Market Overview

SmartDebit Review Payments Council Report: Pay Your Way 2025: Future Payments


UK leading Direct Debit Bureau, SmartDebit, have reviewed the UK Payments Council's latest report on the future of payments.

(PRWEB UK) 31 October 2012

The futuristic report by the Payments Council begins by looking back over their previous predictions on the way consumers will pay for goods and services in 2001. They correctly predicted the increasing dominance of debit cards over the past 10 years, however, the predicted volume of 5 billion debit card payments in 2011 was in fact 7 billion. A further prediction was on the change of person-to-person payments, which was dominated by cash and cheques in 2002. This was based on new technological advancements allowing people to pay each other online or through mobile phones. Whilst mobile phone payments are in the early stages of adoption with consumers, online payments have taken away a large share of P2P payments from cheques.

Focusing on the way consumers will pay in the years to come, the Payments Council asked leading independent futurologist Dr Ian Pearson to offer his view of potential developments in payments. Dr Pearson put forward some very interesting views, including digital jewellery playing a part in the way consumers pay, with necklaces, badges, rings, pins and earrings being used to either transfer money or authenticate a payment. He believes that by 2025 people will be able to spend their money without worrying what kind of devices of ‘apps' they are using or whether they will receive good signal.

Surrey-based SmartDebit, has over 14 years' experience in the payment processing industry and have continually innovated to provide their clients with a full and complete service in terms of administering payment collections, security and customer support. A spokesperson from SmartDebit commented on the futuristic report:

“The report provides some very insightful views on the future of payments, there is plenty of innovation happening right now, and if we go by the predictions made in the report 10 years ago, it's likely some of the products outlined in the report will be on the market in the coming years.”

“One of the more interesting points made, was that 51 per cent of people expect to pay by fingerprint scan by 2025 which poses a security threat as it is not particularly difficult to obtain someone's finger print. Security remains the number one concern amongst consumers with regards to new payment methods and the ongoing battle with fraudsters will ensure notes and coins remain useful in the next 10 to 15 years.”

About SmartDebit
SmartDebit is the UK's leading Direct Debit collections service, specialising in payment processing services since 1998. A Bacs approved Bureau, scoring ‘Excellent' in all five categories of the Bacs audit, and ISO 27001 compliant. Providing a complete range of services: Outsourcing; SmartDebit-Admin cloud based portal; SmartDebit-Online payer sign up; SmartDebit-API integrated solution and SmartDebit-Contingency.

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