The payments evolution keeps grinding on at a rapid pace:
Cards remain king
Apple Pay launched in 2014 and was hailed as the system that was going to replace payment cards, but Payments Cards & Mobile reports that Cards remain king as mobile payments fail to hit the big time, even though, “Partnerships with major payment providers such as American Express, MasterCard and Visa meant that the innovation was anticipated to make a major impact on consumers straight from launch. They were even predicted to replace cash and card by Visa back in 2015 who forecasted the UK to spend over £1.2 billion a week by 2020 via mobile payments.”
“Yet, this payment method has failed to meet its anticipated high expectations and cards remains the firm favourite for UK consumers.”
Indeed, recent research showed that “mobile payments are almost as unused as cheques, with payment cards prevailing as the number one favourite for the majority of UK consumers.”
Amazon Pay coming
Regardless of the lack of usage of mobile payments, Amazon is reported to be about to launch a mobile wallet called Amazon Pay.
UK payment clearings - Faster Payments keeps on soaring
The latest statistics from UK Payments show that Faster Payments usage in UK in October is still growing at over 20%/year:
Source & Copyright©2018 - UK Payments
Cross-border interbank payment and settlements
A 68 page report from Bank of Canada, Bank of England and Monetary Authority of Singapore and lead commercial bank HSBC on the “CROSS-BORDER INTERBANK PAYMENT AND SETTLEMENTS - Emerging opportunities for digital transformation” has been published. It is a cross-jurisdictional industry collaboration between Canada, Singapore and the United Kingdom examining the existing challenges and frictions that arise when undertaking cross-border payments. This report explores proposals for new and more efficient models for processing cross-border transactions.
The chapters on:
- Key Challenges
- Root Causes and Potential Future State
will be of interest.
Revolution in UK payments continues: Year on Year: Faster Payments +29%, BACS -1%
Cheque usage declined by 13% in 12 months to August 2013
Mobile payments fraud to become ‘painful’ in 2017
Research on the digital trends in banking and payments has suggested that fraud in mobile payments could peak in the coming 12 months
Mobile payments for corporates goes mainstream with usage accelerating
Mobile is changing the way corporate treasury department operate not just for balance information but also for payments. HSBC has made $100bn in payments authorised by mobile and Citi over $1trn