The evolution of Domestic Schemes for the new economy

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The 2021 iteration of the Domestic Payments Jury Report shows domestic schemes morphing into new payments channels in response to the COVID-19 pandemic – and challenging our perception of what it means to be a “domestic” payment scheme.

This report solicited responses from 43 domestic payments players globally, with the majority of respondents coming from Europe, the Middle East and Africa.

Around the world, the report found evidence of so-called “domestic” payment schemes branching out to offer regional and international competition to international card schemes.

Russia’s MIR – long the dominant player in its home market – has now expanded

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BRC survey findings demand further reforms to interchange fees

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The Payments Survey is an annual publication of the BRC (British Retail Consortium) measuring the sales volumes and values of different payment channels employed by retailers across the UK.

Conducted by the BRC for over twenty years, the Survey utilises an exclusive set of data from retailers to assess the changing approaches in the ways that customers choose to pay for goods.

It also provides a unique look at the cost of collection across different payment channels and provides a valuable benchmarking tool.

Values Up

Total UK retail sales rose by 2.3% in 2020 to £403 billion, from £394 billion

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UK fraud figures make for grim reading

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The latest fraud figures released by UK Finance show the scale of the fraud problem in payments is only growing, despite the efforts of the banking and finance industry.

In H1 2021, criminals stole a total of £753.9 million through fraud, an increase of over a quarter (30%) compared to H1 2020. The advanced security systems used by banks prevented a further £736 million from being taken.

Over the previous editions, the UK Finance reports showed the largest fraud losses were due to unauthorised fraud committed using payment cards. However, in H1 2021, criminals focused their activity on authorised push

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Four markets predicted to succeed in the evolving payments landscape

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A new white paper unveils the markets which will be at the forefront of powering the payments industry in the coming years.

Released by Transact Payments Ltd (TPL), it reveals that the UK, Germany, Spain, and the Nordic countries will be the most well-positioned markets as digital transformation in the industry continues to gather pace, a trend also highlighted by PCM in its Open Banking Readiness Index.

The white paper comes at a time of significant change in the payments sector, presenting significant opportunities for all kinds of organisations issuing new payments products across the UK and European Economic Area

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