The Analysis News & Opinions
Opinion
Card payments set to continue to rise
The number of purchases using debit and credit cards has more than doubled in the past 10 years, as contactless payments and online retail have driven a change in the way consumers pay. Debit and credit cards were used to make
16.4 billion purchases in 2016, up 146% from 6.7 billion in 2006. It means that 518 card payments were made every second last year by cardholders both in the UK and travelling overseas. Over the past decade, the growth in the number of card transactions has outstripped the rise in the amount spent, showing consumers’ increasing preference for using cards instead of cash for lower value payments. Last year the average value of a card transaction fell to £43.47, its lowest level in 15 years. Card payments play a central role in our
economy, with spending equivalent to a third of the UK’s GDP. As consumers continue to make the switch from cash to contactless and with the rise of the app- economy, we forecast that the number of card payments will grow substantially over the next decade too. With card payments providing significant
benefits to businesses, the number of retailers accepting cards increased to just over 1 million last year. The number of individual outlets accepting cards has jumped by 63% in the last 10 years to 1.3 million in 2016. A total of £709bn was spent by UK debit
and credit card holders both domestically and overseas last year. This meant that debit cards represented 75% of this total, amounting to £530bn. In the next decade, the increasing use
of contactless and mobile payments – in particular by younger people – will be a major source of growth for debit card payments.
Graham Peacop Chief executive, The UK Cards Association
Big issues on show at industry event
The most significant issues for the credit, collections, and enforcement industry will be up for discussion at CCRInteractive, in association with Marston Holdings, as the industry seeks to proceed through times of change armed with insight and analysis. Senior professionals and analysts will
consider major challenges for the wider economy, such as the uncertainty surrounding Brexit and the recent general election, and put these into the context of the credit and collections industry. Speakers will also consider issues of more immediate impact for the industry, such as GDPR, vulnerability, data, customer engagement, regulation, and technology. Stephen Kiely, editor of CCRMagazine,
said: “The credit and collections industry is facing up to some of the most significant challenges of a generation. For example, we all know about the upheaval and market changes due to regulation by the FCA, but how many professionals truly appreciate the challenges of the new GDPR regime? From the conversations that I have had, I would
in association with
suggest that far from everyone has a proper grasp of all the very real implications, so CCRInteractive will include a significant focus on this most important of issues. “We all know the possible fallout from
making errors in the sensitive areas that credit and collections professionals work, in terms of both potential fines and reputational risk. So now is the time to arm yourself with the knowledge and advice that you need.” l CCRInteractive will be held on Tuesday 3 October, again at the prestigious Guoman Tower Hotel in central London. To be part of the day, please contact Gary Lucas at
gary@ccrmagazine.co.uk or 07785 268404. To find out more about attending, please
contact Alison Lucas on 01702 341948 or at
alison@ccrmagazine.co.uk.
First applications are received for awards
The first applications have already been received for this year’s Credit Excellence Awards, but there is still plenty of time to make your application count. The official deadline for applications is
not until 8 August, but the first packs have already been received. They will now be reviewed by groups of judges each focusing on only one award. The Credit Excellence Awards are unique
because applications for each category are open to the whole range of the industry in those sectors. These categories are decided into shortlists of only three finalists. So you can apply if you are an individual credit professional, a team, a consumer or
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www.CCRMagazine.co.uk
Credit Excellence Awards2017
commercial creditor, or a supplier company, or a product. l To claim your Credit Excellence Awards Application Pack, or to find out more, please e-mail
stephen@ccrmagazine.co.uk or call 07766 416693.
July 2017
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