The excess could land in your nominated bank account.
An incoming payment could take a wallet over its limit. A waterfall would automatically send the excess to a nominated deposit account. A regular sweep could reduce an existing excess, while a reverse waterfall could draw from that account for a larger payment.
The Bank says every move depends on links with existing payment systems. Those links add cost, another possible point of failure and a need for a commercial bank account. The idea keeps today's bank account beside the proposed wallet.
A £20,000 limit kept 90% of sampled account balances within the cap.
Help Poppy-mai's half marathon back a Gambian clinic and nursery.
Poppy-mai is training for the Hastings Half Marathon to raise £350 for BACE. In Bonsa, western Gambia, the charity supports a nursery for 100 children and a primary healthcare clinic offering treatment for minor ailments and maternity services.
In Sweden, a card chip can approve groceries on its own.
Tuesday: when communications fail, many Swedish shoppers can insert a physical card and enter a PIN for food, medicines or fuel. The chip can approve the purchase without contacting the bank, and the terminal sends it on when the connection returns.