News & Views - Savantor

Cash, Cards or Contactless

Tuesday, 30 April 2013

Surveys by Co Compare seem to suggest that the move away from cash may still be some way off. One in four consumers say they find the idea of contactless payments 'scary', while over a half say they would be saddened by a move to a cashless society. Of the 2000 UK adults sampled by GoCompare, 6% have so far initiated a contactless payment with a credit card and 3% have made such a transaction using their mobile phone. The pollsters found more adventurous behaviour online, where non-bank alternatives such as PayPal fare much better, with 86% holding a PayPal account and 54% describing themselves as regular users.

The research also looked at how people expect to pay for things in ten years time. While cash topped the list of payment methods (60%), closely followed by debit cards (52%), only two fifths of people thought that they would be using contactless card payment systems in 2023. By comparison 36% expected to still be using traditional credit cards by then. Just over a quarter of those surveyed expect to be paying for items via their mobile phone in 2023 while 19% think they will be using a type of biometric payment system.

The research also revealed that UK consumers are still turning to credit and debit cards as their preferred method of payment, with more than half putting the majority of purchases on plastic. Debit and credit cards dominate purchases valued at between £50.01 and £100, with just 13% of the consumers surveyed making purchases with cash at this level. A similar picture was revealed for purchases valued between £30.01 and £50, with the breakdown for payment methods as follows: debit card (54%), credit card (23%) and cash (21%).

 

For goods valued between £20.01 and £30 the number of consumers paying for items with cash (28%) surpassed those putting purchases on credit cards (20%), while the majority of consumers put purchases at this level on debit cards (51%). Further figures from the research reveals that cash remains the main method of payment for goods valued under £5, with more than third of consumers saying that they endeavour to make their purchases with cash wherever possible. Nearly half of consumers questioned also said that they didn’t like being without cash, with this figure standing at 57% for consumers aged 55 and over. However, for items valued at between £5 and £20 more than half of consumers argued that they would make their purchases with cash. A third said they would use their debit card, while 13% would make purchases at this level by credit card.

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 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

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

Payments Platform Strategy and Sourcing

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with our team and actively contribute. Their experts quickly forged strong working relationships and delivered to our brief. We enjoyed working with them to develop our future platform strategy."

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

Payments Workshop Material

"Savantor helped ACI build a payments onboarding workshop for new technical staff in ACI EMEA. Their extensive experience took our outline and built a great starting presentation of industry facts that we have now customised further into a half day session that is used for all new joiners. Our Americas and APAC regions have also taken the material and customised it for their regions. A great job by Savantor has meant new joiners to ACI hit the ground running."

Richard Sanders, Principal Solution Consultant - ACI - Worldwide EMEA

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

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

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

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

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.