News & Views - Savantor

Is cash still king?

Monday, 15 December 2008

Other than articles on financial job losses there hasn't been much of interest in the industry news recently but some recent research studies attempt to throw some light on the cash or card and NFC or contactless discussion. With the recession already impacting spending this Christmas, UK customers apparently favour cash over credit cards to manage their budgets, according to Level Four. With Friday 19 December forecast to be the most frantic day for high street shopping this year the research shows that cash is still king with 43% of Britons saying they feel most in control of their budgets when relying on cash from ATMs, compared with 38% for debit cards and just 10% for credit cards.

Looking beyond the festive season Mobile payments via SMS, mobile internet and downloadable mobile applications could replace cash transactions in taxis, parking, movies, and online shopping in the near future, according to a new study that examines the potential for mobile payments in these markets.

The research found that 

  • internet shopping would account for almost three quarters of mobile commerce revenue in 2013,
  • 15% would come from parking, with the balance split about evenly between taxi fares and movie tickets. The research also suggested
  • the potential revenue in 2013 from these applications to be of about USD18bn. 
  • due to its slow developing pace, Near Field Communication technology will not offer large-scale mobile payment services for at least six years.
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