News & Views - Savantor

Cash, cheques and contactless payments

Friday, 16 September 2016

Several milestones have been reached over the past month in the world of UK payments.

On 13th September, the Bank of England launched a new plastic £5 note. Whilst its advent has been heralded as an ‘exciting development’ in some quarters, nevertheless there has been news of other payment methods which serves only to remind us that the use of cash is becoming increasingly less popular compared to mobile and contactless payments.

According to new figures released by research analyst Mintel, contactless card use in the UK has overtaken cheque usage for the first time. Their research shows that cheques have been used by 31% of UK consumers over the past three months, down from 40% who used them to make a payment during 2015. This decline makes cheques the least popular form of payment, with contactless debit card use rising from 28% in 2015 to 39% and contactless credit card use rising from 28% to 34%.

Meanwhile, data gathered by the UK Cards Association indicates that spending using contactless in the first half of 2016 has already overtaken figures for the whole of 2015. According to their figures, £9.27 billion was spent using contactless methods between January and June of this year, more than the total 2015 contactless spend of £7.75 billion. This comprised of 1.1 billion contactless transactions in the first six months of 2016, compared to 1.05 billion for the whole of 2015.

In June of this year, 18% of purchases were made using contactless cards, compared to 7% in June 2015.

It is widely expected that the growth in usage of contactless cards will continue to rise during the rest of 2016. The latest Barclaycard Contactless Spending Index, which monitors the shopping trends of millions of UK customers, shows that usage has increased 173% by value and 112 % by volume in the year to end of July. Interestingly, usage in the over 60’s age group is growing so quickly that the number of users in this age group is now greater than those aged 18-25.

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

Complex Cards Business Transformation

"This was a major business transformation that required us to build an excellent team made up of internal bank specialists, supported by external card business, technical and operations expertise. Savantor provided specialists from the local market and with international experience to fill a variety of important roles. The Savantor resourcing team are professional, reliable and good people to work with."

Ricardo Gomez, Director - Operations & Technology - WiZink Bank - Spain

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

Platform Selection & RFP Management

"OP-Pohjola Group has used Savantor in both acquiring and issuing for platform/service provider research, RFI/RFP processes and subsequent contract negotiations. Savantor's approach and commitment have always been very professional and transparent. They have been of great help for the company in providing us important insights and background information beyond vendors sales speeches."

Kai Lindstrom, Head of Acquiring - OP-Services Ltd - Finland

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

Acquirer Specialist Support

"OP-Pohjola Group has used Savantors help in numerous different specialist projects differing from risk assessment to management tool creation to transaction analysis. We have been very satisfied by the quality of the service provided by Savantor's experts."

Kai Lindstrom, Head of Acquiring - OP-Services Ltd - Finland

Issuer and Acquirer Transformation - Assessment and Mobilisation

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with a diverse team from across the bank and actively contribute. I am pleased to say that Savantor was able to deliver on our needs as well as being good people to do business with."

Lars Bostrom, Head of Cards - Nordea - Scandinavia

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

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

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.