Kiffmeister’s #Fintech Daily Digest (20220317)

Santander punished for forcing customers to use mobile phones

The UK Financial Ombudsman has ruled in favor of customers who registered complaints about the lender after it made changes to account access in 2019 to comply with new regulations on banking fraud. This entailed sending customers a text code via SMS or clicking a link in the bank’s mobile app. Unlike other banks, Santander offered no alternative means of access, except to visit a branch or contact the call center to access services. The bank has been forced to pay out hundreds of pounds in compensation to customers who complained under age discrimination laws. [Read more]

Contactless payments soar as limit increase takes effect

The lifting of the UK limit on contactless payments in October 2021 to £100 (from £45) has led to a surge in tap-and-pay transactions. In September the average spend per contactless payment was £11.86, versus £15.30 in December. For 2021 as a whole, a total of 13.1 billion contactless payments were made, up 36% compared with 2020 and 52 per cent higher than pre-pandemic levels in 2019. [Read more]