News & Views - Savantor

The continuing dominance of cash

Monday, 09 June 2014
Two recent reports have confirmed the continuing dominance of cash as a payment method. A new industry report, UK Cash & Cash Machines 2014, underlines the strong role cash continues to play in our society; although cash usage levels are down from last year, there has been minimal change over the past five years with cash remaining popular as a means of payment amongst consumers. During 2013, 52% of all payments were made by cash, equating to 20 billion cash payments and a total of £260billion. In its Payments Survey for 2013, the British Retail Consortium (BRC) also shows that although use of cash is slowly declining, it nevertheless accounts for over 52% of transactions. According to the BRC survey, whilst cash continues to decline in value, number of transactions and average transaction value, it nevertheless retains an important role as it still accounts for 52.57% of transactions, down from 54.35% in 2012. The BRC survey also highlights a continuing growth in the use of debit cards, accounting for 32.37% of transactions, up 7.9% from last year. Debit card use now accounts for 49.58% of retail sales value, up from 48.23% since 2012. The figures for credit and charge cards show that they retain their share of turnover but with fewer transactions, with the percentage in turnover value remaining at around 21% but the share in transactions volumes falling from 10.61% in 2012 to 9.28% in 2013. It seems evident that despite continual speculation about the future of cash and its decline as a means of payment, its use is likely to remain widespread for the foreseeable future. Even taking into account the ongoing emergence of technical alternatives, cash is likely to remain an important method of payment for many consumers.
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

Market Insights

"Savantor did a good job in helping us understand the dynamics of a key growth area for Trionis. Savantor's ability to listen and their degree of commitment have always impressed me. They have been of great help in providing us important market insights and I would not hesitate to work with them again in future."

Ernst Verbeek, Managing Director - Trionis - Belgium

Acquiring market insight and strategy review

"Savantor brought an independent perspective and valuable insight that enabled Rabobank to ratify options for delivery and future growth and make informed business decisions in support of our target business model. Having used Savantor on a number of strategic projects, we have no hesitation in recommending their services to others."

Evert R Fekkes, SVP Payment & Savings Services - Rabobank - Nederland

Credit Card Migration and Operational Support

"The bank has undergone significant transformation of its card business on both the issuing and acquiring sides. One business partner we have looked to for support in the areas of strategy, major project leadership, management analysis and ongoing business support is Savantor. The Savantor team has contributed to our success as we have leveraged their deep industry knowledge and broad range of operational skills."

Sean Sheehan, Service Management Director - Bank of Ireland

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

Business and Platform Strategy

"Savantor successfully advised Rabobank during preparing of the platform migration for cards. Savantor demonstrated thorough knowledge of business processes and market players combined with a practical approach."

Evert Fekkes, Business Information Manager - Rabobank - Nederland

EMV Migration Planning

"It was a strategic imperative for the bank to be EMV compliant for our payment cards and the experience that Savantor brought to the company has proved to be invaluable."

Eddie Sweeney, Chief Technology Officer - AIB Bank - Ireland

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

Acquirer Strategy and Operating Model

"Savantor brought an effective blend of European acquirer market expertise and transaction processing solution design. Their experts quickly forged strong working relationships with our team. We enjoyed working with them to create our future acquirer strategy."

Mikko Hyttinen, SVP - Lending Services - OP-Pohjola Group - Finland

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.