Card Payments Overtake Cash
38.8 billion payments were made in the UK in 2017. 9 out of 10 payments were made by consumers for spontaneous purchases. The remaining 15% being spent on regular household bills.
38.8 billion payments were made in the UK in 2017. Nine out of ten payments were made by consumers for spontaneous purchases with the remaining 15% being spent on regular household bills.
Contactless payments increased by 97% in the UK during 2017, this amounts to 5.6 billion payments. More businesses are shifting to provide various methods of accepting payments including an increase in the number of card terminals being used by businesses, an increase contactless payments being available and consumers becoming familiar at ease with the new payment methods.
Online and mobile payments are a growing part of the payments market, they now account for more payments than standing orders or cheques. Over the next decade online and mobile payment methods are forecast to grow to 56% (877 millions payments). The increased use of smartphones and tablets it is expected that online payment methods such as PayPal, Apple Pay, Google Pay and Samsung Pay will increase in popularity.
Yorkshire Payments processed transactions totalling £470m through its systems in the last 12 months, compared to £237m processed the previous year.
James Howard, managing director of Yorkshire Payments, puts the record year of growth down to demand for integrated payment systems.
If your business is not set up for card payments, you could put yourself on the backfoot and lose customers.
Get in touch with our Customer Care team who will answer any questions and will provide you with the information you need to get your business on the right foot with payment services.
01422 323 785