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Polar Moment’s Payments Perspective: May 2025

Welcome to the May edition of Polar Moment’s Payments Perspective. This month we look at a shift in consumer payment behaviour, new regulations for BNPL, and retail cyber resilience.

Younger UK Consumers Prefer Cashless, Says SumUp

UK-based payments firm SumUp reports a continued decline in cash usage, especially among younger consumers. The data shows that Gen Z and millennials are leading the move toward digital payments. Contactless payments and mobile wallets are gaining traction in small business and retail environments.

SumUp highlights that these trends reflect broader societal shifts toward speed, convenience, and transparency. Merchants are increasingly responding with support for multiple digital channels. Rural areas are also seeing greater uptake as infrastructure improves. Find out more here: ‘SumUp Anticipates Rise in Digital Payment Methods as Younger UK Consumers Ditch Cash’.

UK Government to Tame the BNPL 'Wild West'

The UK Government is fast-tracking new regulations aimed at reining in the rapidly expanding Buy Now, Pay Later (BNPL) market. Following years of debate, ministers have pledged to introduce rules that will bring BNPL under formal regulatory oversight, requiring credit checks and clearer disclosures for consumers.

The move responds to growing concerns about unsustainable borrowing, particularly among younger and lower-income users. The Financial Conduct Authority is expected to play a key role in overseeing the new regime, with draft legislation set to be published in the coming weeks. Find out more here: ‘UK Government to rush through new rules to tame BNPL ‘wild west’’.

Cyber Resilience in Retail

The recent cyberattack on Marks & Spencer has disrupted digital services for weeks and highlighted the growing threat to retail payment infrastructure. In our latest blog, we share four practical steps that retailers can take to strengthen their cyber resilience and protect customer trust.

cyber resilience

Find out more here: Retail Cyber Resilience: Lessons from the M&S Attack.

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