FedNow Transaction Limit Will Match RTP at $10 Million
For the second time in less than a year, the Federal Reserve will raise the transaction limit for its FedNow instant payment system. Starting in November, the cap will increase from $1 million to $10 million. As recently as February, the limit stood at just $500,000. FedNow’s competitor in instant payments, The Clearing House, raised its […]
UK Considers Scrapping Transaction Caps on Contactless Card Payments
After years of gradually increasing the limits on contactless card payments, the UK is now considering removing transaction caps entirely. The current limit on contactless card payments is £100 ($136), and many transactions still require four-digit PIN authorization. If the Financial Conduct Authority (FCA) moves forward with its proposal, both the cap and the PIN […]
How Prepaid Products Continue to Transform Holiday Shopping
Gift cards have become a year-round payment vehicle, in part because birthdays are the most popular occasion for prepaid purchases. However, even with other spikes in prepaid shopping throughout the year—such as Dads and Grads season in June—the holidays are still the single most popular time to purchase prepaid products. As Jordan Hirschfield, Director of […]