News & Views - Savantor

100 million debit cards now in circulation

Saturday, 16 July 2016

According to figures issued by the UK Cards Association, there are now more than 100 million debit cards in circulation in the UK for the first time.

The 100 million milestone was reached in April, as a result of a 2.7 % growth in debit cards over the previous 12 months, from 97.6 million in April 2015 to 100.3 million in April 2016. Debit card spending was up 6.8 % on the previous 12 months to £37.8 billion in April 2016.

The increase in debit cards and their usage reflects the changing patterns in consumer payment behaviour and choices. Along with the closure of the cheque guarantee scheme in 2011 and a decrease in popularity of ATM only cards, there has been a surge of interest in debit cards, which are typically issued as standard procedure as part of the new current account opening process.

Over 60% of debit cards now feature contactless technology and this figure is set to rise as more issuers embrace the technology in response to higher consumer popularity with this method of payment, fuelled to a great extent by the adoption of contactless as a means of transport payment.

According to a new report issued by Payments UK, it is predicted that debit cards will take over from cash to become the UK’s most frequently used payment method. Although cash was still the most popular payment method in 2015 and accounted for just under half of all payments, it is predicted that by 2021 there will be 14.5 billion debit card payments, overtaking the forecast 13.0 billion cash payments for the first time.

Payments UK also forecasts that by 2025, credit, debit and charge cards will account for more than half of all payments made (50.2%). Again, this is expected to be driven to a great extent by the increasing popularity of contactless; contactless cards accounted for 16% of total card purchases in April, an increase of 6% from 2015.

It will be interesting to see how these forecasts fare in time. However, what we can be sure of is that debit cards and contactless together make a formidable combination as a consumer choice of payment mechanism.


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

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

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

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

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

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

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

Collections Transformation

"Savantor did an absolutely superb job for us on the Collections programme. The professionalism, hard work, courtesy and tenacity of their experts is a credit both to the individuals and to Savantor."

Peter O'Dea, Senior Manager - Collections Department - 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.