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14th February in 2006, Chip & PIN should be used and the option to sign for a transaction instead of entering a PIN was withdrawn.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.
Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Acquirer Risk Assessment

"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."

Mark Healy, Chief Risk Officer - NEOVIA Financial - UK

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Payment Specialists

"Working close with Savantor's professionals over the years in the payment arena. I appreciate the skills and knowledge these guys have and will surely engage with them when opportunities arise. The current engagement with Savantor is full to satisfaction and beyond."

Idsert Walta, Head of Banking Categories - Nordea - Scandinavia

Complex Multi-Country Migration

"This complex migration, undertaken simultaneously in Spain and Portugal, has been a complete success. Savantor has provided us with excellent support for over 3 years, both in the original business transformation programme and now this double migration. We value their open and honest approach to business, and of course the expertise that they bring."

Ricardo Gomez, Director, Operations & Technology - WiZink Bank – Spain & Portugal

Acquirer Transformation

"We needed a programme manager for a complex transformation who also brought a broad understanding to help stakeholders through the change. We have been delighted with the delivery and outcomes from this engagement with Savantor."

Michael Liquornik, Executive Vice President - Neovia Financial - UK

Interchange Review

"Savantor did a superb job in confirming what we believed was an area of weakness. The detail we now have will enable us to agree internally what we need to do to improve structure, control and income. Nationwide management were very impressed with the quality of the Savantor team."

Adam Slater, Senior Manager - Banking - Nationwide Building Society - UK

Card Processing Migration

"Disciplined methodology and effective teamwork, guided by Savantor's migration expertise and operational knowledge, were the hallmarks that led to the resounding success of this project, enabling us to maintain and develop our business capability."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

Commercial Card Migration

"Execution at its best. We're delighted that this project has been truly outstanding and received an award from 'The Banker'. Savantor provided crucial expertise that helped us keep all our promises in terms of delivery. The scheduling, planning and control regime throughout was excellent."

Chris Mason, Director - Commercial Cards EMEA - Citi - UK

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.