News & Views - Savantor

A decade of change

Tuesday, 09 February 2016
This week saw the 10 year anniversary of Chip & PIN. To mark the date, the UK Cards Association published a report outlining the introduction and impact of the technology in the UK during the last decade, along with the latest key statistics relating to payments. Chip and PIN was introduced to combat fraud on lost and stolen and counterfeit cards. Although the technology was already in use, it was mandated that from the 14th February in 2006, Chip & PIN should be used and the option to sign for a transaction instead of entering a PIN was withdrawn. Fraud on UK-issued cards has fallen significantly since the introduction of Chip & PIN. Since 2004, counterfeit card fraud is down 63 per cent to £47.8 million, lost and stolen card fraud down 48 per cent to £59.7 million and card non-receipt fraud down 86 per cent to £10.1 million in 2014. The technology behind Chip & PIN provided the technical infrastructure which could be used as the basis for other developments in cards, such as contactless and CNP mobile transactions, enabling payments to be processed by mobile retailers and in unattended environments. The introduction of Chip & PIN is described by the UK Cards Association as 'the largest change in consumer behaviour since decimalisation.' A continuation of that change can be seen today with the increased opportunities to use contactless and a continually increasing acceptance and desire by the public to use it, particularly in transport and low value transactions. Areas where contactless are being introduced are many and varied – only this week, Monopoly announced that it was introducing a version of its game which uses contactless cards in place of appointing a Banker! There is a huge diversity of ways to pay using cards being developed and launched in payments and the acceptance and usage of them by consumers is demonstrated by the increase in card usage over the past ten years, along with the impact on consumer spending behaviour patterns. According to the UK Cards Association, the total number of card purchases in 2006 was 6.4 billion; this increased by 7 billion or 108% to 13.4 billion in 2015. Total spend on cards in 2006 rose by £306 billion or 97% to £622 billion in 2015. The cards and payment industry continues to be is an increasingly exciting market to watch in terms of its development. It will be very interesting to look back after the next ten years and see how it has evolved compared to our expectations.
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