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February 19, 2013

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Mark Pavan

Spot on Chris.
Earlier this week the Payments Council in the UK put this release out about changing customers habits in Finance in the UK. So from the other side to complement your merchant comment.

I quote:
"Flashing less cash – how we pay for it
Paying for our goods and services has changed dramatically too. Cheque usage continues to fall, halving every five years, hand-in-hand with our reliance on cash – particularly for our regular payments and higher value spontaneous payments.

For example in 2001, an astonishing 40% of home rental payments were made in cash and 43% of our retail spending by value used notes and coins too. By 2011, landlords collected only just over a quarter of rents in cash, while only 30% of shopping was paid for in this way (with the majority of payments being under £5). The rise of the debit card has been responsible for the decline of cash on the high street - indeed debit card spending has risen almost fourfold since 2001- while Direct Debits have completely changed the way we make our regular payments.

We still make a lot of very small cash transactions (three out of five of our one-off payments) but since 91% are under £25, contactless payment technology which has started to become a more familiar sight at shop tills and on our cards could revolutionise how way we pay. Currently, most contactless payments are made using a debit or credit card upgraded with the new technology, but soon mobile phones could do the job instead. By 2021, consumer spending is forecast to be roughly 45% higher, but the use of cash is expected to have fallen 1%, and cards may be in decline by then too. As we adopt new payment technologies, this may even prove a conservative forecast."

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