents to rethink their core business models and embrace digital innovations. But now, the FinTech industry is itself maturing and entering a period of rapid change. Companies wondering how [...]
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