News & Views - Savantor

From 2016 into 2017

Friday, 16 December 2016

Looking back over 2016, there have been a number of key themes which have prevailed in the payments market.

The growth in contactless and mobile payments has risen dramatically, and looks to be a trend which will continue into 2017 and beyond. Figures released by the UK Cards Association show that one in five card payments are now made via contactless, with monthly contactless card spending passing the £2 billion mark in July.

The use of biometric technology as a means of personal identification and security has also become more prevalent, including fingerprint recognition, voice recognition, facial recognition, iris scanning, and behaviour recognition. This area of innovation looks set to continue evolving in the coming year.

The number of data breaches and fraudulent scams has unfortunately also been a recurrent topic during the year – the latest example being Tesco Bank – and remains a constant threat and source of concern for the industry.

The position of traditional banks continues to be challenged by new start-ups who show themselves to be flexible and adaptable to market and customer requirements.

The results of the ‘Brexit’ referendum have led to a huge amount of uncertainty within the financial industry and this seems likely to remain an area of unsettlement well into 2017.

As always, the payments industry is subject to continual evolution and remains an area of exciting change and development which will no doubt continue into 2017.

Savantor wishes the very best for 2017 to all our MarketEye readers.

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