30 December 2024
December's edition of Payments Perspective looks at the latest developments from the BRC, Bank of England, and Polar Moment.
The British Retail Consortium (BRC) published its payments survey (opens in a new tab) last month. The survey reports a rise in the use of cash for the second year in a row to 19.9% of transactions in 2023 (from 18.8% in 2022).
Debit cards remained the most common method of payment, increasing to 62.0% of transactions (66.7% by spending). Taken together with credit cards, card payments accounted for over 75% of transactions and 85% of spending.
The Bank of England has shared an update on the roadmap for their Real Time Gross Settlement service, highlighting how close engagement with users is supporting innovation in a number of key areas.
Future enhancements could include enhanced access, extended settlement hours and innovative synchronised payments. Read more here. (opens in a new tab)
Polar Moment has recently partnered with All Things Nice Vending (opens in a new tab), a leading vending machine operator in the UK. Together, we’re developing a state-of-the-art payment solution for their machines, which will be placed in retailers and other outlets throughout the UK.
This innovative solution will enable seamless, cashless transactions for vending machine customers, enhancing convenience and accessibility. A demonstration system will debut at the EAG Expo (opens in a new tab), taking place next week in London.