Tomorrow's Marketing Trends - Today

2,134 marketing trends identified as at May 23, 2015

2251

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Trends FOR TODAY 23/05/2015 - please register to see more Trends

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Global Publishers Form Climate Change Alliance
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[Estimated timeframe:Q2 2015 onward]

All data sources are attributed with links to the original insight. The insight is then summarised and, where appropriate, enhanced with additional information.

Source: StraitsTimes.com
MTT insight URL: http://www.marketingtomorrow.com/article.aspx?id=6604

Digital Payments Overtake Cash in UK

Trend Summary: Cashless payments have overtaken the use of banknotes and coins in the UK for the first time.


According to the Payments Council, a trade body representing UK financial institutions which controls the strategy for payment mechanisms within the UK, the use of cash by consumers, businesses and financial organisations accounted for less than ...

......

... half (48%) of all payments in 2014.

In a significant milestone, and for the first time, cashless payments have overtaken the use of banknotes and coins in the UK.

The remaining 52% of payments comprised electronic transactions, ranging from high-value transfers to debit card payments, as well as cheques.

According to the Payments Council, which oversees the system of transactions, the current trend is towards debit cards, contactless and mobile payments, fuelling the trend away from cash.

Additionally, cash volumes are predicted to fall by 30% over the next decade.

However, despite the growth of digital money, cash remained the most used payment method among shoppers and businesses in 2014, with around £18bn cash payments made in the UK, worth approximately £250bn.

Debit cards accounted for 24% of payments, followed by direct debit mandates which equated to 10% of all payments.

Read the original unabridged BBC.co.uk article.

[Estimated timeframe:Q1 2015 - Q4 2025]

All data sources are attributed with links to the original insight. The insight is then summarised and, where appropriate, enhanced with additional information.

Source: BBC.co.uk
MTT insight URL: http://www.marketingtomorrow.com/article.aspx?id=6603