News & Views - Savantor

Looking back and ahead

Friday, 31 December 2010

It's been an interesting year in many ways in the payments industry.  We've seen the introduction of new banks such as Metro bank and an increasing trend for large retailers moving further into in store banking.  Debit cards overtook cash payments for the first time in the UK and mobile payments seem to be pushing contactless cards into the background. There have been many forecasts that next year will see an explosion of interest in mobile payments which may or may not happen but when the likes of Google start to move into the area it's probably a good indicator that it is being taken seriously at last.

Next year may also see further changes to online payment methods as recent research has shown that, while the credit card remains the most common method of online payment, credit card use for online purchases is falling and has triggered a change in the payment mix, which has become more broadly dispersed over a variety of payment methods.  Thus, online payments made with debit cards have increased their market share and non-traditional payment methods such as online alternative payments (PayPal, Google Checkout and Amazon) as well as gift cards, store branded credit cards and prepaid cards have also gained significant foothold and are forecast to continue to grow in the coming years.  So it may be that a year of significant change is ahead.  Let's hope the global economy is strong enough to support it. 

Happy New Year.

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Peter O'Dea, Senior Manager - Collections Department - Permanent tsb bank - Ireland

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

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Eddie Sweeney, Chief Technology Officer - AIB Bank - Ireland

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Mark Healy, Chief Risk Officer - NEOVIA Financial - UK

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