The top payments stories you missed in July 2025
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Catch up on Finextra's most-read Payments stories from last month.
Australian banks launch nationwide Confirmation of Payee scheme
Confirmation of Payee (CoP) has officially arrived in Australia, with Australian banks having started the roll-out of the nationwide scheme early in July. Even though Australia is one of the only countries where scam losses were reducing, banks have invested $100 million in the name-matching technology to further drive down losses.
Bank of England mulls shelving of digital pound
The BofE is allegedly willing to step back from the digital pound if private businesses continue to roll out new electronic-payment technologies. According to sources from Bloomberg, staff believe the gains from moving ahead with the launch have diminished, and have instead been privately urging the industry to accelerate payment innovations that could result in similar benefits.
The Finextra news desk writes: 'The Bank's current thinking is in stark contrast to that taken by the European Central Bank, which is accelerating work on a digital euro to keep up with the 'ambitious pace' set by EU leaders. The project's urgency increases in the face of geopolitical challenges, including an increasingly hostile United States under Donald Trump.'
PayPal unveils integration with domestic wallets across the world
PayPal has announced multiple global partnerships to integrate many of the world's largest digital wallets and payment systems in a single platform. Named Paypal World, the new initiative aims to connect almost two billion users globally and is designed to transform the way people send money in-store online, as well as with AI agents across borders. Launch partners, apart from PayPal, include Venmo, Mercado Pago, NPCI International Payments Limited (UPI), and Tenpay Global.
PayPal unveils 'Pay with Crypto' feature
It has been a busy month at PayPal. The company also announced a new service, called Pay with Crypto, to enable US businesses to accept payments in over 100 cryptocurrencies. The service, which is expected to become available within weeks, will let customers pay with cryptocurrencies such as bitcoin and Ethereum, as well as stablecoins including USDC. They will also be able to use wallets such as Coinbase and MetaMask. The service is designed to simplify cross-border commerce for merchants by allowing payments in crypto to automatically convert to fiat or stablecoin, and also help cut transaction fees by up to 90% when compared to credit cards.
$17 million taken in TikTok ATM scam
Earlier in July, a fault in a youth job programme card scheme allowed $17 million to be withdrawn and lost across New York City. The programme had issued around 30,000 cards to 14-to 24-year-olds who could not be paid via direct deposit, and were only designed to give users access to that week's earnings. However, a fault allowed users to withdraw as much as $40,000 per ATM. As the fault went viral on social media, some users even sold their cards for $1,000.
Mastercard unveils A2A Protect in the UK
As account-to-account (A2A) payment fraud has soared to £592 million in the UK last year, Mastercard has rolled out a new service to help banks protect consumers from A2A payment fraud and resolve disputes. A2A Protect will initially focus on the most pressing concerns, such as Authorised Push Payment (APP) fraud. The service also includes a uniform procedure for banks to resolve disputes and recover funds, across multiple use cases. Future phases will, among other features, include processes for recovering funds across a broader range of scenarios.
Bailey and Reeves clash over Revolut banking licence - FT
In July 2024, Revolut finally won its hard-fought-for UK banking license. The approval triggered a 'mobilisation' stage while building out its controls and infrastructure, which was expected to end after 12 months. However, in July 2025, the approval anniversary came and went without an update. The Financial Times reports that efforts to accelerate Revolut's authorisation as a fully-licenced bank failed over a clash between The Bank of England governor Andrew John Bailey and chancellor Rachel Reeves. The Treasury commented in the FT: 'The chancellor and the governor have a strong and productive relationship and the government fully supports the operational independence of the Bank of England.' The BoE and Revolut declined to comment.
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The Independent
17 minutes ago
- The Independent
BP fuels FTSE 100 but soft US data tempers gains
The FTSE 100 climbed on Tuesday boosted by another day of well-received earnings, with Smith & Nephew, Diageo and BP all in favour, although weak US data saw progress fade late in the trading session. 'Strong corporate results are helping as they show businesses can still thrive despite the turbulent backdrop,' said Russ Mould, at AJ Bell. The FTSE 100 Index closed up 14.43 points, 0.2%, at 9,142.73. It had earlier traded as high as 9,177.95. The FTSE 250 ended 42.19 points higher, 0.2%, at 21,901.69, and the AIM All-Share ended up 4.59 points, 0.6%, at 763.48. Well-received earnings provided a lift in London, with index heavyweights BP and Diageo to the fore. Oil major BP rose 2.8% after better-than-expected second-quarter results. The strong earnings, coming on the back of a major hydrocarbon discovery in Brazil, will improve the investment mood music and be helpful for management credibility, analysts said. Underlying replacement cost profit of 2.35 billion dollars was well ahead of company compiled consensus for 1.82 billion dollars but 15% below 2.76 billion dollars a year ago. Alastair Syme, at Citi, said: 'After several quarters where earnings have not lived up to expectations, BP's 2Q25 is significantly better than market forecasts.' 'In the space of two days – yesterday's potentially highly material Bumerangue discovery in Brazil and today's earnings trajectory – we believe there are credible reasons for the investors to revisit the BP investment story,' he added. On Monday, BP reported new oil and gas findings at its Bumerangue offshore mining block, calling the discovery its 'largest in 25 years'. Alongside results, BP said it will conduct a thorough review of its businesses, including targeting further cost cuts. The company is two quarters into a 12-quarter plan and chief executive Murray Auchincloss said he was 'encouraged' by the early progress, but added 'we know there's much more to do'. Diageo climbed 4.9% after full-year results provided some reassurance, although they failed to sway some commentators. The London-based brewer and distiller, which owns brands ranging from Guinness stout to Johnnie Walker whisky, on Tuesday reported a decline of more than a third in its bottom line in the financial year that ended in June, as a slight decline in net sales was compounded by impairment and restructuring costs, unfavourable currency movements, and narrowed operating margins. Even so, Diageo said its results were in line with guidance. Bank of America said: 'While the environment remains challenging, it is clear that management is stepping up what it can control, and we believe these results will reassure.' Richard Hunter, at interactive investor, said there are 'emerging glimmers of hope'. But James Edwards Jones, at RBC Capital Markets, said the results do not 'advance the investment case – positive or negative – materially'. Smith & Nephew was the best blue chip performer, up 15%, as it said revenue growth accelerated in the second quarter of 2025. The Watford-based medical devices maker said pre-tax profit jumped 43% to 362 million dollars in the half year that ended June 28 from 253 million dollars a year prior. Revenue increased 4.7% to 2.96 billion dollars in the half year from 2.83 billion dollars a year ago, including a 1.55 billion dollar contribution in the second quarter, up 7.8% from 1.44 billion dollars last year. Chief executive Deepak Nath called it a 'strong performance'. The transformation of Smith & Nephew is starting to deliver 'substantial value', Mr Nath added. In Europe on Tuesday, the CAC 40 in Paris fell 0.1%, while the DAX 40 in Frankfurt rose 0.4%. In New York, the Dow Jones Industrial Average was down 0.3%, the S&P 500 was 0.6% lower, and the Nasdaq Composite declined 0.8%. Palantir jumped 5.9% after it raised annual guidance after quarterly revenue hit one billion dollars for the first time, while drugs firm Pfizer climbed 4.5% and also raised its annual outlook after 'another strong quarter'. But Wall Street fell back overall after figures showed the US service sector slowed down in July. Wells Fargo noted the Institute for Supply Management service sector index fell to 50.1 in July from 50.8 in June, the third-lowest reading since the pandemic year of 2020, and below consensus which had expected an improvement to 51.5. TD Economics said the softer trend in ISM services is 'indicative of slowing US economic activity – a theme that we anticipate will become more entrenched in the third quarter'. 'While the Fed will have to tread carefully with ongoing signals of an uptick in price pressures ahead, growth-related concerns are likely to dominate and should get the Fed moving when it comes to easing monetary policy,' it added. The dollar was mixed after the data. The pound rose to 1.3301 dollars late on Tuesday afternoon in London, compared with 1.3287 dollars at the equities close on Monday. The euro traded at 1.1579 dollars, higher against 1.1568 dollars. Against the yen, the dollar was trading higher at 147.42 yen compared with 147.30 yen. The yield on the US 10-year Treasury was at 4.20%, trimmed from 4.22%. The yield on the US 30-year Treasury was 4.77%, narrowed from 4.81% from Monday. Data showed growth in the UK's key service sector slowed but beat expectations in July, amid an 'unfavourable global economic backdrop' while optimism improved as US tariff concerns faded. The S&P Global UK services purchasing managers' business activity index fell to 51.8 points in July from 52.8 in June, but beat the July 24 flash reading of a sharper fall to 51.2 in July. The composite PMI meanwhile eased to 51.5 in July from 52.0 in June, outperforming the 51.0 flash reading. On the FTSE 250, Northampton-based building materials provider Travis Perkins climbed 5.6% as it reported improving revenue trends at its Merchanting business, while well-received results, including strong orders, supported industrial flow control equipment manufacturer Rotork up 6.6%. Close Brothers rose a further 6.8% after the favourable motor finance ruling but Domino's Pizza was off the menu, down 18%, after it lowered its annual outlook, with 'weak' consumer confidence keeping a lid on sales growth. Brent oil was quoted lower at 68.04 dollars a barrel in London on Tuesday, down from 69.20 dollars late on Monday. Gold firmed to 3,385.82 dollars an ounce against 3,372.82 dollars. The biggest risers on the FTSE 100 were Smith & Nephew, up 177 pence at 1,331p, Fresnillo, up 86p at 1,520p, Diageo, up 89p at 1,904p, Melrose Industries, up 26.8p at 575p, and BP, up 11.4p at 417.4p. The biggest fallers on the FTSE 100 were Relx, down 90p at 3,814p, Lloyds Banking Group, down 1.8p at 80.7p, 3i, down 84p at 4,029p, Games Workshop, down 300p at 16, Experian, down 70p at 3,859p. Wednesday's local corporate calendar has half-year results from miner Glencore, insurance broker Hiscox and insurer Legal & General. The global economic calendar on Wednesday has eurozone retail sales and construction PMI readings in the UK and across Europe.
Reuters
18 minutes ago
- Reuters
London stocks pare gains after US data, assess strong earnings
Aug 5 (Reuters) - British equities closed modestly higher on Tuesday, led by a slew of upbeat corporate results, while investors assessed weaker-than-expected U.S. economic data ahead of a Bank of England rate decision later this week. The blue-chip FTSE 100 (.FTSE), opens new tab shed some earlier gains after data showed U.S. services sector activity unexpectedly flatlined in July, highlighting uncertainty over the impact of U.S. President Donald Trump's tariff policy on businesses. The benchmark index ended up 0.1%, while the domestically focused midcap FTSE 250 (.FTMC), opens new tab rose 0.2%. According to a survey on Tuesday, British businesses recorded their largest drop in new orders in almost three years in July and cut staff at the fastest pace in six months, adding to the Bank of England's growth concerns. The BoE is widely expected to cut interest rates to 4% on Thursday from 4.25%, its fifth cut in the current cycle, though some policymakers may vote to keep rates on hold due to inflation climbing above its 2% target. In the market, Diageo (DGE.L), opens new tab climbed 4.9% and was among the top gainers in the FTSE 100, after the world's largest spirits maker forecast stable 2026 sales despite tariff impacts and upped its cost-savings target. The medical equipment and services subindex (.FTNMX201020), opens new tab led sectoral gains, up 11.3%, hitting its highest level since November 2021, after Smith+Nephew's (SN.L), opens new tab rise in first-half profit and announcement of a new $500 million share buyback. The British medical products maker gained the most on the FTSE 100, up 15.3%. BP (BP.L), opens new tab added 2.8% after the oil giant said it would review assets and costs in order to improve profitability, with second-quarter profit beating expectations. Fresnillo (FRES.L), opens new tab surged nearly 6% after the miner reported positive first-half results. Precious metal miners (.FTNMX551030), opens new tab rose 2.4% tracking higher gold prices. Travis Perkins (TPK.L), opens new tab was among the top gainers on the FTSE 250, up 5.6%, after the British building materials supplier said it expects to deliver full-year adjusted operating profit, including property gains, broadly in line with market expectations. Conversely, Domino's Pizza Group (DOM.L), opens new tab fell 17.6%, hitting its lowest in over 10 years, after it cut its annual core profit forecast.
The Sun
18 minutes ago
- The Sun
I'm a nail technician — my favourite LED lamp has been slashed by 43% and it gives salon-quality results
TWO years ago, I became a qualified nail technician and since then, have been through countless nail lamps. The one that has remained my trusty companion has been the SUNUV nail lamp — and it's been discounted on Amazon by a hefty 43%. Whether you're looking to save some cash by doing your manicures at home or considering a career as a nail technician, this nail lamp is one to consider, offering salon-quality nails at an incredibly affordable price. We all know that summer brings weddings, BBQs, festivals, and other events that can strain finances, leaving less budget for monthly salon trips. So, now is the perfect time to save your pennies and put some treatments on hold by investing in a nail lamp. The SUNUV lamp has over 2,000 five-star reviews, has made over 3,000 sales this month alone, and is currently on sale for just £39.98. How much is it? The lamp usually retails for £69.99 but is currently (and frequently) on sale at Amazon for just £39.98. Who's it best for? The lamp suits anyone looking to do their nails at home, all the way up to people looking to start an independent career in nails. It's perfect for beginners as much as trained professionals due to its easy-to-use features and salon-quality strength. What we loved: The affordability and salon quality, as well as its four different time settings, which include a longer time and lower heat setting for sensitive hands and the longevity of a manicure. What we didn't: I genuinely don't have any issues to report with this lamp — it's been my go-to for years. SUNUV Led Nail Lamp £69.99 £39.98 - buy here Performance 2 BUY HERE I tested this lamp as part of my review of the best nail lamps, focusing on how long it takes to use, how easy it is for beginners to get to grips with and the features that set it apart from other devices on the market. The SUNUV lamp takes the top spot as the best overall lamp for me for several reasons. Firstly, despite being a salon-quality lamp — in fact, many salons use it — it's priced similarly to many flimsy starter lamps, making it a steal for the quality it offers. While it doesn't come with polishes, base coats and tools like some others do, the durability of the manicures it delivers makes it worth purchasing those additional items separately. One feature that I really love is the three different time settings of 10, 30, and 60 seconds, as well as a fourth option: a lower-heat, longer-timed 90-second setting, perfect for those with sensitive hands who may find higher heat intensity uncomfortable. The placement of the lights inside the lamp ensures even curing, while the sturdy, detachable base makes pedicures much easier to achieve. Price and packaging Other salon-grade lamps, such as Glitterbels or Gelish, can sit at the higher end of the price range, costing between £250 and £350. I've tested Gelish as well as other high-end lamps and still find SunUV's lamp to be the best all-rounder in terms of value, affordability, and features.
