Archives for Banking News

Contactless card limit to rise to £45 from £30 next week after limits on cash shopping to help stop coronavirus

THE limit for in-store contactless payments is rising to £45, from £30, next week. This is to try and help people to limit physical contact to fight … Contactless card limit to rise to £45 from £30 next week after limits on cash shopping to help stop coronavirus
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European Business News / EuropeanBiz – Will European Banks be able to cope with this Global Pandemic – Interesting FT Article…

More than a decade on from the financial crisis, Europe’s banks are facing the first major test of their resilience. This week growing fears about the coronavirus pandemic and an oil price war prompted a widespread market sell-off. Companies have spent a decade gorging on cheap debt in an ultra-low interest rate environment. A wave of defaults is now likely, and rising loan impairments will hit banks’ already anaemic earnings. Since their recent peak almost a month ago, European banks indices have plunged 40 per cent in an indiscriminate sell off of financial stocks. This outpaces the 25 per cent
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British Business News – Bank of England is considering Electronic Bank Notes -BBC

The Bank of England is considering the introduction of electronic banknotes for use by consumers and businesses. Governor Mark Carney said: “We are in the middle of a revolution in payments,” saying the Bank must look into how electronic money could work. He said this would complement, not replace, paper banknotes while people still wanted physical cash. But it could open the door to programmable money to integrate with home appliances or the tax system. Carney calls for crackdown on crypto-currency ‘mania’ Budget 2020: Pledges on the future of cash Banknotes have been the only way for households to make
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JPMorgan plots launch of digital consumer bank in Britain 🇬🇧 🏦 📰

JPMorgan plots launch of digital consumer bank in Britain | JPMorgan Chase, the world’s biggest lender by market capitalisation, is close to making a stunning entry into Britain’s personal banking market. Sky News has learnt that the New York-listed behemoth will launch a range of savings and loan products using the Chase brand in the UK in the next few months. The move will represent one of the most significant new entries into the consumer banking sector since the 2008 financial crisis, and could spark a new price war among lenders already struggling to deal with a protracted period of
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