Payment Council Predicts the UK Future
The question is do we believe their key findings, are they realistic:
Consumer card use will rise by 75% from nearly 10 billion payments in 2012 to nearly 17 billion in 2022, driven primarily by increased debit card use and acceptance.
The number of cash payments will fall from 21 billion in 2012 to around 14 billion in 2022, as people increasingly use alternatives such as cards and automated payments.
Consumer cheque transactions are projected to continue to decline – from 477 million cheques in 2012 to around 186 million in 2022.
Direct Debit use by consumers will grow by 20% to around 3.7 billion payments in 2022 – driven by increased uptake of new regular commitments and a growth in the size of the adult population.
Mobile payments and internet banking will help drive up consumer use of one-off payments from their accounts from 356 million payments in 2012 to around 1.5 billion in 2022.
Population growth and economic growth will mean consumer payments are worth over £2 trillion in 2022, up from £1.3 trillion in 2012
Mobile payments are expected to become a major payment channel over the next 10 years. Some mobile payment services are already available and the range is expected to increase – next year the Payments Council will launch a new service to make secure account to account transfers using only a mobile phone number. The number of people with internet-connected mobile devices is also set to grow markedly. UK Payment Markets 2013 forecasts many more people will be paying friends, family and small businesses using phones and tablets by 2022.