News & Views - Savantor
You are here:
/
/
/

Payment Trends

Thursday, 09 April 2015
The results of several surveys have recently been released, illustrating the trends that are ongoing within the payments industry. For the first time, the UK Cards Association has published the amount of online spending on cards along with numbers of online transactions. New figures published earlier this month show that during January, consumers spent twice as much on cards on average via the internet as they did in-store. The data shows that 30 per cent of the value of all spending on cards in January was via the internet, with £15.4bn of the £46.5bn total spent in this way. The number of online card transactions made up 12.3 per cent of total card purchases, equating to 118m of all 1,054m card payments. The new data also revealed people spend twice as much on average via the internet as they do in-store, with the average transaction value for each standing at £96.10 and £46.53 respectively in January. Meanwhile, according to figures from the Halifax, the use of cash and cheques continues to decline whilst digital payments are showing a steep rise; nearly 85% of all current account transactions made by its customers are now electronic. The popularity of the more traditional payment methods is waning in favour of digital, mobile and contactless technology and the emergence of 'pay a contact' services such as Paym. Debit card transactions now account for 56.7% of all Halifax current account transactions, up from 54.9% in 2013. Faster Payments usage, although low, continues to increase, up from 2.3% to 2.7%. However, cash withdrawals now only account for £18.33 of every £100 spent, a £1.82 decline since 2013. Although cheques account for one transaction in every 100, their relatively high value still accounts for £8.14 in every £100 spent this way. New research by Barclays indicates that payment by smartphones and tablets will rise more than five-fold over the next 10 years. Consumers are predicted to spend £53.6 billion a year using their smartphones and tablets by 2024, compared with the £9.7 billion spent today, according to the research. Mobile devices are expected to play a role in 42% of all retail sales by 2024, at every stage of a sale from browsing products to paying at the tills, including using an app to register complaints. However, a survey by the Bank also found that less than a third of retailers had a clear plan to invest in mobile functionality for payments. More than two thirds do not yet offer a mobile website or app, despite the massive rise in smartphone ownership over the last few years—to 61% of all adult Britons according to Ofcom figures.
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

Credit Card Launch

"Savantor's knowledge and experience were the key differentiators in selecting them and they contributed greatly to the success of the product launch and the effectiveness of the ongoing operational service."

Toine Schepers, Operations Director - Primeline - The Netherlands

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

Credit Risk Review for New Product Launch

"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."

Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland

Expert Witness

"After searching extensively for the required industry expert in a complex litigation, Savantor was identified to have the necessary industry knowledge and expertise on a range of complex issues. Savantor provided clear advice and was able to quickly hone in on the key issues, but most importantly, generating pragmatic winnable answers."

Gavin Ingram, General Counsel & VP Strategic Planning - Global Blue - Asia Pacific

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

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

Platform Selection

"Savantor's support in our platform selection process has enabled us to sustain our profitability and positioning for the future. Their advice and guidance was essential to our decision-making."

Robert Lambert, Head of Cards Strategy - Permanent tsb 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

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.