Your Friday fix for global fintech and payments news
Happy New Year! As Bitcoin jumps to an all-time-high of USD$36,000, quadrupling its worth from 2020, it looks like 2021 will bring a new range of exciting and unanticipated events for the payments industry. Here’s what we know this week: the UK is looking to increase the limit for contactless payments yet again, and the New York Metro accepting Apple Pay at all terminals. In this week’s roundup, we also take a look back at our 2020.
Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.
- Banks push for UK to increase contactless limit to £100
- All NYC subway stations, buses now accept Apple Pay
- A look back on 2020
Banks push for UK to increase contactless limit to £100
In April 2020, the contactless limit was raised in the UK to follow suit of many other countries around the globe. With the UK entering its third lockdown and Brexit negotiations finalised, UK Finance has put forward the idea to further increase the limit to the Treasury.
When contactless payments were first introduced to the UK back in 2007, the maximum spend was £10. This changed fairly quickly to £15 and then to £20, and finally to £30 in 2015 where it stayed until the pandemic hit last year. The new maximum put forward by the industry body is £100. The Financial Conduct Authority will need to approve the increase.
New York City transport has gone mobile, with passengers now able to pay at the turnstile for their journey using Apple Pay. While some stations have been trialling the payment option since 2019, the rollout was completed at the beginning of 2021, with 15,000 ‘One Metro New York (OMNY)’ readers at 472 stations and 5,800 buses accepting Apple Pay. The launch means that passengers with insufficient fare on their prepaid MetroCard can use their mobile device to pay for their journeys.
Google Pay, Samsung Pay, Fitbit Pay, contactless cards, smartphone and other wearables are all included in the ways to pay on the OMNY system, with the Metropolitan Transport Authority (MTA) aiming to offer further payment options throughout the year. They are also planning to offer these options on the Metro North and LIRR, aiming to replace plastic prepaid MetroCards by 2023.
2020 was a very different year, with the entire world learning to adapt to the unknown. The payments industry saw the acceleration of both digital transformation and contactless payments as contact-free payments became the norm.
Here at Compass Plus, we launched an independent report into our open development payments platform, TranzAxis, from internationally renowned payments specialists PayX in June. While the end of the year saw us teaming up with independent global payments consultancy, Consult Hyperion, to highlight the differences between payment platforms of the 1990s and those launched in the 2010s in a white paper and webinar. Meanwhile, our mobile payments service MobiCash, released a whitepaper: The rise of the payments super app – a fad, or the future?
We’re looking forward to seeing what this year brings - here’s to a brighter 2021!